Bank of America Corp DE Has $787,000 Stock Position in Arlo Technologies, Inc. (NYSE:ARLO)

Bank of America Corp DE reduced its position in Arlo Technologies, Inc. (NYSE:ARLO - Free Report) by 82.0% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 70,297 shares of the company's stock after selling 321,288 shares during the period. Bank of America Corp DE owned about 0.07% of Arlo Technologies worth $787,000 as of its most recent filing with the SEC.

A number of other institutional investors have also recently bought and sold shares of ARLO. Algert Global LLC boosted its position in Arlo Technologies by 3.2% during the fourth quarter. Algert Global LLC now owns 208,326 shares of the company's stock worth $2,331,000 after purchasing an additional 6,395 shares during the period. Emerald Mutual Fund Advisers Trust lifted its stake in shares of Arlo Technologies by 57.1% during the 4th quarter. Emerald Mutual Fund Advisers Trust now owns 875,965 shares of the company's stock worth $9,802,000 after buying an additional 318,501 shares during the last quarter. Northern Trust Corp boosted its holdings 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 during the period. Susquehanna Fundamental Investments LLC acquired a new position in Arlo Technologies in the 4th quarter valued at about $499,000. Finally, Price T Rowe Associates Inc. MD grew its stake in Arlo Technologies by 9.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 81,807 shares of the company's stock valued at $916,000 after buying an additional 7,319 shares during the last quarter. Institutional investors and hedge funds own 83.18% of the company's stock.

Insider Activity

In related news, CEO Matthew Blake Mcrae sold 91,999 shares of the company's stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $10.37, for a total transaction of $954,029.63. Following the completion of the sale, the chief executive officer now owns 2,660,745 shares of the company's stock, valued at $27,591,925.65. This represents a 3.34% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, CFO Kurtis Joseph Binder sold 184,589 shares of the firm's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $10.70, for a total transaction of $1,975,102.30. Following the completion of the transaction, the chief financial officer now directly owns 977,457 shares in the company, valued at approximately $10,458,789.90. This represents a 15.88% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 642,652 shares of company stock worth $6,774,031. 5.20% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

ARLO has been the subject of several research reports. BWS Financial restated a "buy" rating and set a $24.00 price objective on shares of Arlo Technologies in a research report on Monday. Craig Hallum lifted their price target on Arlo Technologies from $15.00 to $17.00 and gave the stock a "buy" rating in a report on Friday, February 28th. Finally, Roth Capital set a $22.00 price target on Arlo Technologies in a research note on Friday, February 28th.

Arlo Technologies Price Performance

Arlo Technologies stock traded down $0.25 during midday trading on Thursday, hitting $16.77. The company's stock had a trading volume of 718,826 shares, compared to its average volume of 886,857. The company has a market cap of $1.74 billion, a price-to-earnings ratio of -67.08 and a beta of 2.01. Arlo Technologies, Inc. has a 1-year low of $7.84 and a 1-year high of $17.64. The company has a 50-day moving average price of $11.84 and a two-hundred day moving average price of $11.62.

Arlo Technologies (NYSE:ARLO - Get Free Report) last released its quarterly earnings results on Thursday, May 8th. The company reported $0.15 earnings per share for the quarter, beating analysts' consensus estimates of $0.12 by $0.03. The company had revenue of $119.07 million during the quarter, compared to the consensus estimate of $118.35 million. Arlo Technologies had a negative net margin of 4.76% and a negative return on equity of 24.14%. The firm's quarterly revenue was down 4.1% on a year-over-year basis. During the same period in the previous year, the business earned $0.09 earnings per share. Sell-side analysts forecast that Arlo Technologies, Inc. will post -0.29 EPS for the current year.

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.