Arlo Technologies, Inc. (NYSE:ARLO) Shares Acquired by Connor Clark & Lunn Investment Management Ltd.

Key Points

• Connor Clark & Lunn Investment Management Ltd. increased its holdings in Arlo Technologies, Inc. by 11.7% during Q1, owning about $10.93 million worth of shares, totaling 1,107,552 shares.
• Arlo Technologies reported an EPS of $0.17 for the most recent quarter, beating analysts' expectations and showing a revenue increase of 1.6% year-over-year.
• Several analysts have raised their price targets for Arlo Technologies, with Raymond James issuing a target of $22.00, reflecting growing confidence in the company's performance.

Connor Clark & Lunn Investment Management Ltd. boosted its position in shares of Arlo Technologies, Inc. (NYSE:ARLO - Free Report) by 11.7% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The firm owned 1,107,552 shares of the company's stock after buying an additional 116,299 shares during the quarter. Connor Clark & Lunn Investment Management Ltd. owned approximately 1.07% of Arlo Technologies worth $10,932,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. GAMMA Investing LLC grew its position in shares of Arlo Technologies by 40.9% in the first quarter. GAMMA Investing LLC now owns 7,212 shares of the company's stock valued at $71,000 after purchasing an additional 2,095 shares during the period. Bank of Montreal Can acquired a new stake in shares of Arlo Technologies in the fourth quarter valued at about $130,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Arlo Technologies in the first quarter valued at about $123,000. 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 during the period. Finally, Bridgefront Capital LLC acquired a new stake in shares of Arlo Technologies in the fourth quarter valued at about $141,000. Institutional investors and hedge funds own 83.18% of the company's stock.

Insider Activity at Arlo Technologies

In other Arlo Technologies news, CFO Kurtis Joseph Binder sold 113,912 shares of the business's stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $18.56, for a total transaction of $2,114,206.72. Following the completion of the transaction, the chief financial officer owned 809,615 shares in the company, valued at $15,026,454.40. The trade was a 12.33% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Matthew Blake Mcrae sold 520,557 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $17.40, for a total transaction of $9,057,691.80. Following the transaction, the chief executive officer owned 1,621,835 shares of the company's stock, valued at $28,219,929. This trade represents a 24.30% decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 2,306,967 shares of company stock worth $39,664,516. 5.20% of the stock is owned by insiders.

Arlo Technologies Trading Down 1.6%

ARLO stock traded down $0.27 during trading on Friday, reaching $16.33. 371,159 shares of the stock were exchanged, compared to its average volume of 1,078,094. The business has a 50 day moving average price of $16.70 and a 200-day moving average price of $13.14. Arlo Technologies, Inc. has a 1 year low of $7.84 and a 1 year high of $19.25. The firm has a market capitalization of $1.70 billion, a price-to-earnings ratio of -232.97 and a beta of 1.85.

Arlo Technologies (NYSE:ARLO - Get Free Report) last posted its earnings results on Thursday, August 7th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of $0.15 by $0.02. Arlo Technologies had a negative net margin of 1.38% and a negative return on equity of 6.69%. The firm had revenue of $129.41 million during the quarter, compared to the consensus estimate of $123.33 million. During the same quarter last year, the firm earned $0.10 EPS. The firm's revenue for the quarter was up 1.6% on a year-over-year basis. On average, research analysts anticipate that Arlo Technologies, Inc. will post -0.29 EPS for the current year.

Analyst Upgrades and Downgrades

Several analysts have recently issued reports on ARLO shares. BWS Financial reiterated a "buy" rating and issued a $26.00 target price (up previously from $24.00) on shares of Arlo Technologies in a research report on Monday. Craig Hallum raised their price target on shares of Arlo Technologies from $17.00 to $22.00 and gave the stock a "buy" rating in a research note on Friday, August 8th. Finally, Raymond James Financial reissued an "outperform" rating and issued a $22.00 price target (up from $15.00) on shares of Arlo Technologies in a research note on Friday, August 8th.

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.