Arlo Technologies (NYSE:ARLO) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research cut shares of Arlo Technologies (NYSE:ARLO) from a buy rating to a hold rating in a report released on Tuesday morning, Zacks.com reports.

According to Zacks, “Arlo Technologies, Inc. product design, wireless connectivity, cloud infrastructure and cutting-edge AI capabilities focuses on delivering a seamless, smart home experience. The company’s cloud-based platform provides users with visibility, insight and a powerful means to help protect and connect in real-time. Its connected devices, including wire-free smart Wi-Fi and LTE-enabled cameras, advanced baby monitors and smart security lights. Arlo Technologies, Inc. is based in San Jose, United States. “

Several other analysts also recently issued reports on the company. Deutsche Bank Aktiengesellschaft boosted their price objective on Arlo Technologies from $9.00 to $10.00 and gave the stock a buy rating in a report on Wednesday, November 10th. BWS Financial boosted their price objective on Arlo Technologies from $10.00 to $12.00 and gave the stock a buy rating in a report on Wednesday, November 10th.

ARLO stock opened at $9.66 on Tuesday. The company has a 50-day simple moving average of $8.94 and a 200 day simple moving average of $7.24. Arlo Technologies has a fifty-two week low of $5.48 and a fifty-two week high of $10.88.

Arlo Technologies (NYSE:ARLO) last issued its quarterly earnings results on Tuesday, November 9th. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.06. Arlo Technologies had a negative net margin of 15.83% and a negative return on equity of 51.86%. The firm had revenue of $111.15 million for the quarter, compared to analysts’ expectations of $105.83 million. During the same period in the previous year, the business earned ($0.22) earnings per share. On average, analysts anticipate that Arlo Technologies will post -0.73 EPS for the current fiscal year.

In related news, Director Miller Joycelyn Carter sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, November 5th. The stock was sold at an average price of $7.00, for a total value of $210,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Gordon Mattingly sold 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, December 21st. The shares were sold at an average price of $10.00, for a total value of $100,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 50,000 shares of company stock worth $395,000. Company insiders own 1.60% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in ARLO. Royal Bank of Canada boosted its position in Arlo Technologies by 148.7% during the second quarter. Royal Bank of Canada now owns 5,574 shares of the company’s stock worth $38,000 after purchasing an additional 3,333 shares during the period. Veriti Management LLC bought a new stake in Arlo Technologies during the third quarter worth approximately $70,000. Marshall Wace LLP bought a new stake in Arlo Technologies during the first quarter worth approximately $74,000. Cambridge Investment Research Advisors Inc. acquired a new position in shares of Arlo Technologies during the third quarter worth approximately $78,000. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Arlo Technologies during the third quarter worth approximately $79,000. 66.68% of the stock is owned by institutional investors and hedge funds.

About Arlo Technologies

Arlo Technologies, Inc engages in the provision and development of cloud infrastructure and mobile app for smart connected devices. It offers wire-free smart Wi-Fi and LTE-enabled cameras, advanced baby monitors, smart security lights, and audio doorbell. The company was founded in January 2018 and is headquartered in Carlsbad, CA.

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