Arlo Technologies, Inc. (NYSE:ARLO) CEO Matthew Blake Mcrae Sells 331,625 Shares

Key Points

• Matthew Blake Mcrae, CEO of Arlo Technologies, sold 331,625 shares for approximately $5.76 million, reducing his ownership by 13.40%.
• Arlo Technologies reported a quarterly earnings per share (EPS) of $0.17, surpassing consensus estimates and showing a 1.6% increase in revenue year-over-year.
• Equity analysts are optimistic about Arlo, with several raising their price targets; BWS Financial set a new target of $26.00, while Craig Hallum and Raymond James Financial both assigned target prices of $22.00.

Arlo Technologies, Inc. (NYSE:ARLO - Get Free Report) CEO Matthew Blake Mcrae sold 331,625 shares of the business's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $17.38, for a total transaction of $5,763,642.50. Following the sale, the chief executive officer directly owned 2,142,392 shares of the company's stock, valued at approximately $37,234,772.96. The trade was a 13.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Matthew Blake Mcrae also recently made the following trade(s):

• On Tuesday, July 29th, Matthew Blake Mcrae sold 25,380 shares of Arlo Technologies stock. The stock was sold at an average price of $16.56, for a total transaction of $420,292.80.
• On Thursday, June 26th, Matthew Blake Mcrae sold 113,322 shares of Arlo Technologies stock. The shares were sold at an average price of $17.22, for a total transaction of $1,951,404.84.
• On Wednesday, June 25th, Matthew Blake Mcrae sold 243,302 shares of Arlo Technologies stock. The stock was sold at an average price of $16.87, for a total transaction of $4,104,504.74.
• On Tuesday, June 24th, Matthew Blake Mcrae sold 305,204 shares of Arlo Technologies stock. The stock was sold at an average price of $16.80, for a total transaction of $5,127,427.20.
• On Monday, June 23rd, Matthew Blake Mcrae sold 188,930 shares of Arlo Technologies stock. The shares were sold at an average price of $16.71, for a total transaction of $3,157,020.30.
• On Friday, June 20th, Matthew Blake Mcrae sold 372,488 shares of Arlo Technologies stock. The stock was sold at an average price of $17.14, for a total transaction of $6,384,444.32.

Arlo Technologies Price Performance

ARLO stock traded up $0.90 on Tuesday, hitting $18.10. 4,775,036 shares of the company were exchanged, compared to its average volume of 1,432,157. Arlo Technologies, Inc. has a twelve month low of $7.84 and a twelve month high of $19.25. The business's fifty day moving average is $16.64 and its two-hundred day moving average is $13.08. The stock has a market capitalization of $1.89 billion, a price-to-earnings ratio of -258.59 and a beta of 1.85.

Arlo Technologies (NYSE:ARLO - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.17 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.02. Arlo Technologies had a negative net margin of 1.38% and a negative return on equity of 6.69%. The company had revenue of $129.41 million during the quarter, compared to analyst estimates of $123.33 million. During the same quarter in the prior year, the business earned $0.10 earnings per share. The business's quarterly revenue was up 1.6% compared to the same quarter last year. Equities research analysts expect that Arlo Technologies, Inc. will post -0.29 earnings per share for the current year.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on ARLO shares. BWS Financial reaffirmed a "buy" rating and set a $26.00 price objective (up previously from $24.00) on shares of Arlo Technologies in a research report on Monday. Craig Hallum raised their price objective on shares of Arlo Technologies from $17.00 to $22.00 and gave the stock a "buy" rating in a research report on Friday. Finally, Raymond James Financial reaffirmed an "outperform" rating and issued a $22.00 target price (up previously from $15.00) on shares of Arlo Technologies in a report on Friday.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Arlo Technologies during the first quarter worth $123,000. Allspring Global Investments Holdings LLC grew its stake in shares of Arlo Technologies by 24.5% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 53,081 shares of the company's stock worth $518,000 after purchasing an additional 10,448 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of Arlo Technologies by 40.9% in the first quarter. GAMMA Investing LLC now owns 7,212 shares of the company's stock worth $71,000 after buying an additional 2,095 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Arlo Technologies by 2.2% in the first quarter. Bank of New York Mellon Corp now owns 720,618 shares of the company's stock worth $7,113,000 after buying an additional 15,811 shares during the period. Finally, SG Americas Securities LLC boosted its holdings in shares of Arlo Technologies by 21.5% in the first quarter. SG Americas Securities LLC now owns 33,130 shares of the company's stock worth $327,000 after buying an additional 5,862 shares during the period. 83.18% of the stock is currently owned by institutional investors.

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.

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