Baker Avenue Asset Management LP Has $586,000 Stake in Arlo Technologies, Inc. (NYSE:ARLO)

Key Points

• Baker Avenue Asset Management LP significantly reduced its stake in Arlo Technologies by 60.8%, now holding approximately 0.06% of the company valued at $586,000 after selling 92,165 shares.
• Despite the reduction by Baker Avenue, other investors like GAMMA Investing LLC and CWM LLC increased their positions, with institutional investors now owning 83.18% of Arlo Technologies stock.
• Arlo Technologies reported earnings of $0.15 per share, exceeding analyst expectations, but saw 4.1% revenue decline year-over-year.

Baker Avenue Asset Management LP lowered its holdings in Arlo Technologies, Inc. (NYSE:ARLO - Free Report) by 60.8% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 59,368 shares of the company's stock after selling 92,165 shares during the period. Baker Avenue Asset Management LP owned approximately 0.06% of Arlo Technologies worth $586,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in ARLO. XTX Topco Ltd boosted its stake in Arlo Technologies by 277.6% during the 1st quarter. XTX Topco Ltd now owns 63,590 shares of the company's stock worth $628,000 after purchasing an additional 46,749 shares during the period. GSA Capital Partners LLP acquired a new stake in Arlo Technologies during the 1st quarter worth $1,339,000. Zurcher Kantonalbank Zurich Cantonalbank raised its position in Arlo Technologies by 16.1% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,325 shares of the company's stock worth $329,000 after buying an additional 4,627 shares during the last quarter. Universal Beteiligungs und Servicegesellschaft mbH purchased a new position in shares of Arlo Technologies in the 1st quarter valued at about $661,000. Finally, Guidance Capital Inc. increased its holdings in shares of Arlo Technologies by 17.8% in the 1st quarter. Guidance Capital Inc. now owns 46,315 shares of the company's stock valued at $479,000 after purchasing an additional 7,002 shares in the last quarter. Institutional investors and hedge funds own 83.18% of the company's stock.

Arlo Technologies Price Performance

NYSE ARLO traded down $0.02 during mid-day trading on Thursday, hitting $16.08. The company's stock had a trading volume of 23,928 shares, compared to its average volume of 993,676. Arlo Technologies, Inc. has a 52-week low of $7.84 and a 52-week high of $17.98. The stock's fifty day simple moving average is $16.42 and its two-hundred day simple moving average is $12.93. The firm has a market capitalization of $1.67 billion, a P/E ratio of -73.11 and a beta of 1.85.

Arlo Technologies (NYSE:ARLO - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $119.07 million for the quarter, compared to analyst estimates of $118.35 million. Arlo Technologies had a negative net margin of 4.29% and a negative return on equity of 21.67%. The business's quarterly revenue was down 4.1% on a year-over-year basis. During the same quarter last year, the firm posted $0.09 earnings per share. On average, equities analysts forecast that Arlo Technologies, Inc. will post -0.29 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Arlo Technologies news, CFO Kurtis Joseph Binder sold 92,247 shares of Arlo Technologies stock in a transaction on Tuesday, July 1st. The shares were sold at an average price of $17.17, for a total value of $1,583,880.99. Following the completion of the transaction, the chief financial officer 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 transaction was disclosed in a document filed with the SEC, which is available through this link. Also, CEO Matthew Blake Mcrae sold 25,380 shares of the business's stock in a transaction on Tuesday, July 29th. The shares were sold at an average price of $16.56, for a total transaction of $420,292.80. Following the transaction, the chief executive officer directly owned 1,461,705 shares of the company's stock, valued at approximately $24,205,834.80. This trade represents a 1.71% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 1,340,873 shares of company stock valued at $22,728,975. Insiders own 5.20% of the company's stock.

Wall Street Analyst Weigh In

Separately, BWS Financial restated a "buy" rating and set a $24.00 target price on shares of Arlo Technologies in a 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.