Arlo Technologies (NYSE:ARLO) Shares Gap Up Following Analyst Upgrade

Arlo Technologies, Inc. (NYSE:ARLO)’s stock price gapped up prior to trading on Friday after Craig Hallum raised their price target on the stock from $15.00 to $17.00. The stock had previously closed at $11.92, but opened at $12.53. Craig Hallum currently has a buy rating on the stock. Arlo Technologies shares last traded at $12.91, with a volume of 266,621 shares.

Separately, BWS Financial reissued a “buy” rating and set a $24.00 target price on shares of Arlo Technologies in a research report on Friday, November 8th.

Insiders Place Their Bets

In related news, CEO Matthew Blake Mcrae sold 46,866 shares of Arlo Technologies stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $11.66, for a total value of $546,457.56. Following the completion of the sale, the chief executive officer now directly owns 3,161,472 shares in the company, valued at $36,862,763.52. This trade represents a 1.46 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Brian Busse sold 17,669 shares of the business’s stock in a transaction on Wednesday, February 12th. The shares were sold at an average price of $11.11, for a total transaction of $196,302.59. Following the sale, the general counsel now directly owns 606,832 shares in the company, valued at $6,741,903.52. This trade represents a 2.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 488,565 shares of company stock worth $5,629,360. 3.80% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the company. Smartleaf Asset Management LLC increased its stake in shares of Arlo Technologies by 104.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,331 shares of the company’s stock worth $26,000 after acquiring an additional 1,191 shares during the period. Quest Partners LLC grew its holdings in Arlo Technologies by 283.0% during the third quarter. Quest Partners LLC now owns 2,547 shares of the company’s stock worth $31,000 after acquiring an additional 1,882 shares during the period. KBC Group NV raised its position in Arlo Technologies by 106.8% during the fourth quarter. KBC Group NV now owns 6,167 shares of the company’s stock valued at $69,000 after acquiring an additional 3,185 shares in the last quarter. Ieq Capital LLC acquired a new position in Arlo Technologies in the fourth quarter valued at approximately $121,000. Finally, Hennessy Advisors Inc. lifted its stake in shares of Arlo Technologies by 9.6% in the 4th quarter. Hennessy Advisors Inc. now owns 11,052 shares of the company’s stock valued at $124,000 after purchasing an additional 965 shares during the period. 83.18% of the stock is owned by institutional investors and hedge funds.

Arlo Technologies Stock Up 20.2 %

The company’s 50-day moving average is $11.63 and its 200 day moving average is $11.68. The company has a market cap of $1.44 billion, a price-to-earnings ratio of -57.30 and a beta of 1.77.

Arlo Technologies Company Profile

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.