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

Arlo Technologies, Inc. (NYSE:ARLO) gapped up before the market opened 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 changing hands.

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

Insider Buying and Selling

In other news, CEO Matthew Blake Mcrae sold 316,644 shares of the stock in a transaction on Monday, December 2nd. The shares were sold at an average price of $11.54, for a total transaction of $3,654,071.76. Following the completion of the sale, the chief executive officer now directly owns 3,160,988 shares in the company, valued at $36,477,801.52. This represents a 9.11 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 completion of the transaction, the general counsel now owns 606,832 shares in the company, valued at approximately $6,741,903.52. The trade was a 2.83 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 488,565 shares of company stock valued at $5,629,360 in the last three months. Insiders own 3.80% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Raymond James & Associates increased its holdings in Arlo Technologies by 15.4% in the third quarter. Raymond James & Associates now owns 415,506 shares of the company’s stock worth $5,032,000 after purchasing an additional 55,580 shares in the last quarter. New York State Teachers Retirement System increased its stake in shares of Arlo Technologies by 2.1% in the 3rd quarter. New York State Teachers Retirement System now owns 136,344 shares of the company’s stock valued at $1,651,000 after acquiring an additional 2,774 shares in the last quarter. Rice Hall James & Associates LLC lifted its position in shares of Arlo Technologies by 4.9% during the 3rd quarter. Rice Hall James & Associates LLC now owns 4,069,476 shares of the company’s stock valued at $49,281,000 after acquiring an additional 191,536 shares during the period. Harbor Capital Advisors Inc. boosted its stake in Arlo Technologies by 13.5% during the third quarter. Harbor Capital Advisors Inc. now owns 21,181 shares of the company’s stock worth $257,000 after acquiring an additional 2,520 shares in the last quarter. Finally, Stoneridge Investment Partners LLC acquired a new stake in Arlo Technologies in the third quarter worth $251,000. 83.18% of the stock is owned by institutional investors.

Arlo Technologies Stock Up 9.7 %

The firm’s 50 day simple moving average is $11.57 and its two-hundred day simple moving average is $11.66. The stock has a market capitalization of $1.31 billion, a P/E ratio of -52.28 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.