Arlo Technologies, Inc. (NYSE:ARLO) CFO Sells $2,114,206.72 in Stock

Key Points

• Kurtis Joseph Binder, CFO of Arlo Technologies, sold **113,912 shares** of the company's stock at an average price of **$18.56**, totaling **$2.11 million**, which decreased his ownership by **12.33%**.
• Arlo Technologies reported an earnings per share (EPS) of **$0.17**, surpassing analyst expectations of **$0.15**, with quarterly revenue of **$129.41 million**, reflecting a **1.6% increase** from the previous year.
• Analysts have raised their price targets for Arlo Technologies, with **Craig Hallum** setting a new target of **$22.00** and **BWS Financial** increasing theirs to **$26.00**, both maintaining a "buy" rating, indicating **positive sentiment** for the stock's future performance.

Arlo Technologies, Inc. (NYSE:ARLO - Get Free Report) CFO Kurtis Joseph Binder sold 113,912 shares of Arlo Technologies stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $18.56, for a total value of $2,114,206.72. Following the completion of the transaction, the chief financial officer directly owned 809,615 shares in the company, valued at $15,026,454.40. This represents a 12.33% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.

Kurtis Joseph Binder also recently made the following trade(s):

• On Tuesday, July 1st, Kurtis Joseph Binder sold 92,247 shares of Arlo Technologies stock. The shares were sold at an average price of $17.17, for a total value of $1,583,880.99.

Arlo Technologies Trading Down 1.1%

ARLO stock traded down $0.18 during midday trading on Friday, hitting $16.42. 1,157,630 shares of the company's stock were exchanged, compared to its average volume of 1,754,977. Arlo Technologies, Inc. has a 12-month low of $7.84 and a 12-month high of $19.25. The firm has a 50 day moving average price of $16.69 and a 200-day moving average price of $13.18. The stock has a market capitalization of $1.71 billion, a price-to-earnings ratio of -234.54 and a beta of 1.85.

Arlo Technologies (NYSE:ARLO - Get Free Report) last posted 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 return on equity of 6.69% and a negative net margin of 1.38%. The company had revenue of $129.41 million for the quarter, compared to the consensus estimate of $123.33 million. During the same period in the previous year, the business earned $0.10 EPS. Arlo Technologies's revenue for the quarter was up 1.6% compared to the same quarter last year. On average, sell-side analysts forecast that Arlo Technologies, Inc. will post -0.29 EPS for the current fiscal year.

Institutional Investors Weigh In On Arlo Technologies

Institutional investors have recently made changes to their positions in the company. LPL Financial LLC boosted its position in Arlo Technologies by 122.6% during the 4th quarter. LPL Financial LLC now owns 50,234 shares of the company's stock valued at $562,000 after purchasing an additional 27,665 shares during the period. JPMorgan Chase & Co. boosted its position in Arlo Technologies by 36.1% during the 4th quarter. JPMorgan Chase & Co. now owns 79,515 shares of the company's stock valued at $890,000 after purchasing an additional 21,081 shares during the period. Geode Capital Management LLC boosted its position in Arlo Technologies by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 2,219,076 shares of the company's stock valued at $24,838,000 after purchasing an additional 26,803 shares during the period. Wells Fargo & Company MN boosted its position in Arlo Technologies by 44.2% during the 4th quarter. Wells Fargo & Company MN now owns 53,488 shares of the company's stock valued at $599,000 after purchasing an additional 16,383 shares during the period. Finally, Envestnet Asset Management Inc. boosted its position in Arlo Technologies by 37.7% during the 4th quarter. Envestnet Asset Management Inc. now owns 49,711 shares of the company's stock valued at $556,000 after purchasing an additional 13,623 shares during the period. 83.18% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

ARLO has been the topic of several research analyst reports. Raymond James Financial reaffirmed an "outperform" rating and issued a $22.00 price objective (up from $15.00) on shares of Arlo Technologies in a research note on Friday, August 8th. Craig Hallum lifted their price objective on Arlo Technologies from $17.00 to $22.00 and gave the company a "buy" rating in a research note on Friday, August 8th. Finally, BWS Financial reiterated a "buy" rating and set a $26.00 target price (up from $24.00) on shares of Arlo Technologies in a report on Monday, August 11th.

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.