New York State Common Retirement Fund Cuts Position in Arlo Technologies, Inc. (NYSE:ARLO)

New York State Common Retirement Fund trimmed its stake in shares of Arlo Technologies, Inc. (NYSE:ARLO - Free Report) by 12.5% in the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 159,639 shares of the company's stock after selling 22,907 shares during the period. New York State Common Retirement Fund owned 0.16% of Arlo Technologies worth $1,576,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. GAMMA Investing LLC boosted its stake 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 worth $71,000 after purchasing an additional 2,095 shares during the period. Bank of Montreal Can purchased a new position in shares of Arlo Technologies during the 4th quarter worth about $130,000. Wealth Enhancement Advisory Services LLC bought a new stake in Arlo Technologies during the 1st quarter valued at about $123,000. Hsbc Holdings PLC lifted its holdings in Arlo Technologies by 9.7% during the 4th quarter. Hsbc Holdings PLC now owns 12,470 shares of the company's stock valued at $140,000 after buying an additional 1,103 shares in the last quarter. Finally, Bridgefront Capital LLC bought a new stake in Arlo Technologies during the 4th quarter valued at about $141,000. 83.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

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

Insider Transactions at Arlo Technologies

In related news, CEO Matthew Blake Mcrae sold 372,488 shares of the stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $17.14, for a total value of $6,384,444.32. Following the sale, the chief executive officer directly owned 2,290,493 shares of the company's stock, valued at approximately $39,259,050.02. This represents a 13.99% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Kurtis Joseph Binder sold 135,183 shares of the stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $10.37, for a total transaction of $1,401,847.71. Following the completion of the sale, the chief financial officer directly owned 1,092,274 shares in the company, valued at approximately $11,326,881.38. The trade was a 11.01% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 1,589,447 shares of company stock valued at $25,137,645 in the last ninety days. 5.20% of the stock is currently owned by company insiders.

Arlo Technologies Stock Down 1.2%

ARLO stock traded down $0.19 during mid-day trading on Friday, hitting $16.22. 1,076,110 shares of the company were exchanged, compared to its average volume of 1,163,707. The business has a fifty day simple moving average of $15.95 and a 200-day simple moving average of $12.65. Arlo Technologies, Inc. has a 12-month low of $7.84 and a 12-month high of $17.98. The firm has a market capitalization of $1.68 billion, a P/E ratio of -73.72 and a beta of 2.03.

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

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.