Insider Selling: Arlo Technologies, Inc. (NYSE:ARLO) CEO Sells 520,557 Shares of Stock

Key Points

• Arlo Technologies CEO Matthew Blake Mcrae sold 520,557 shares of stock for approximately $9.06 million, reducing his ownership by 24.30% to about 1.62 million shares.
• The company's stock price fell 5.1% on Wednesday, trading at $17.21, while its market cap stands at $1.80 billion.
• Arlo Technologies recently reported a quarterly earnings per share (EPS) of $0.17, surpassing estimates, while analysts have set price targets ranging from $22.00 to $26.00 for the shares.

Arlo Technologies, Inc. (NYSE:ARLO - Get Free Report) CEO Matthew Blake Mcrae sold 520,557 shares of Arlo Technologies stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $17.40, for a total value of $9,057,691.80. Following the transaction, the chief executive officer owned 1,621,835 shares in the company, valued at $28,219,929. This trade represents a 24.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website.

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

• On Friday, August 8th, Matthew Blake Mcrae sold 331,625 shares of Arlo Technologies stock. The shares were sold at an average price of $17.38, for a total value of $5,763,642.50.
• On Tuesday, July 29th, Matthew Blake Mcrae sold 25,380 shares of Arlo Technologies stock. The shares were sold at an average price of $16.56, for a total value 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 value of $1,951,404.84.
• On Wednesday, June 25th, Matthew Blake Mcrae sold 243,302 shares of Arlo Technologies stock. The shares were sold at an average price of $16.87, for a total value of $4,104,504.74.
• On Tuesday, June 24th, Matthew Blake Mcrae sold 305,204 shares of Arlo Technologies stock. The shares were sold at an average price of $16.80, for a total value 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 value of $3,157,020.30.
• On Friday, June 20th, Matthew Blake Mcrae sold 372,488 shares of Arlo Technologies stock. The shares were sold at an average price of $17.14, for a total value of $6,384,444.32.

Arlo Technologies Trading Up 1.7%

Shares of NYSE:ARLO traded up $0.28 during trading on Monday, hitting $16.75. 203,278 shares of the company were exchanged, compared to its average volume of 1,077,118. Arlo Technologies, Inc. has a fifty-two week low of $7.84 and a fifty-two week high of $19.25. The firm has a fifty day moving average price of $16.69 and a two-hundred day moving average price of $13.19. The stock has a market cap of $1.75 billion, a price-to-earnings ratio of -239.82 and a beta of 1.85.

Arlo Technologies (NYSE:ARLO - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported $0.17 EPS for the quarter, topping the consensus estimate of $0.15 by $0.02. Arlo Technologies had a negative return on equity of 6.69% and a negative net margin of 1.38%. The company had revenue of $129.41 million during the quarter, compared to the consensus estimate of $123.33 million. During the same period in the previous year, the company posted $0.10 EPS. The firm's revenue for the quarter was up 1.6% compared to the same quarter last year. As a group, research analysts predict that Arlo Technologies, Inc. will post -0.29 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. First Horizon Advisors Inc. boosted its stake in shares of Arlo Technologies by 161.4% during the 2nd quarter. First Horizon Advisors Inc. now owns 3,220 shares of the company's stock worth $55,000 after acquiring an additional 1,988 shares during the period. EverSource Wealth Advisors LLC boosted its stake in Arlo Technologies by 1,682.9% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 5,616 shares of the company's stock valued at $95,000 after purchasing an additional 5,301 shares during the period. Strs Ohio acquired a new position in Arlo Technologies in the 1st quarter valued at $66,000. GAMMA Investing LLC grew its holdings in Arlo Technologies by 40.9% in the 1st quarter. GAMMA Investing LLC now owns 7,212 shares of the company's stock valued at $71,000 after buying an additional 2,095 shares in the last quarter. Finally, Quantbot Technologies LP acquired a new position in Arlo Technologies in the 2nd quarter valued at $132,000. 83.18% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. BWS Financial reiterated a "buy" rating and set a $26.00 price objective (up from $24.00) on shares of Arlo Technologies in a report on Monday, August 11th. Raymond James Financial reiterated an "outperform" rating and set a $22.00 price objective (up from $15.00) on shares of Arlo Technologies in a report on Friday, August 8th. Finally, Craig Hallum increased their price objective on Arlo Technologies from $17.00 to $22.00 and gave the stock a "buy" rating in a report on Friday, August 8th.

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.