Arlo Technologies (NYSE:ARLO) Shares Gap Up - Here's What Happened

Arlo Technologies, Inc. (NYSE:ARLO - Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $14.60, but opened at $15.50. Arlo Technologies shares last traded at $15.52, with a volume of 570,494 shares trading hands.

Analyst Upgrades and Downgrades

ARLO has been the topic of a number of recent research reports. BWS Financial reaffirmed a "buy" rating and set a $24.00 price target on shares of Arlo Technologies in a research report on Thursday, April 24th. Craig Hallum upped their price target on Arlo Technologies from $15.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Finally, Roth Capital set a $22.00 price target on Arlo Technologies in a research report on Friday, February 28th.

Arlo Technologies Stock Performance

The firm has a 50 day simple moving average of $11.20 and a 200 day simple moving average of $11.48. The firm has a market cap of $1.74 billion, a P/E ratio of -67.11 and a beta of 1.81.

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 for the quarter, beating the consensus estimate of $0.12 by $0.03. Arlo Technologies had a negative return on equity of 24.14% and a negative net margin of 4.76%. The firm had revenue of $119.07 million for the quarter, compared to analysts' expectations of $118.35 million. During the same period in the prior year, the business posted $0.09 earnings per share. The company's revenue was down 4.1% on a year-over-year basis. Sell-side analysts predict that Arlo Technologies, Inc. will post -0.29 EPS for the current fiscal year.

Insider Activity

In other Arlo Technologies news, CEO Matthew Blake Mcrae sold 25,405 shares of the company's stock in a transaction dated Tuesday, April 29th. The stock was sold at an average price of $9.90, for a total value of $251,509.50. Following the transaction, the chief executive officer now directly owns 2,580,370 shares in the company, valued at $25,545,663. This represents a 0.97% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, General Counsel Brian Busse sold 26,258 shares of the company's stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $10.70, for a total value of $280,960.60. Following the completion of the transaction, the general counsel now owns 636,485 shares in the company, valued at $6,810,389.50. This represents a 3.96% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 842,652 shares of company stock worth $8,982,031 over the last ninety days. Company insiders own 5.20% of the company's stock.

Hedge Funds Weigh In On Arlo Technologies

Institutional investors have recently added to or reduced their stakes in the business. Smartleaf Asset Management LLC increased its stake in Arlo Technologies by 104.5% in the 4th quarter. Smartleaf Asset Management LLC now owns 2,331 shares of the company's stock worth $26,000 after acquiring an additional 1,191 shares during the last quarter. KBC Group NV increased its position in shares of Arlo Technologies by 106.8% during the 4th quarter. KBC Group NV now owns 6,167 shares of the company's stock valued at $69,000 after purchasing an additional 3,185 shares during the last quarter. Strs Ohio bought a new position in shares of Arlo Technologies during the 1st quarter valued at about $66,000. GAMMA Investing LLC increased its position in shares of Arlo Technologies by 40.9% during the 1st quarter. GAMMA Investing LLC now owns 7,212 shares of the company's stock valued at $71,000 after purchasing an additional 2,095 shares during the last quarter. Finally, Ieq Capital LLC bought a new position in shares of Arlo Technologies during the 4th quarter valued at about $121,000. 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.