Arlo Technologies (NYSE:ARLO) CFO Kurtis Joseph Binder Sells 25,000 Shares

Arlo Technologies, Inc. (NYSE:ARLO) CFO Kurtis Joseph Binder sold 25,000 shares of the company’s stock in a transaction dated Monday, April 6th. The shares were sold at an average price of $13.99, for a total transaction of $349,750.00. Following the sale, the chief financial officer owned 589,885 shares of the company’s stock, valued at approximately $8,252,491.15. The trade was a 4.07% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan.

Kurtis Joseph Binder also recently made the following trade(s):

• On Thursday, March 12th, Kurtis Joseph Binder sold 179,419 shares of Arlo Technologies stock. The shares were sold at an average price of $13.78, for a total transaction of $2,472,393.82.
• On Wednesday, March 4th, Kurtis Joseph Binder sold 9,665 shares of Arlo Technologies stock. The shares were sold at an average price of $15.11, for a total transaction of $146,038.15.
• On Tuesday, March 3rd, Kurtis Joseph Binder sold 12,539 shares of Arlo Technologies stock. The shares were sold at an average price of $14.93, for a total transaction of $187,207.27.
• On Friday, January 9th, Kurtis Joseph Binder sold 55,043 shares of Arlo Technologies stock. The shares were sold at an average price of $13.69, for a total transaction of $753,538.67.

Arlo Technologies Price Performance

NYSE ARLO traded up $0.28 during trading on Tuesday, hitting $14.15. 735,002 shares of the company’s stock traded hands, compared to its average volume of 1,268,485. The stock has a fifty day moving average of $13.31 and a two-hundred day moving average of $14.66. Arlo Technologies, Inc. has a 12-month low of $8.13 and a 12-month high of $19.94. The firm has a market cap of $1.51 billion, a P/E ratio of 108.82 and a beta of 1.71.

Arlo Technologies (NYSE:ARLO) last posted its quarterly earnings results on Friday, February 27th. The company reported $0.22 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.16 by $0.06. Arlo Technologies had a net margin of 2.82% and a return on equity of 10.76%. The business had revenue of $141.30 million during the quarter, compared to analyst estimates of $135.57 million. During the same period in the prior year, the business posted $0.10 earnings per share. The company’s revenue was up 16.2% on a year-over-year basis. As a group, analysts expect that Arlo Technologies, Inc. will post -0.29 earnings per share for the current fiscal year.

Arlo Technologies announced that its board has initiated a stock repurchase plan on Wednesday, March 4th that allows the company to buyback $50.00 million in shares. This buyback authorization allows the company to repurchase up to 3.1% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s leadership believes its stock is undervalued.

Institutional Trading of Arlo Technologies

Institutional investors have recently modified their holdings of the company. Smartleaf Asset Management LLC boosted its holdings in shares of Arlo Technologies by 86.0% during the third quarter. Smartleaf Asset Management LLC now owns 1,616 shares of the company’s stock worth $28,000 after purchasing an additional 747 shares during the period. Hantz Financial Services Inc. boosted its holdings in shares of Arlo Technologies by 763.3% during the fourth quarter. Hantz Financial Services Inc. now owns 1,977 shares of the company’s stock worth $28,000 after purchasing an additional 1,748 shares during the period. Quarry LP boosted its holdings in shares of Arlo Technologies by 42.0% during the third quarter. Quarry LP now owns 2,649 shares of the company’s stock worth $45,000 after purchasing an additional 783 shares during the period. Quadrant Capital Group LLC purchased a new stake in shares of Arlo Technologies during the third quarter worth about $86,000. Finally, EverSource Wealth Advisors LLC raised its stake in Arlo Technologies by 1,682.9% in the second quarter. EverSource Wealth Advisors LLC now owns 5,616 shares of the company’s stock worth $95,000 after buying an additional 5,301 shares in the last quarter. 83.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on the stock. Zacks Research lowered shares of Arlo Technologies from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 6th. Weiss Ratings upgraded shares of Arlo Technologies from a “sell (d+)” rating to a “hold (c-)” rating in a report on Friday, March 6th. Three equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, Arlo Technologies has an average rating of “Moderate Buy” and a consensus target price of $23.33.

About Arlo Technologies

Arlo Technologies, Inc (NYSE: ARLO) is a provider of smart home security products and services designed for residential and small business customers. The company offers a portfolio of wireless and Wi-Fi-enabled security cameras, video doorbells, smart lighting solutions, and associated accessories. Arlo integrates advanced video analytics, motion detection, cloud storage, and two-way audio capabilities to deliver end-to-end security and monitoring solutions accessible through mobile applications and web interfaces.

Founded as a division of Netgear, Inc in 2014 and spun off as an independent public company in 2018, Arlo Technologies has established a presence in North America, Europe, Australia and parts of Asia.