Millennium Management LLC Grows Position in Arlo Technologies, Inc. (NYSE:ARLO)

Millennium Management LLC boosted its stake in shares of Arlo Technologies, Inc. (NYSE:ARLO - Free Report) by 131.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 210,909 shares of the company's stock after purchasing an additional 119,834 shares during the quarter. Millennium Management LLC owned about 0.21% of Arlo Technologies worth $2,360,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in ARLO. Smartleaf Asset Management LLC boosted its position in Arlo Technologies by 104.5% during the fourth quarter. Smartleaf Asset Management LLC now owns 2,331 shares of the company's stock worth $26,000 after purchasing an additional 1,191 shares during the period. KBC Group NV boosted its position in shares of Arlo Technologies by 106.8% in the fourth quarter. KBC Group NV now owns 6,167 shares of the company's stock valued at $69,000 after acquiring an additional 3,185 shares during the period. Ieq Capital LLC bought a new stake in shares of Arlo Technologies in the fourth quarter valued at about $121,000. Balboa Wealth Partners bought a new stake in shares of Arlo Technologies in the fourth quarter valued at about $129,000. Finally, Bank of Montreal Can bought a new stake in shares of Arlo Technologies in the fourth quarter valued at about $130,000. 83.18% of the stock is owned by institutional investors.

Arlo Technologies Trading Up 10.7%

NYSE:ARLO traded up $1.57 on Thursday, reaching $16.17. 2,296,844 shares of the stock traded hands, compared to its average volume of 879,313. The firm has a market capitalization of $1.68 billion, a price-to-earnings ratio of -64.66 and a beta of 1.81. Arlo Technologies, Inc. has a 1-year low of $7.84 and a 1-year high of $17.64. The company's 50 day moving average is $11.20 and its 200-day moving average is $11.48.

Arlo Technologies (NYSE:ARLO - Get Free Report) last released its earnings results 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 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%. Arlo Technologies's quarterly revenue was down 4.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.09 EPS. On average, equities research analysts forecast that Arlo Technologies, Inc. will post -0.29 EPS for the current fiscal year.

Analyst Ratings Changes

Several research analysts have commented on the company. BWS Financial reissued a "buy" rating and set a $24.00 target price on shares of Arlo Technologies in a research note on Thursday, April 24th. Craig Hallum boosted their target price on Arlo Technologies from $15.00 to $17.00 and gave the stock a "buy" rating in a research note on Friday, February 28th. Finally, Roth Capital set a $22.00 target price on Arlo Technologies in a research note on Friday, February 28th.

Insider Buying and Selling at Arlo Technologies

In related news, General Counsel Brian Busse sold 26,258 shares of the business's stock in a transaction dated Thursday, March 20th. The shares were sold at an average price of $10.70, for a total value of $280,960.60. Following the transaction, the general counsel now directly owns 636,485 shares of the company's stock, valued at approximately $6,810,389.50. The trade was a 3.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew Blake Mcrae sold 200,000 shares of the business's stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $11.04, for a total transaction of $2,208,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,486,678 shares in the company, valued at $27,452,925.12. This trade represents a 7.44% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 842,652 shares of company stock worth $8,982,031. 5.20% of the stock is owned by corporate insiders.

Arlo Technologies Company 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.