Arlo Technologies (NYSE:ARLO) Reaches New 52-Week High – What’s Next?

Arlo Technologies, Inc. (NYSE:ARLO)’s stock price hit a new 52-week high on Tuesday . The stock traded as high as $17.70 and last traded at $17.58, with a volume of 550474 shares traded. The stock had previously closed at $17.23.

Wall Street Analyst Weigh In

ARLO has been the topic of several recent research reports. Craig Hallum lifted their price objective on Arlo Technologies from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 28th. Roth Capital set a $22.00 price objective on Arlo Technologies in a report on Friday, February 28th. Finally, BWS Financial reissued a “buy” rating and set a $24.00 price objective on shares of Arlo Technologies in a report on Monday, June 9th.

Arlo Technologies Stock Performance

The company has a 50-day simple moving average of $12.35 and a 200-day simple moving average of $11.74. The stock has a market cap of $1.80 billion, a P/E ratio of -69.20 and a beta of 2.01.

Arlo Technologies (NYSE:ARLO) last released its earnings results on Thursday, May 8th. The company reported $0.15 earnings per share for the quarter, topping analysts’ consensus estimates of $0.12 by $0.03. Arlo Technologies had a negative return on equity of 24.14% and a negative net margin of 4.76%. The company had revenue of $119.07 million during the quarter, compared to the consensus estimate of $118.35 million. During the same quarter in the previous year, the company posted $0.09 earnings per share. The firm’s quarterly revenue was down 4.1% on a year-over-year basis. As a group, sell-side analysts expect that Arlo Technologies, Inc. will post -0.29 earnings per share for the current fiscal year.

Insider Transactions at Arlo Technologies

In related news, General Counsel Brian Busse sold 26,258 shares of the stock in a transaction that occurred on Thursday, March 20th. The stock was sold at an average price of $10.70, for a total transaction of $280,960.60. Following the completion of the transaction, the general counsel now directly owns 636,485 shares of the company’s stock, valued at approximately $6,810,389.50. This represents a 3.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Matthew Blake Mcrae sold 25,405 shares of the company’s stock in a transaction that occurred on Tuesday, April 29th. The shares were sold at an average price of $9.90, for a total value of $251,509.50. Following the completion of the sale, the chief executive officer now owns 2,580,370 shares in the company, valued at $25,545,663. This represents a 0.97% decrease in their position. The disclosure for this sale can be found here. Insiders sold 642,652 shares of company stock valued at $6,774,031 over the last three months. Company insiders own 5.20% of the company’s stock.

Institutional Trading of Arlo Technologies

Several institutional investors and hedge funds have recently bought and sold shares of the business. Rhumbline Advisers raised its stake in Arlo Technologies by 0.3% in the first quarter. Rhumbline Advisers now owns 270,199 shares of the company’s stock valued at $2,667,000 after buying an additional 861 shares during the period. Strs Ohio bought a new stake in Arlo Technologies in the first quarter valued at approximately $66,000. Jane Street Group LLC raised its stake in Arlo Technologies by 279.8% in the first quarter. Jane Street Group LLC now owns 292,302 shares of the company’s stock valued at $2,885,000 after buying an additional 215,343 shares during the period. S Squared Technology LLC bought a new stake in Arlo Technologies in the first quarter valued at approximately $4,590,000. Finally, Goldman Sachs Group Inc. increased its stake in shares of Arlo Technologies by 115.1% during the first quarter. Goldman Sachs Group Inc. now owns 1,552,652 shares of the company’s stock worth $15,325,000 after purchasing an additional 830,770 shares during the period. Institutional investors own 83.18% of the company’s stock.

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.