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

Arlo Technologies, Inc. (NYSE:ARLO) shares 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 traded.

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

Insider Activity

In other news, CEO Matthew Blake Mcrae sold 46,866 shares of the company’s stock in a transaction dated Wednesday, January 29th. The stock was 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 of the company’s stock, valued at $36,862,763.52. This represents a 1.46 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, General Counsel Brian Busse sold 9,007 shares of Arlo Technologies stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $11.66, for a total value of $105,021.62. Following the transaction, the general counsel now owns 602,458 shares in the company, valued at $7,024,660.28. This trade represents a 1.47 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 488,565 shares of company stock worth $5,629,360. Insiders own 3.80% of the company’s stock.

Institutional Investors Weigh In On Arlo Technologies

Several hedge funds have recently added to or reduced their stakes in the business. Arizona State Retirement System raised its stake in Arlo Technologies by 3.2% in the fourth quarter. Arizona State Retirement System now owns 29,003 shares of the company’s stock valued at $325,000 after purchasing an additional 907 shares in the last quarter. Hennessy Advisors Inc. raised its position in Arlo Technologies by 9.6% during the fourth quarter. Hennessy Advisors Inc. now owns 11,052 shares of the company’s stock valued at $124,000 after purchasing an additional 965 shares in the last quarter. D.A. Davidson & CO. lifted its stake in Arlo Technologies by 1.1% during the fourth quarter. D.A. Davidson & CO. now owns 91,914 shares of the company’s stock worth $1,029,000 after purchasing an additional 1,018 shares during the last quarter. Hsbc Holdings PLC increased its stake in shares of Arlo Technologies by 9.7% in the 4th 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 last quarter. Finally, Smartleaf Asset Management LLC raised its holdings in shares of Arlo Technologies by 104.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,331 shares of the company’s stock worth $26,000 after buying an additional 1,191 shares in the last quarter. Institutional investors and hedge funds own 83.18% of the company’s stock.

Arlo Technologies Trading Up 9.7 %

The firm has a 50-day moving average of $11.57 and a two-hundred day moving average of $11.66. The firm has a market capitalization of $1.31 billion, a P/E ratio of -52.28 and a beta of 1.77.

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.