Bank of New York Mellon Corp Buys 15,811 Shares of Arlo Technologies, Inc. (NYSE:ARLO)

Bank of New York Mellon Corp lifted its holdings in shares of Arlo Technologies, Inc. (NYSE:ARLO - Free Report) by 2.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 720,618 shares of the company's stock after acquiring an additional 15,811 shares during the quarter. Bank of New York Mellon Corp owned 0.70% of Arlo Technologies worth $7,113,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently modified their holdings of the company. GAMMA Investing LLC increased its position in Arlo Technologies by 40.9% in the first quarter. GAMMA Investing LLC now owns 7,212 shares of the company's stock worth $71,000 after buying an additional 2,095 shares during the last quarter. Wealth Enhancement Advisory Services LLC purchased a new stake in Arlo Technologies in the first quarter worth $123,000. Bank of Montreal Can purchased a new position in shares of Arlo Technologies in the fourth quarter valued at $130,000. Hsbc Holdings PLC grew its position in shares of Arlo Technologies by 9.7% in the fourth quarter. Hsbc Holdings PLC now owns 12,470 shares of the company's stock valued at $140,000 after purchasing an additional 1,103 shares in the last quarter. Finally, Bridgefront Capital LLC purchased a new position in shares of Arlo Technologies in the fourth quarter valued at $141,000. 83.18% of the stock is owned by hedge funds and other institutional investors.

Arlo Technologies Stock Down 1.2%

Shares of NYSE ARLO traded down $0.19 during midday trading on Friday, reaching $16.22. The company had a trading volume of 1,076,110 shares, compared to its average volume of 1,163,707. Arlo Technologies, Inc. has a one year low of $7.84 and a one year high of $17.98. The firm's fifty day moving average price is $16.00 and its 200-day moving average price is $12.69. The stock has a market cap of $1.68 billion, a PE ratio of -73.72 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 analysts' consensus estimates 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 company had revenue of $119.07 million for the quarter, compared to the consensus estimate of $118.35 million. During the same quarter in the previous year, the business earned $0.09 EPS. Arlo Technologies's revenue was down 4.1% compared to the same quarter last year. As a group, equities research analysts expect that Arlo Technologies, Inc. will post -0.29 EPS for the current year.

Insiders Place Their Bets

In other news, General Counsel Brian Busse sold 21,367 shares of the business's stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $10.37, for a total value of $221,575.79. Following the sale, the general counsel directly owned 656,785 shares of the company's stock, valued at $6,810,860.45. The trade was a 3.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CEO Matthew Blake Mcrae sold 372,488 shares of the business's 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 completion of the sale, 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 ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders have sold 1,589,447 shares of company stock worth $25,137,645. Company insiders own 5.20% of the company's stock.

Wall Street Analysts Forecast Growth

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

Arlo Technologies 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.