Arlo Technologies (ARLO) Shares Down 5.4%

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Shares of Arlo Technologies Inc (NYSE:ARLO) traded down 5.4% on Thursday . The company traded as low as $4.33 and last traded at $4.36. 1,261,472 shares traded hands during mid-day trading, a decline of 64% from the average session volume of 3,518,197 shares. The stock had previously closed at $4.61.

A number of analysts recently weighed in on the stock. Zacks Investment Research lowered shares of Arlo Technologies from a “hold” rating to a “sell” rating in a research report on Wednesday, December 19th. Imperial Capital reduced their price objective on shares of Arlo Technologies from $29.00 to $7.50 and set an “outperform” rating on the stock in a research report on Wednesday, February 6th. Cowen lowered shares of Arlo Technologies from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $25.00 to $7.50 in a research report on Wednesday, February 6th. Finally, Bank of America lowered shares of Arlo Technologies from a “neutral” rating to an “underperform” rating in a research report on Wednesday, February 6th. Two analysts have rated the stock with a sell rating, two have assigned a hold rating and three have given a buy rating to the stock. Arlo Technologies has a consensus rating of “Hold” and an average target price of $18.60.

The company has a quick ratio of 1.42, a current ratio of 1.88 and a debt-to-equity ratio of 0.07.

Arlo Technologies (NYSE:ARLO) last posted its quarterly earnings data on Tuesday, February 5th. The company reported ($0.43) earnings per share for the quarter, topping the Zacks’ consensus estimate of ($0.47) by $0.04. Arlo Technologies had a negative net margin of 14.49% and a negative return on equity of 31.50%. The company had revenue of $129.30 million for the quarter, compared to analyst estimates of $128.58 million. During the same period in the prior year, the company posted $0.10 EPS. The firm’s revenue for the quarter was up 3.6% on a year-over-year basis. Research analysts predict that Arlo Technologies Inc will post -1.59 earnings per share for the current fiscal year.

In related news, Director Ralph E. Faison bought 50,000 shares of Arlo Technologies stock in a transaction dated Wednesday, February 27th. The shares were acquired at an average cost of $4.24 per share, with a total value of $212,000.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew Blake Mcrae bought 45,000 shares of Arlo Technologies stock in a transaction dated Friday, March 1st. The shares were bought at an average cost of $4.46 per share, for a total transaction of $200,700.00. The disclosure for this purchase can be found here.

Large investors have recently modified their holdings of the company. Primecap Management Co. CA purchased a new position in shares of Arlo Technologies during the third quarter worth approximately $31,173,000. Macquarie Group Ltd. purchased a new position in shares of Arlo Technologies during the third quarter worth approximately $12,500,000. Zimmer Partners LP purchased a new position in shares of Arlo Technologies during the third quarter worth approximately $4,353,000. Vanguard Group Inc. purchased a new position in shares of Arlo Technologies during the third quarter worth approximately $11,714,000. Finally, Monashee Investment Management LLC purchased a new position in shares of Arlo Technologies during the third quarter worth approximately $204,000. 30.43% of the stock is currently owned by institutional investors and hedge funds.

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About Arlo Technologies (NYSE:ARLO)

Arlo Technologies, Inc provides smart connected devices to monitor the environments in real-time with a Wi-Fi or a cellular network Internet connection in the Americas, Europe, the Middle-East and Africa, and the Asia Pacific regions. It offers Arlo Security Camera, a battery-operated Wi-Fi security camera; Arlo Q and Arlo Q Plus, an indoor wired solution that allow users to monitor their surroundings; Arlo Pro, a battery-operated weather-resistant Wi-Fi camera; Arlo Go, an LTE-enabled wire-free camera that provides untethered mobile monitoring; and Arlo Baby, a baby monitor with air quality and temperature sensors, motion and audio detection, and advanced night vision.

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