Arlo Technologies, Inc. (NYSE:ARLO) Shares Sold by Royce & Associates LP

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 decreased its position in shares of Arlo Technologies, Inc. (NYSE:ARLO - Free Report) by 8.0% during the first quarter, according to its most recent filing with the SEC. The firm owned 1,506,450 shares of the company's stock after selling 130,630 shares during the period. Royce & Associates LP owned about 1.45% of Arlo Technologies worth $14,869,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Hsbc Holdings PLC increased its holdings in shares of Arlo Technologies by 9.7% in the 4th quarter. Hsbc Holdings PLC now owns 12,470 shares of the company's stock worth $140,000 after purchasing an additional 1,103 shares in the last quarter. OneDigital Investment Advisors LLC increased its holdings in shares of Arlo Technologies by 3.3% in the 1st quarter. OneDigital Investment Advisors LLC now owns 36,262 shares of the company's stock worth $358,000 after purchasing an additional 1,154 shares in the last quarter. California State Teachers Retirement System increased its holdings in shares of Arlo Technologies by 1.3% in the 4th quarter. California State Teachers Retirement System now owns 93,320 shares of the company's stock worth $1,044,000 after purchasing an additional 1,232 shares in the last quarter. GAMMA Investing LLC increased its holdings in shares of Arlo Technologies by 40.9% in the 1st quarter. GAMMA Investing LLC now owns 7,212 shares of the company's stock worth $71,000 after purchasing an additional 2,095 shares in the last quarter. Finally, MetLife Investment Management LLC increased its holdings in shares of Arlo Technologies by 5.9% in the 4th quarter. MetLife Investment Management LLC now owns 58,223 shares of the company's stock worth $652,000 after purchasing an additional 3,221 shares in the last quarter. Hedge funds and other institutional investors own 83.18% of the company's stock.

Arlo Technologies Stock Performance

Shares of ARLO stock traded down $0.19 on Friday, reaching $16.22. The stock had a trading volume of 1,076,110 shares, compared to its average volume of 1,163,707. The stock has a market cap of $1.68 billion, a P/E ratio of -73.72 and a beta of 2.03. Arlo Technologies, Inc. has a 1 year low of $7.84 and a 1 year high of $17.98. The company has a 50 day simple moving average of $16.00 and a 200 day simple moving average of $12.68.

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 (EPS) for the quarter, topping analysts' consensus estimates of $0.12 by $0.03. The firm had revenue of $119.07 million for the quarter, compared to the consensus estimate of $118.35 million. Arlo Technologies had a negative return on equity of 21.67% and a negative net margin of 4.29%. The company's revenue for the quarter was down 4.1% on a year-over-year basis. During the same period last year, the business posted $0.09 EPS. On average, equities research analysts anticipate that Arlo Technologies, Inc. will post -0.29 earnings per share for the current fiscal year.

Insider Activity at Arlo Technologies

In other Arlo Technologies news, CFO Kurtis Joseph Binder sold 135,183 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 transaction of $1,401,847.71. Following the sale, the chief financial officer directly owned 1,092,274 shares of the company's stock, valued at $11,326,881.38. This trade represents a 11.01% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, General Counsel Brian Busse sold 21,367 shares of the firm's stock in a transaction dated Thursday, May 8th. The shares were 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 in the company, valued at approximately $6,810,860.45. This represents a 3.15% 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 worth $25,137,645. Corporate insiders own 5.20% of the company's stock.

Analysts Set New Price Targets

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

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.