Royce & Associates LP Lowers Position in Arlo Technologies, Inc. (NYSE:ARLO)

Key Points

• Royce & Associates LP reduced its stake in Arlo Technologies by 8.0%, now holding approximately 1.45% of the company, valued at $14.87 million.
• Arlo Technologies reported $0.15 EPS for the last quarter, exceeding expectations, despite a revenue decline of 4.1% year-over-year.
• Insiders, including CFO Kurtis Joseph Binder, sold a total of 1,589,447 shares worth over $25 million in recent months, indicating significant trading activity among company executives.

Royce & Associates LP lessened its position in Arlo Technologies, Inc. (NYSE:ARLO - Free Report) by 8.0% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,506,450 shares of the company's stock after selling 130,630 shares during the quarter. Royce & Associates LP owned 1.45% of Arlo Technologies worth $14,869,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also added to or reduced their stakes in ARLO. GAMMA Investing LLC increased its stake in 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 acquiring an additional 2,095 shares during the last quarter. Wealth Enhancement Advisory Services LLC bought a new position in Arlo Technologies in the first quarter valued at $123,000. CWM LLC increased its stake in Arlo Technologies by 185.6% in the first quarter. CWM LLC now owns 12,826 shares of the company's stock valued at $127,000 after acquiring an additional 8,335 shares during the last quarter. Bank of Montreal Can bought a new position in Arlo Technologies in the fourth quarter valued at $130,000. Finally, Hsbc Holdings PLC increased its stake in 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 acquiring an additional 1,103 shares during the last quarter. Institutional investors own 83.18% of the company's stock.

Arlo Technologies Trading Down 0.2%

Shares of NYSE:ARLO traded down $0.03 on Monday, reaching $16.20. 274,845 shares of the company traded hands, compared to its average volume of 986,624. The business's 50-day simple moving average is $16.00 and its 200 day simple moving average is $12.69. Arlo Technologies, Inc. has a 52 week low of $7.84 and a 52 week high of $17.98. The stock has a market capitalization of $1.68 billion, a P/E ratio of -73.64 and a beta of 2.03.

Arlo Technologies (NYSE:ARLO - Get Free Report) last announced 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. Arlo Technologies had a negative return on equity of 21.67% and a negative net margin of 4.29%. The firm had revenue of $119.07 million for the quarter, compared to analysts' expectations of $118.35 million. During the same period last year, the firm earned $0.09 earnings per share. The company's revenue for the quarter was down 4.1% compared to the same quarter last year. Sell-side analysts expect that Arlo Technologies, Inc. will post -0.29 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Separately, BWS Financial reissued a "buy" rating and issued a $24.00 target price on shares of Arlo Technologies in a research note on Monday, June 9th.

Insider Activity

In related news, General Counsel Brian Busse sold 21,367 shares of the firm's stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $10.37, for a total value of $221,575.79. Following the sale, the general counsel directly owned 656,785 shares of the company's stock, valued at $6,810,860.45. This trade represents a 3.15% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Matthew Blake Mcrae sold 372,488 shares of the firm's stock in a transaction dated Friday, June 20th. The stock was sold at an average price of $17.14, for a total value of $6,384,444.32. Following the completion of the sale, the chief executive officer directly owned 2,290,493 shares in the company, valued at $39,259,050.02. The trade was a 13.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 1,589,447 shares of company stock valued at $25,137,645. 5.20% of the stock is currently owned by insiders.

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.