Zacks Investment Research Downgrades Arlo Technologies (ARLO) to Sell

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Arlo Technologies (NYSE:ARLO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Monday.

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. “

Several other analysts have also commented on the company. Imperial Capital reaffirmed an “outperform” rating and set a $29.00 target price (down from $39.00) on shares of Arlo Technologies in a report on Friday, January 4th. Bank of America lowered Arlo Technologies from a “neutral” rating to an “underperform” rating in a report on Wednesday, February 6th. Finally, Cowen lowered Arlo Technologies from an “outperform” rating to a “market perform” rating and dropped their target price for the stock from $25.00 to $7.50 in a report on Wednesday, February 6th. Two analysts have rated the stock with a sell rating, two have given a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $18.60.

Arlo Technologies stock opened at $3.70 on Monday. The stock has a market cap of $267.59 million and a P/E ratio of -3.63. Arlo Technologies has a 52 week low of $3.37 and a 52 week high of $23.77. The company has a current ratio of 1.88, a quick ratio of 1.42 and a debt-to-equity ratio of 0.07.

Arlo Technologies (NYSE:ARLO) last posted its earnings results on Tuesday, February 5th. The company reported ($0.43) EPS for the quarter, topping the consensus estimate of ($0.47) by $0.04. The firm had revenue of $129.30 million for the quarter, compared to analyst estimates of $128.58 million. Arlo Technologies had a negative return on equity of 31.50% and a negative net margin of 14.49%. Arlo Technologies’s revenue for the quarter was up 3.6% compared to the same quarter last year. During the same period last year, the company earned $0.10 earnings per share. Research analysts anticipate that Arlo Technologies will post -1.59 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the business. Legal & General Group Plc acquired a new stake in Arlo Technologies in the third quarter valued at approximately $27,000. Contravisory Investment Management Inc. acquired a new stake in Arlo Technologies in the fourth quarter valued at approximately $47,000. American International Group Inc. acquired a new stake in Arlo Technologies in the third quarter valued at approximately $114,000. Pentwater Capital Management LP acquired a new stake in Arlo Technologies in the third quarter valued at approximately $145,000. Finally, Virtu Financial LLC acquired a new stake in Arlo Technologies in the fourth quarter valued at approximately $109,000. 25.83% of the stock is currently owned by institutional investors.

About Arlo Technologies

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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