Arlo Technologies (NYSE:ARLO) Trading Down 8.7% – Here’s Why

Shares of Arlo Technologies, Inc. (NYSE:ARLO) dropped 8.7% on Tuesday . The stock traded as low as $11.08 and last traded at $11.10. Approximately 836,364 shares traded hands during trading, an increase of 0% from the average daily volume of 833,604 shares. The stock had previously closed at $12.15.

Analyst Upgrades and Downgrades

ARLO has been the subject of several recent research reports. BWS Financial reaffirmed a “buy” rating and set a $24.00 price objective on shares of Arlo Technologies in a research report on Friday. Craig Hallum upped their price objective on Arlo Technologies from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday.

Arlo Technologies Price Performance

The firm has a 50-day moving average price of $11.65 and a two-hundred day moving average price of $11.68. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of -47.54 and a beta of 1.77.

Insider Activity at Arlo Technologies

In related news, General Counsel Brian Busse sold 9,007 shares of the stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $11.66, for a total transaction of $105,021.62. Following the completion of the transaction, the general counsel now directly owns 602,458 shares of the company’s stock, valued at approximately $7,024,660.28. This represents a 1.47 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew Blake Mcrae sold 59,316 shares of the stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $11.43, for a total value of $677,981.88. Following the transaction, the chief executive officer now directly owns 3,128,696 shares of the company’s stock, valued at $35,760,995.28. This trade represents a 1.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 144,333 shares of company stock valued at $1,656,923. Insiders own 3.80% of the company’s stock.

Institutional Trading of Arlo Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. raised its stake in Arlo Technologies by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 9,821,417 shares of the company’s stock valued at $109,902,000 after buying an additional 166,823 shares during the period. Brandes Investment Partners LP raised its stake in Arlo Technologies by 7.0% in the fourth quarter. Brandes Investment Partners LP now owns 5,732,547 shares of the company’s stock valued at $64,147,000 after buying an additional 375,903 shares during the period. Wasatch Advisors LP raised its stake in Arlo Technologies by 21.1% in the fourth quarter. Wasatch Advisors LP now owns 4,537,333 shares of the company’s stock valued at $50,773,000 after buying an additional 790,549 shares during the period. State Street Corp raised its stake in Arlo Technologies by 0.6% in the third quarter. State Street Corp now owns 4,269,561 shares of the company’s stock valued at $51,704,000 after buying an additional 26,492 shares during the period. Finally, Geode Capital Management LLC raised its stake in Arlo Technologies by 1.2% in the fourth quarter. Geode Capital Management LLC now owns 2,219,076 shares of the company’s stock valued at $24,838,000 after buying an additional 26,803 shares during the period. Institutional investors own 83.18% of the company’s stock.

About Arlo Technologies

Arlo Technologies, Inc, together with its subsidiaries, provides a cloud-based platform in the Americas, Europe, the Middle East, Africa, and the Asia Pacific regions. The company offers Arlo Essential Cameras and Doorbells (2nd Generation) delivers smart home protection, including automated privacy shield, 180-degree field of view, and 2K video resolution; Arlo Home Security System, an all-in-one multi-sensor that provides access to security experts for monitoring and responding to emergency situations; Arlo Pro 5S, a wireless 2K video resolution security camera; Arlo Go 2, a camera for monitoring remote areas, large properties, construction sites, vacation homes, boat or RV slips, and hard-to-access areas; Arlo Ultra 2 provides 4K video with HDR, an ultra-wide, 180-degree field of view, auto zoom and tracking on moving objects, and color night vision; and Arlo Floodlight Camera, a wire-free floodlight camera.