Arlo Technologies (NYSE:ARLO) Lifted to “Buy” at Zacks Investment Research

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Zacks Investment Research upgraded shares of Arlo Technologies (NYSE:ARLO) from a hold rating to a buy rating in a research report sent to investors on Monday morning, Zacks.com reports. The firm currently has $3.50 price target on the stock.

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. “

Separately, Bank of America restated an underperform rating and set a $3.50 target price (down from $5.00) on shares of Arlo Technologies in a research report on Wednesday, August 7th. One analyst has rated the stock with a sell rating, two have assigned a hold rating and four have assigned a buy rating to the stock. Arlo Technologies currently has a consensus rating of Hold and a consensus price target of $12.67.

Arlo Technologies stock opened at $2.93 on Monday. The company has a current ratio of 2.04, a quick ratio of 1.43 and a debt-to-equity ratio of 0.16. Arlo Technologies has a 1 year low of $2.71 and a 1 year high of $23.77. The firm has a market cap of $224.59 million and a P/E ratio of -2.87. The company’s 50-day simple moving average is $4.01.

Arlo Technologies (NYSE:ARLO) last released its earnings results on Tuesday, August 6th. The company reported ($0.45) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.48) by $0.03. Arlo Technologies had a negative net margin of 29.90% and a negative return on equity of 45.02%. The company had revenue of $83.60 million for the quarter, compared to the consensus estimate of $77.23 million. During the same period in the prior year, the company posted ($0.29) EPS. The company’s revenue was down 24.7% compared to the same quarter last year. On average, research analysts expect that Arlo Technologies will post -1.61 earnings per share for the current fiscal year.

Several hedge funds have recently made changes to their positions in the company. Strs Ohio increased its stake in shares of Arlo Technologies by 3.5% in the 2nd quarter. Strs Ohio now owns 125,000 shares of the company’s stock valued at $501,000 after acquiring an additional 4,203 shares during the last quarter. Charles Schwab Investment Management Inc. increased its stake in shares of Arlo Technologies by 1.4% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 433,724 shares of the company’s stock valued at $1,740,000 after acquiring an additional 5,857 shares during the last quarter. Bank of Montreal Can increased its stake in shares of Arlo Technologies by 92.4% in the 2nd quarter. Bank of Montreal Can now owns 19,243 shares of the company’s stock valued at $77,000 after acquiring an additional 9,243 shares during the last quarter. Alambic Investment Management L.P. increased its stake in shares of Arlo Technologies by 40.6% in the 2nd quarter. Alambic Investment Management L.P. now owns 36,707 shares of the company’s stock valued at $147,000 after acquiring an additional 10,607 shares during the last quarter. Finally, HHM Wealth Advisors LLC bought a new stake in shares of Arlo Technologies in the 1st quarter valued at about $47,000. 84.17% of the stock is owned by institutional investors.

Arlo Technologies Company Profile

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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