Arlo Technologies (NYSE:ARLO) Price Target Raised to $26.00

Arlo Technologies (NYSE:ARLO) had its target price lifted by Lake Street Capital from $25.00 to $26.00 in a report released on Friday,Benzinga reports. Lake Street Capital currently has a buy rating on the stock.

ARLO has been the topic of several other research reports. Piper Sandler reissued an “overweight” rating and set a $17.00 price target (up from $16.00) on shares of Arlo Technologies in a research report on Friday. Wall Street Zen cut shares of Arlo Technologies from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 31st. Finally, Weiss Ratings reaffirmed a “hold (c-)” rating on shares of Arlo Technologies in a research note on Friday, October 30th. Six investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $21.33.

Arlo Technologies Stock Performance

NYSE ARLO opened at $12.38 on Friday. The stock’s fifty day moving average is $13.05 and its two-hundred day moving average is $13.39. The firm has a market capitalization of $1.34 billion, a P/E ratio of 56.26 and a beta of 1.59. Arlo Technologies has a fifty-two week low of $11.05 and a fifty-two week high of $16.89.

Arlo Technologies (NYSE:ARLO) last issued its earnings results on Thursday, November 5th. The company reported $0.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.04. Arlo Technologies had a return on equity of 16.08% and a net margin of 4.11%. The company had revenue of $149.18 million during the quarter, compared to analysts’ expectations of $144.93 million. During the same period in the prior year, the business earned $0.16 EPS. The firm’s quarterly revenue was up 6.9% on a year-over-year basis. As a group, sell-side analysts forecast that Arlo Technologies will post 0.12 EPS for the current year.

Insider Buying and Selling

In other Arlo Technologies news, CFO Kurtis Binder sold 33,394 shares of Arlo Technologies stock in a transaction on Wednesday, November 4th. The stock was sold at an average price of $15.03, for a total value of $501,911.82. Following the sale, the chief financial officer owned 312,147 shares in the company, valued at $4,691,569.41. The trade was a 9.66% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 129,963 shares of company stock valued at $1,705,100 in the last quarter. 2.90% of the stock is owned by insiders.

Institutional Trading of Arlo Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Lazard Asset Management LLC raised its stake in shares of Arlo Technologies by 154.7% in the 1st quarter. Lazard Asset Management LLC now owns 114,335 shares of the company’s stock valued at $1,627,000 after acquiring an additional 69,440 shares during the period. Rice Hall James & Associates LLC lifted its holdings in shares of Arlo Technologies by 2.3% in the 1st quarter. Rice Hall James & Associates LLC now owns 3,659,888 shares of the company’s stock worth $52,080,000 after acquiring an additional 83,276 shares during the last quarter. Janus Henderson Group PLC boosted its position in shares of Arlo Technologies by 74.0% during the 1st quarter. Janus Henderson Group PLC now owns 1,615,569 shares of the company’s stock worth $22,990,000 after purchasing an additional 687,129 shares during the period. The Manufacturers Life Insurance Company purchased a new position in shares of Arlo Technologies during the 2nd quarter worth approximately $625,000. Finally, Granahan Investment Management LLC increased its holdings in Arlo Technologies by 245.6% in the 1st quarter. Granahan Investment Management LLC now owns 1,169,490 shares of the company’s stock valued at $16,642,000 after purchasing an additional 831,108 shares during the last quarter. 83.18% of the stock is owned by institutional investors and hedge funds.

About Arlo Technologies

Arlo Technologies, Inc is a smart home security company that develops connected devices and cloud-based services designed to help consumers monitor and protect their homes, businesses and other properties. Its product portfolio includes wire-free and wired security cameras, video doorbells, floodlight cameras, home security systems and related accessories.

Arlo’s products typically connect through mobile applications and cloud services, providing features such as live video, motion detection, two-way audio, night vision and notifications.