BlackRock Fund Advisors recently announced the acquisition of new stake in Arlo Technologies Inc. (NYSE:ARLO). The institutional investor has increased its shareholding in the Industrials company by 1.79% to 10.96 million shares with purchase of 0.19 million shares. This fresh investment now brings its stake to 14.05% valued currently at $46.25 million. In addition, PRIMECAP Management Co. raised its holdings by 68020.0 to 5.37 million shares. And The Vanguard Group, Inc. has lifted its position by 4.05% or 0.21 million shares – to 5.29 million shares.
With over 3.39 million Arlo Technologies Inc. (ARLO) shares trading Friday and a closing price of $6.42 on the day, the dollar volume was approximately $21.75 million. The shares have shown a positive weekly performance of 16.52% and its price on 08/21/20 gained nearly 6.47%. Currently, there are 77.89M common shares owned by the public and among those 76.03M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 4 analysts who have offered their price forecasts for ARLO have a consensus price objective of $7.00. The analysts have set the share’s price value over the next 12 months at a high of $8.00 and a low of $6.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Arlo Technologies Inc. stock is 2.20 for the next 12 months. The average price target is 8.29% above its last price level and an upside to the estimated low will see the stock lose -7.0% over that period. But an upside of 19.75% will see the stock hit the forecast high price target while mean target price for the stock is $7.00.
Insiders at the company have transacted a total of 28 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 17 of these insider trades were purchases, accounting for 1,284,218 shares. Insider sales of the common stock occurred on 11 occasions, with total insider shares sold totaling 73,564 shares.
The top 3 mutual fund holders in Arlo Technologies Inc. are iShares Core S&P Small Cap ETF, PRIMECAP Odyssey Aggressive Growt, and Vanguard Total Stock Market Index. iShares Core S&P Small Cap ETF owns 4.87 million shares of the company’s stock, all valued at over $20.55 million. The company bought an additional 68659.0 shares recently to bring their total holdings to about 6.24% of the shares outstanding. PRIMECAP Odyssey Aggressive Growt bought 45900.0 shares to see its total holdings expand to 2.65 million shares valued at over $11.18 million and representing 3.40% of the shares outstanding. Vanguard Total Stock Market Index now owns shares totaling to 3.17% of the shares outstanding.
Shares of Arlo Technologies Inc. (NYSE: ARLO) opened at $5.93, down -$0.1 from a prior closing price of $6.03. However, the script later closed the day at $6.42, up 6.47%. The company’s stock has a 5-day price change of 16.52% and 166.39% over the past three months. ARLO shares are trading 52.49% year to date (YTD), with the 12-month market performance up to 122.15% higher. It has a 12-month low price of $1.20 and touched a high of $6.58 over the same period. Currently, 3.39 million shares have been traded, compared to an average intraday trading volume of 1.62 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 25.18%, 74.45%, and 96.90% respectively.
Institutional ownership of Arlo Technologies Inc. (NYSE: ARLO) shares accounts for 73.00% of the company’s 77.89M shares outstanding. Mutual fund holders own 39.75%, while other institutional holders and individual stakeholders account for 83.66% and 32.48% respectively.
It has a market capitalization of $471.23M. The earnings-per-share (ttm) stands at -$1.05. Price movements for the stock have been influenced by the stock’s volatility, which stands at 8.31% over the week and 11.60% over the month.
Analysts forecast that Arlo Technologies Inc. (ARLO) will achieve an EPS of -$0.25 for the current quarter, -$0.21 for the next quarter and -$0.85 for 2021. The lowest estimate earnings-per-share for the quarter is -$0.26 while analysts give the company a high EPS estimate of -$0.24. Comparatively, EPS for the current quarter was -$0.32 a year ago. Earnings per share for the fiscal year are expected to decrease by -12.60%, and 22.70% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 4 brokerage firm advisors rate Arlo Technologies Inc. (ARLO) as a “Moderate Buy” at a consensus score of 2.20. Specifically, 1 Wall Street analysts polled rate the stock as a buy, while 1 of the 4 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the ARLO, a number of firms have released research notes about the stock. Raymond James stated their Outperform rating for the stock in a research note on July 29, 2020, with the firm’s price target at $6. Deutsche Bank coverage for the Arlo Technologies Inc. (ARLO) stock in a research note released on November 12, 2019 offered a Buy rating with a price target of $4. Deutsche Bank was of a view on November 12, 2019 that the stock is Buy, while BofA/Merrill gave the stock Underperform rating on August 07, 2019, issuing a price target of $5- $3.50. Imperial Capital on their part issued Outperform rating on February 07, 2019.