Hosking Partners LLP Makes New Investment in Arlo Technologies, Inc. (NYSE:ARLO)

Key Points

• Hosking Partners LLP purchased 619,827 shares of Arlo Technologies, valued at approximately $6.12 million, during the first quarter, representing about 0.60% of the company's outstanding shares.
• Several analyst firms have raised their price targets for Arlo Technologies, with BWS Financial setting a target of $24.00 and Raymond James increasing theirs from $15.00 to $22.00.
• Insider activity included significant sales, with CFO Kurtis Joseph Binder and CEO Matthew Blake Mcrae selling shares valued at over $8 million combined within the last few months.

Hosking Partners LLP acquired a new stake in Arlo Technologies, Inc. (NYSE:ARLO - Free Report) in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 619,827 shares of the company's stock, valued at approximately $6,118,000. Hosking Partners LLP owned 0.60% of Arlo Technologies as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Arlo Technologies by 1.3% in the 1st quarter. Vanguard Group Inc. now owns 9,953,767 shares of the company's stock valued at $98,244,000 after purchasing an additional 132,350 shares during the period. Wasatch Advisors LP lifted its position in Arlo Technologies by 21.1% in the 4th quarter. Wasatch Advisors LP now owns 4,537,333 shares of the company's stock valued at $50,773,000 after acquiring an additional 790,549 shares in the last quarter. Geode Capital Management LLC lifted its position in Arlo Technologies by 1.2% in the 4th quarter. Geode Capital Management LLC now owns 2,219,076 shares of the company's stock valued at $24,838,000 after acquiring an additional 26,803 shares in the last quarter. Northern Trust Corp lifted its position in shares of Arlo Technologies by 11.7% during the 4th quarter. Northern Trust Corp now owns 1,711,116 shares of the company's stock worth $19,147,000 after buying an additional 179,288 shares in the last quarter. Finally, Emerald Advisers LLC lifted its position in shares of Arlo Technologies by 0.8% during the 1st quarter. Emerald Advisers LLC now owns 1,679,789 shares of the company's stock worth $16,580,000 after buying an additional 13,307 shares in the last quarter. 83.18% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

Arlo Technologies Trading Down 5.0%

Shares of ARLO stock traded down $0.91 during trading hours on Wednesday, hitting $17.24. 840,757 shares of the company were exchanged, compared to its average volume of 1,064,764. The firm has a fifty day simple moving average of $16.64 and a 200 day simple moving average of $13.08. Arlo Technologies, Inc. has a 52-week low of $7.84 and a 52-week high of $19.25. The stock has a market capitalization of $1.80 billion, a price-to-earnings ratio of -245.48 and a beta of 1.85.

Arlo Technologies (NYSE:ARLO - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported $0.17 earnings per share for the quarter, beating analysts' consensus estimates of $0.15 by $0.02. The business had revenue of $129.41 million during the quarter, compared to analyst estimates of $123.33 million. Arlo Technologies had a negative net margin of 1.38% and a negative return on equity of 6.69%. Arlo Technologies's revenue was up 1.6% compared to the same quarter last year. During the same period in the previous year, the business earned $0.10 EPS. Sell-side analysts anticipate that Arlo Technologies, Inc. will post -0.29 EPS for the current year.

Insider Buying and Selling at Arlo Technologies

In other Arlo Technologies news, CFO Kurtis Joseph Binder sold 113,912 shares of the business's stock in a transaction on 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 sale, the chief financial officer directly owned 809,615 shares of the company's stock, valued at $15,026,454.40. The trade was a 12.33% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Matthew Blake Mcrae sold 372,488 shares of the business's stock in a transaction on Friday, June 20th. The stock was sold at an average price of $17.14, for a total transaction of $6,384,444.32. Following the completion of the sale, the chief executive officer directly owned 2,290,493 shares of the company's stock, valued at $39,259,050.02. This represents a 13.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,786,410 shares of company stock valued at $30,606,824 over the last quarter. 3.80% of the stock is owned by company insiders.

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.