Lake Street Capital Issues Positive Forecast for Arlo Technologies (NYSE:ARLO) Stock Price

Arlo Technologies (NYSE:ARLO) had its price objective boosted by Lake Street Capital from $25.00 to $26.00 in a research note issued to investors on Friday,Benzinga reports. Lake Street Capital currently has a buy rating on the stock.

ARLO has been the topic of several other reports. Wall Street Zen downgraded shares of Arlo Technologies from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 31st. Piper Sandler reaffirmed an “overweight” rating and issued a $17.00 target price (up from $16.00) on shares of Arlo Technologies in a research report on Friday. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of Arlo Technologies in a report on Friday, October 30th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Arlo Technologies presently has an average rating of “Moderate Buy” and an average price target of $21.33.

Arlo Technologies Price Performance

ARLO stock opened at $12.38 on Friday. The firm has a market capitalization of $1.34 billion, a P/E ratio of 56.26 and a beta of 1.59. Arlo Technologies has a 52-week low of $11.05 and a 52-week high of $16.89. The company’s 50 day simple moving average is $13.05 and its 200-day simple moving average is $13.39.

Arlo Technologies (NYSE:ARLO) last posted its quarterly earnings data on Thursday, November 5th. The company reported $0.24 EPS for the quarter, topping analysts’ consensus estimates of $0.20 by $0.04. Arlo Technologies had a net margin of 4.11% and a return on equity of 16.08%. The firm had revenue of $149.18 million during the quarter, compared to analyst estimates of $144.93 million. During the same quarter last year, the business posted $0.16 EPS. The company’s revenue was up 6.9% on a year-over-year basis. Sell-side analysts predict that Arlo Technologies will post 0.12 EPS for the current fiscal year.

Insider Buying and Selling at Arlo Technologies

In other news, CFO Kurtis Binder sold 83,211 shares of the stock in a transaction that occurred on Monday, September 28th. The shares were sold at an average price of $12.44, for a total value of $1,035,144.84. Following the completion of the sale, the chief financial officer directly owned 358,899 shares of the company’s stock, valued at $4,464,703.56. This represents a 18.82% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last 90 days, insiders sold 129,963 shares of company stock valued at $1,705,100. 2.90% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Aberdeen Group plc acquired a new stake in Arlo Technologies during the third quarter valued at $10,519,000. Russell Investments Group Ltd. grew its stake in Arlo Technologies by 75.7% in the third quarter. Russell Investments Group Ltd. now owns 115,935 shares of the company’s stock valued at $1,438,000 after purchasing an additional 49,949 shares in the last quarter. Maryland State Retirement & Pension System grew its stake in Arlo Technologies by 52.3% in the third quarter. Maryland State Retirement & Pension System now owns 24,207 shares of the company’s stock valued at $300,000 after purchasing an additional 8,309 shares in the last quarter. Allspring Global Investments Holdings LLC increased its position in Arlo Technologies by 4.2% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 65,277 shares of the company’s stock worth $834,000 after purchasing an additional 2,607 shares during the last quarter. Finally, Covestor Ltd increased its position in Arlo Technologies by 44.2% in the 3rd quarter. Covestor Ltd now owns 3,029 shares of the company’s stock worth $38,000 after purchasing an additional 929 shares during the last quarter. 83.18% of the stock is owned by hedge funds and other institutional investors.

Arlo Technologies Company Profile

Arlo Technologies, Inc is a smart home security company that develops connected devices and cloud-based services designed to help consumers monitor and protect their homes, businesses and other properties. Its product portfolio includes wire-free and wired security cameras, video doorbells, floodlight cameras, home security systems and related accessories.

Arlo’s products typically connect through mobile applications and cloud services, providing features such as live video, motion detection, two-way audio, night vision and notifications.