Bank of America Corp DE Lowers Position in Arlo Technologies, Inc. (NYSE:ARLO)

Bank of America Corp DE lessened its holdings in shares of Arlo Technologies, Inc. (NYSE:ARLO - Free Report) by 82.0% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 70,297 shares of the company's stock after selling 321,288 shares during the quarter. Bank of America Corp DE owned about 0.07% of Arlo Technologies worth $787,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently modified their holdings of ARLO. Vanguard Group Inc. increased its position in shares of Arlo Technologies by 1.7% during the 4th quarter. Vanguard Group Inc. now owns 9,821,417 shares of the company's stock valued at $109,902,000 after purchasing an additional 166,823 shares during the last quarter. Brandes Investment Partners LP boosted its stake in Arlo Technologies by 7.0% in the fourth quarter. Brandes Investment Partners LP now owns 5,732,547 shares of the company's stock worth $64,147,000 after buying an additional 375,903 shares in the last quarter. Wasatch Advisors LP grew its position in Arlo Technologies by 21.1% during the fourth 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 during the last quarter. Geode Capital Management LLC grew its position in Arlo Technologies by 1.2% during the fourth 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 during the last quarter. Finally, Northern Trust Corp raised its stake in shares of Arlo Technologies by 11.7% during the fourth quarter. Northern Trust Corp now owns 1,711,116 shares of the company's stock worth $19,147,000 after acquiring an additional 179,288 shares in the last quarter. Hedge funds and other institutional investors own 83.18% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have recently issued reports on the stock. Craig Hallum upped their price objective on shares of Arlo Technologies from $15.00 to $17.00 and gave the company a "buy" rating in a research note on Friday, February 28th. BWS Financial reissued a "buy" rating and issued a $24.00 price target on shares of Arlo Technologies in a research note on Thursday, April 24th. Finally, Roth Capital set a $22.00 price target on shares of Arlo Technologies in a research report on Friday, February 28th.

Arlo Technologies Stock Performance

Shares of ARLO stock opened at $16.80 on Monday. Arlo Technologies, Inc. has a fifty-two week low of $7.84 and a fifty-two week high of $17.64. The stock has a 50 day moving average price of $11.34 and a two-hundred day moving average price of $11.51. The company has a market capitalization of $1.74 billion, a P/E ratio of -67.20 and a beta of 2.01.

Arlo Technologies (NYSE:ARLO - Get Free Report) last issued its earnings results on Thursday, May 8th. The company reported $0.15 EPS for the quarter, topping the consensus estimate of $0.12 by $0.03. The company had revenue of $119.07 million for 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 revenue for the quarter was down 4.1% on a year-over-year basis. During the same period in the previous year, the firm earned $0.09 earnings per share. As a group, equities analysts predict that Arlo Technologies, Inc. will post -0.29 earnings per share for the current year.

Insider Activity

In other news, CEO Matthew Blake Mcrae sold 157,851 shares of the business's stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $10.70, for a total transaction of $1,689,005.70. Following the transaction, the chief executive officer now directly owns 2,558,425 shares of the company's stock, valued at approximately $27,375,147.50. The trade was a 5.81% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, General Counsel Brian Busse sold 26,258 shares of Arlo Technologies stock in a transaction on Thursday, March 20th. The shares were sold at an average price of $10.70, for a total transaction of $280,960.60. Following the completion of the sale, the general counsel now owns 636,485 shares in the company, valued at approximately $6,810,389.50. This trade represents a 3.96% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 642,652 shares of company stock valued at $6,774,031. Insiders own 5.20% of the company's stock.

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.

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