Insider Selling: Arlo Technologies, Inc. (NYSE:ARLO) General Counsel Sells 37,085 Shares of Stock

Arlo Technologies, Inc. (NYSE:ARLO – Get Rating) General Counsel Brian Busse sold 37,085 shares of the company’s stock in a transaction on Friday, May 19th. The shares were sold at an average price of $9.78, for a total transaction of $362,691.30. Following the completion of the transaction, the general counsel now owns 696,816 shares of the company’s stock, valued at approximately $6,814,860.48. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.

Arlo Technologies Stock Performance

Shares of ARLO opened at $9.25 on Friday. Arlo Technologies, Inc. has a fifty-two week low of $2.93 and a fifty-two week high of $9.81. The company has a market capitalization of $849.54 million, a price-to-earnings ratio of -13.21 and a beta of 1.64. The firm has a 50-day simple moving average of $6.59 and a 200-day simple moving average of $4.84.

Arlo Technologies (NYSE:ARLO – Get Rating) last announced its earnings results on Tuesday, March 7th. The company reported ($0.23) earnings per share for the quarter, topping the consensus estimate of ($0.25) by $0.02. Arlo Technologies had a negative net margin of 13.09% and a negative return on equity of 63.61%. The business had revenue of $118.53 million during the quarter, compared to the consensus estimate of $106.62 million. Equities research analysts forecast that Arlo Technologies, Inc. will post -0.51 EPS for the current year.

Wall Street Analysts Forecast Growth

Several equities analysts have issued reports on ARLO shares. BWS Financial upped their price objective on shares of Arlo Technologies from $8.00 to $11.00 in a research note on Friday, May 12th. Lake Street Capital increased their target price on shares of Arlo Technologies from $10.00 to $12.00 in a research note on Friday, May 12th.

Institutional Investors Weigh In On Arlo Technologies

A number of hedge funds have recently added to or reduced their stakes in ARLO. JPMorgan Chase & Co. lifted its position in Arlo Technologies by 400.9% in the first quarter. JPMorgan Chase & Co. now owns 161,036 shares of the company’s stock valued at $1,426,000 after purchasing an additional 128,888 shares during the period. Citigroup Inc. lifted its position in Arlo Technologies by 12.1% in the first quarter. Citigroup Inc. now owns 71,401 shares of the company’s stock valued at $632,000 after purchasing an additional 7,695 shares during the period. MetLife Investment Management LLC lifted its position in Arlo Technologies by 120.3% in the first quarter. MetLife Investment Management LLC now owns 45,203 shares of the company’s stock valued at $400,000 after purchasing an additional 24,682 shares during the period. Rhumbline Advisers lifted its position in Arlo Technologies by 7.3% in the first quarter. Rhumbline Advisers now owns 214,207 shares of the company’s stock valued at $1,898,000 after purchasing an additional 14,579 shares during the period. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS lifted its position in Arlo Technologies by 14.1% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 72,674 shares of the company’s stock valued at $644,000 after purchasing an additional 8,961 shares during the period. Institutional investors and hedge funds own 72.87% of the company’s stock.

About Arlo Technologies

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Arlo Technologies, Inc engages in the provision and development of cloud infrastructure and mobile app for smart connected devices. It offers wire-free smart Wi-Fi and LTE-enabled cameras, advanced baby monitors, smart security lights, and audio doorbell. It operates through the following geographical segments: United States, Spain, Ireland, and Other Countries.