Arlo Technologies (NYSE:ARLO) Shares Gap Up on Analyst Upgrade

Arlo Technologies, Inc. (NYSE:ARLO) gapped up before the market opened on Friday after Craig Hallum raised their price target on the stock from $15.00 to $17.00. The stock had previously closed at $11.92, but opened at $12.53. Craig Hallum currently has a buy rating on the stock. Arlo Technologies shares last traded at $12.91, with a volume of 266,621 shares trading hands.

Separately, BWS Financial restated a “buy” rating and set a $24.00 target price on shares of Arlo Technologies in a report on Friday, November 8th.

Insider Activity

In other news, General Counsel Brian Busse sold 27,588 shares of the firm’s stock in a transaction dated Monday, December 2nd. The stock was sold at an average price of $11.54, for a total value of $318,365.52. Following the sale, the general counsel now directly owns 611,465 shares of the company’s stock, valued at approximately $7,056,306.10. This trade represents a 4.32 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CEO Matthew Blake Mcrae sold 46,866 shares of the firm’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $11.66, for a total value of $546,457.56. Following the completion of the sale, the chief executive officer now directly owns 3,161,472 shares in the company, valued at approximately $36,862,763.52. This represents a 1.46 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 488,565 shares of company stock valued at $5,629,360. 3.80% of the stock is owned by insiders.

Institutional Investors Weigh In On Arlo Technologies

A number of institutional investors have recently added to or reduced their stakes in ARLO. Emerald Advisers LLC grew its position in Arlo Technologies by 116.9% during the fourth quarter. Emerald Advisers LLC now owns 1,666,482 shares of the company’s stock worth $18,648,000 after buying an additional 898,167 shares in the last quarter. Wasatch Advisors LP grew its position in Arlo Technologies by 21.1% during the fourth quarter. Wasatch Advisors LP now owns 4,537,333 shares of the company’s stock worth $50,773,000 after buying an additional 790,549 shares in the last quarter. Raymond James Financial Inc. acquired a new stake in Arlo Technologies during the fourth quarter worth about $4,586,000. Westwood Holdings Group Inc. grew its position in Arlo Technologies by 38.4% during the fourth quarter. Westwood Holdings Group Inc. now owns 1,474,778 shares of the company’s stock worth $16,503,000 after buying an additional 409,489 shares in the last quarter. Finally, Brandes Investment Partners LP boosted its holdings in Arlo Technologies by 7.0% during the fourth quarter. Brandes Investment Partners LP now owns 5,732,547 shares of the company’s stock valued at $64,147,000 after purchasing an additional 375,903 shares in the last quarter. 83.18% of the stock is owned by institutional investors and hedge funds.

Arlo Technologies Stock Up 20.2 %

The business has a fifty day simple moving average of $11.63 and a two-hundred day simple moving average of $11.68. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of -57.30 and a beta of 1.77.

Arlo Technologies Company Profile

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.