Arlo Technologies (NYSE:ARLO) Reaches New 12-Month High - Here's What Happened

Arlo Technologies, Inc. (NYSE:ARLO - Get Free Report)'s stock price reached a new 52-week high on Thursday . The stock traded as high as $17.98 and last traded at $17.73, with a volume of 406111 shares changing hands. The stock had previously closed at $16.93.

Analyst Upgrades and Downgrades

Separately, BWS Financial reissued a "buy" rating and issued a $24.00 target price on shares of Arlo Technologies in a research note on Monday, June 9th.

Arlo Technologies Stock Performance

The firm has a fifty day simple moving average of $14.55 and a 200-day simple moving average of $12.18. The firm has a market cap of $1.83 billion, a price-to-earnings ratio of -80.00 and a beta of 2.03.

Arlo Technologies (NYSE:ARLO - Get Free Report) last announced its quarterly earnings results on Thursday, May 8th. The company reported $0.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.12 by $0.03. Arlo Technologies had a negative return on equity of 21.67% and a negative net margin of 4.29%. The business had revenue of $119.07 million during the quarter, compared to the consensus estimate of $118.35 million. During the same quarter last year, the firm posted $0.09 EPS. The company's quarterly revenue was down 4.1% on a year-over-year basis. Analysts expect that Arlo Technologies, Inc. will post -0.29 earnings per share for the current fiscal year.

Insider Transactions at Arlo Technologies

In other Arlo Technologies news, CEO Matthew Blake Mcrae sold 113,322 shares of Arlo Technologies stock in a transaction dated Thursday, June 26th. The stock was sold at an average price of $17.22, for a total value of $1,951,404.84. Following the transaction, the chief executive officer owned 1,439,735 shares in the company, valued at $24,792,236.70. The trade was a 7.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Kurtis Joseph Binder sold 92,247 shares of Arlo Technologies stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $17.17, for a total value of $1,583,880.99. Following the completion of the transaction, the chief financial officer owned 923,527 shares in the company, valued at approximately $15,856,958.59. This represents a 9.08% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 1,589,447 shares of company stock valued at $25,137,645. 3.80% of the stock is currently owned by corporate insiders.

Institutional Trading of Arlo Technologies

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC boosted its holdings in Arlo Technologies by 104.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,331 shares of the company's stock valued at $26,000 after acquiring an additional 1,191 shares during the last quarter. Charles Schwab Investment Management Inc. raised its position in shares of Arlo Technologies by 1.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,046,905 shares of the company's stock worth $11,715,000 after purchasing an additional 10,505 shares during the period. Atria Investments Inc raised its position in Arlo Technologies by 26.4% in the 4th quarter. Atria Investments Inc now owns 66,101 shares of the company's stock valued at $740,000 after buying an additional 13,822 shares during the last quarter. Arizona State Retirement System grew its stake in Arlo Technologies by 3.2% in the 4th quarter. Arizona State Retirement System now owns 29,003 shares of the company's stock valued at $325,000 after purchasing an additional 907 shares during the period. Finally, Raymond James Financial Inc. bought a new position in Arlo Technologies in the 4th quarter valued at $4,586,000. 83.18% of the stock is currently owned by institutional investors.

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.