Arlo Technologies (NYSE:ARLO) Price Target Raised to $22.00 at Craig Hallum

Key Points

• Craig Hallum raised its price target for Arlo Technologies from $17.00 to $22.00, indicating a potential upside of 34.15% from the current stock price.
• BWS Financial has also reiterated a "buy" rating for Arlo Technologies, setting a target price of $24.00 on shares.
• Arlo Technologies reported a quarterly EPS of $0.17, exceeding analysts' consensus estimates by $0.02, along with a year-over-year revenue increase of 1.6%.

Arlo Technologies (NYSE:ARLO - Free Report) had its price target upped by Craig Hallum from $17.00 to $22.00 in a research note released on Friday, MarketBeat reports. Craig Hallum currently has a buy rating on the stock.

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

Arlo Technologies Stock Up 2.4%

Shares of NYSE ARLO traded up $0.39 during trading on Friday, hitting $16.82. 4,649,061 shares of the company traded hands, compared to its average volume of 1,137,697. The firm has a market capitalization of $1.74 billion, a P/E ratio of -240.25 and a beta of 1.85. The company has a 50-day moving average price of $16.52 and a 200-day moving average price of $13.01. Arlo Technologies has a 1 year low of $7.84 and a 1 year high of $19.25.

Arlo Technologies (NYSE:ARLO - Get Free Report) last issued its quarterly earnings data on Thursday, August 7th. The company reported $0.17 EPS for the quarter, topping analysts' consensus estimates of $0.15 by $0.02. The company had revenue of $129.41 million for the quarter, compared to analysts' expectations of $123.33 million. Arlo Technologies had a negative return on equity of 6.98% and a negative net margin of 1.38%. The firm's quarterly revenue was up 1.6% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.10 earnings per share. Research analysts predict that Arlo Technologies will post -0.29 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CFO Kurtis Joseph Binder sold 92,247 shares of the business's stock in a transaction dated Tuesday, July 1st. The stock was sold at an average price of $17.17, for a total value of $1,583,880.99. Following the completion of the sale, the chief financial officer directly owned 923,527 shares of the company's stock, valued at $15,856,958.59. The trade was a 9.08% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew Blake Mcrae sold 372,488 shares of the stock in a transaction that occurred on Friday, June 20th. The stock was sold at an average price of $17.14, for a total value of $6,384,444.32. Following the transaction, the chief executive officer directly owned 2,290,493 shares in the company, valued at approximately $39,259,050.02. This represents a 13.99% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 1,340,873 shares of company stock worth $22,728,975 over the last quarter. 5.20% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Arlo Technologies

Several large investors have recently added to or reduced their stakes in the company. American Century Companies Inc. lifted its position in shares of Arlo Technologies by 12.7% in the 4th quarter. American Century Companies Inc. now owns 59,174 shares of the company's stock worth $662,000 after buying an additional 6,675 shares during the last quarter. LPL Financial LLC boosted its stake in Arlo Technologies by 122.6% in the fourth quarter. LPL Financial LLC now owns 50,234 shares of the company's stock valued at $562,000 after acquiring an additional 27,665 shares during the period. JPMorgan Chase & Co. boosted its stake in Arlo Technologies by 36.1% in the fourth quarter. JPMorgan Chase & Co. now owns 79,515 shares of the company's stock valued at $890,000 after acquiring an additional 21,081 shares during the period. Wellington Management Group LLP bought a new position in shares of Arlo Technologies during the fourth quarter valued at approximately $4,050,000. Finally, Geode Capital Management LLC raised its position in shares of Arlo Technologies by 1.2% during the 4th quarter. Geode Capital Management LLC now owns 2,219,076 shares of the company's stock worth $24,838,000 after purchasing an additional 26,803 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.