Westwood Holdings Group Inc. Has $1.57 Million Stake in Arlo Technologies, Inc. (NYSE:ARLO)

Key Points

• Westwood Holdings Group Inc. has reduced its stake in Arlo Technologies by 89.2%, now holding approximately 0.15% of the company worth $1.57 million after selling over 1.3 million shares.
• Analysts from BWS Financial have reaffirmed a "buy" rating for Arlo Technologies with a target price of $24.00 per share.
• Arlo Technologies reported $0.17 EPS in its latest quarterly earnings, surpassing estimates and showing a 1.6% increase in revenue compared to the previous year.

Westwood Holdings Group Inc. reduced its holdings in shares of Arlo Technologies, Inc. (NYSE:ARLO - Free Report) by 89.2% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 158,675 shares of the company's stock after selling 1,316,103 shares during the quarter. Westwood Holdings Group Inc. owned approximately 0.15% of Arlo Technologies worth $1,566,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also made changes to their positions in the business. GAMMA Investing LLC grew 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 acquiring an additional 2,095 shares during the period. Wealth Enhancement Advisory Services LLC purchased a new position in shares of Arlo Technologies in the 1st quarter worth $123,000. CWM LLC raised its position in shares of Arlo Technologies by 185.6% in the 1st quarter. CWM LLC now owns 12,826 shares of the company's stock worth $127,000 after buying an additional 8,335 shares during the period. Bank of Montreal Can purchased a new position in shares of Arlo Technologies in the 4th quarter worth $130,000. Finally, Hsbc Holdings PLC raised its position 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 purchasing an additional 1,103 shares during the period. 83.18% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on ARLO. Raymond James Financial restated an "outperform" rating and set a $22.00 target price (up from $15.00) on shares of Arlo Technologies in a research note on Friday. BWS Financial restated a "buy" rating and issued a $24.00 target price on shares of Arlo Technologies in a research note on Monday, June 9th. Finally, Craig Hallum lifted their target price on Arlo Technologies from $17.00 to $22.00 and gave the company a "buy" rating in a research note on Friday.

Arlo Technologies Trading Up 2.4%

NYSE:ARLO traded up $0.39 during trading hours on Friday, hitting $16.82. 4,649,061 shares of the stock traded hands, compared to its average volume of 1,137,697. The firm has a 50 day moving average price of $16.52 and a 200 day moving average price of $13.00. Arlo Technologies, Inc. has a fifty-two week low of $7.84 and a fifty-two week high of $19.25. The firm has a market cap of $1.74 billion, a price-to-earnings ratio of -240.25 and a beta of 1.85.

Arlo Technologies (NYSE:ARLO - Get Free Report) last announced its earnings results on Thursday, August 7th. The company reported $0.17 earnings per share (EPS) 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 6.98%. The company had revenue of $129.41 million for the quarter, compared to the consensus estimate of $123.33 million. During the same period in the previous year, the business earned $0.10 EPS. The company's revenue was up 1.6% on a year-over-year basis. Research analysts predict that Arlo Technologies, Inc. will post -0.29 EPS for the current year.

Insiders Place Their Bets

In other Arlo Technologies news, CFO Kurtis Joseph Binder sold 92,247 shares of the company's stock in a transaction dated Tuesday, July 1st. The shares were sold at an average price of $17.17, for a total transaction of $1,583,880.99. Following the completion of the sale, the chief financial officer directly owned 923,527 shares in the company, valued at $15,856,958.59. This represents a 9.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew Blake Mcrae sold 25,380 shares of the company's stock in a transaction dated Tuesday, July 29th. The shares were sold at an average price of $16.56, for a total transaction of $420,292.80. Following the sale, the chief executive officer owned 1,461,705 shares of the company's stock, valued at $24,205,834.80. This trade represents a 1.71% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,340,873 shares of company stock valued at $22,728,975 over the last quarter. 5.20% of the stock is currently owned by corporate insiders.

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.