Arlo Technologies (ARLO) Cut to Sell at Zacks Investment Research

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Arlo Technologies (NYSE:ARLO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.

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 equities research analysts have also recently issued reports on the company. Imperial Capital restated an “outperform” rating and set a $29.00 price objective (down previously from $39.00) on shares of Arlo Technologies in a report on Friday, January 4th. Bank of America cut Arlo Technologies from a “neutral” rating to an “underperform” rating in a report on Wednesday, February 6th. Finally, Cowen cut Arlo Technologies from an “outperform” rating to a “market perform” rating and decreased their price objective for the stock from $25.00 to $7.50 in a 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 company’s stock. The company has a consensus rating of “Hold” and an average target price of $18.60.

NYSE:ARLO traded up $0.08 during trading hours on Friday, reaching $4.36. 31,489 shares of the company traded hands, compared to its average volume of 3,304,165. The stock has a market cap of $317.81 million and a PE ratio of -4.27. The company has a debt-to-equity ratio of 0.07, a quick ratio of 1.42 and a current ratio of 1.83. Arlo Technologies has a 1-year low of $3.37 and a 1-year high of $23.77.

Arlo Technologies (NYSE:ARLO) last announced its earnings results on Tuesday, February 5th. The company reported ($0.43) EPS for the quarter, beating analysts’ consensus estimates of ($0.47) by $0.04. The firm had revenue of $129.30 million for the quarter, compared to analysts’ expectations of $128.58 million. Arlo Technologies had a negative return on equity of 31.78% and a negative net margin of 14.49%. Arlo Technologies’s quarterly revenue was up 3.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.10 EPS. As a group, equities research analysts predict that Arlo Technologies will post -1.59 earnings per share for the current fiscal year.

In other news, Director Ralph E. Faison bought 50,000 shares of Arlo Technologies stock in a transaction that occurred on Wednesday, February 27th. The shares were purchased at an average price of $4.24 per share, for a total transaction of $212,000.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Matthew Blake Mcrae bought 45,000 shares of Arlo Technologies stock in a transaction that occurred on Friday, March 1st. The stock was purchased at an average price of $4.46 per share, for a total transaction of $200,700.00. The disclosure for this purchase can be found here.

A number of institutional investors have recently modified their holdings of ARLO. Geode Capital Management LLC raised its position in Arlo Technologies by 952.1% in the fourth quarter. Geode Capital Management LLC now owns 812,241 shares of the company’s stock valued at $8,106,000 after purchasing an additional 735,042 shares during the period. Norges Bank purchased a new position in Arlo Technologies in the fourth quarter valued at about $998,000. FMR LLC raised its position in Arlo Technologies by 29.7% in the fourth quarter. FMR LLC now owns 7,424,384 shares of the company’s stock valued at $74,095,000 after purchasing an additional 1,698,180 shares during the period. Millennium Management LLC raised its position in Arlo Technologies by 2,088.0% in the fourth quarter. Millennium Management LLC now owns 219,347 shares of the company’s stock valued at $2,189,000 after purchasing an additional 209,322 shares during the period. Finally, Macquarie Group Ltd. raised its position in Arlo Technologies by 27.2% in the fourth quarter. Macquarie Group Ltd. now owns 1,095,661 shares of the company’s stock valued at $10,935,000 after purchasing an additional 234,185 shares during the period. Hedge funds and other institutional investors own 28.90% of the company’s stock.

About Arlo Technologies

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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