Arlo Technologies (NYSE:ARLO) Shares Gap Down – Here’s What Happened

Arlo Technologies, Inc. (NYSE:ARLO) gapped down prior to trading on Tuesday . The stock had previously closed at $11.04, but opened at $10.72. Arlo Technologies shares last traded at $10.59, with a volume of 776,233 shares changing hands.

Analysts Set New Price Targets

ARLO has been the topic of several recent research reports. Craig Hallum raised their target price on shares of Arlo Technologies from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 28th. BWS Financial reiterated a “buy” rating and issued a $24.00 price target on shares of Arlo Technologies in a research note on Friday, February 28th. Finally, Roth Capital set a $22.00 price target on shares of Arlo Technologies in a research report on Friday, February 28th.

Arlo Technologies Price Performance

The stock has a market capitalization of $1.08 billion, a P/E ratio of -42.30 and a beta of 1.66. The stock has a fifty day moving average price of $11.63 and a 200 day moving average price of $11.61.

Insider Buying and Selling

In other news, General Counsel Brian Busse sold 9,007 shares of the stock in a transaction that occurred on Wednesday, January 29th. The shares were sold at an average price of $11.66, for a total value of $105,021.62. Following the transaction, the general counsel now owns 602,458 shares in the company, valued at $7,024,660.28. This represents a 1.47 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Matthew Blake Mcrae sold 200,000 shares of the business’s stock in a transaction dated Monday, March 10th. The shares were sold at an average price of $11.04, for a total value of $2,208,000.00. Following the sale, the chief executive officer now directly owns 2,486,678 shares of the company’s stock, valued at $27,452,925.12. This represents a 7.44 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 648,743 shares of company stock worth $7,503,028 in the last 90 days. 3.80% of the stock is owned by company insiders.

Institutional Investors Weigh In On Arlo Technologies

Large investors have recently made changes to their positions in the company. Smartleaf Asset Management LLC boosted its holdings in Arlo Technologies by 104.5% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,331 shares of the company’s stock valued at $26,000 after acquiring an additional 1,191 shares during the period. Quest Partners LLC raised its stake in shares of Arlo Technologies by 283.0% during the 3rd quarter. Quest Partners LLC now owns 2,547 shares of the company’s stock worth $31,000 after acquiring an additional 1,882 shares in the last quarter. KBC Group NV grew its stake in Arlo Technologies by 106.8% during the 4th quarter. KBC Group NV now owns 6,167 shares of the company’s stock worth $69,000 after buying an additional 3,185 shares during the last quarter. Ieq Capital LLC purchased a new stake in shares of Arlo Technologies during the fourth quarter valued at $121,000. Finally, Hennessy Advisors Inc. increased its holdings in Arlo Technologies by 9.6% in the 4th quarter. Hennessy Advisors Inc. now owns 11,052 shares of the company’s stock worth $124,000 after buying an additional 965 shares during the period. 83.18% of the stock is owned by institutional investors.

About Arlo Technologies

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.