Arlo Technologies (ARLO) Earns Neutral Rating from Analysts at Guggenheim
Guggenheim began coverage on shares of Arlo Technologies (NYSE:ARLO) in a research report released on Tuesday morning, Marketbeat reports. The brokerage issued a neutral rating and a $26.00 price objective on the stock.
“We initiate coverage of ARLO at NEUTRAL with our $26 price target >60% above its $16 IPO price but simply seeing even more upside from now buying it through spin-out parent NETGEAR (NTGR, BUY, $73.75). ARLO has #1 market share in smart home security cameras and we believe meaningful runway to keep growing not only units but also new recurring subscription services that can leverage its >2mil user installed base, cloud connectivity+storage and AI-based services that start applying machine learning/computer vision to its millions of daily video streams. Investing in ambitious growth – Our PT is based on 2.9x the range of comparable consumer tech companies (see Fig 6).”,” the firm’s analyst wrote.
ARLO has been the subject of a number of other reports. Deutsche Bank assumed coverage on Arlo Technologies in a research report on Tuesday. They set a buy rating and a $28.00 price objective for the company. Bank of America assumed coverage on Arlo Technologies in a research report on Tuesday. They set a neutral rating and a $24.00 price objective for the company. Finally, Imperial Capital assumed coverage on Arlo Technologies in a research report on Tuesday. They set an outperform rating and a $39.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company presently has an average rating of Buy and a consensus target price of $29.00.
In other Arlo Technologies news, Director Patrick Cs Lo purchased 25,000 shares of the stock in a transaction that occurred on Tuesday, August 7th. The stock was purchased at an average cost of $16.00 per share, with a total value of $400,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Christine Marie Gorjanc purchased 5,000 shares of the stock in a transaction that occurred on Tuesday, August 7th. The stock was acquired at an average cost of $16.00 per share, with a total value of $80,000.00. The disclosure for this purchase can be found here. Insiders purchased 32,500 shares of company stock valued at $520,000 over the last ninety days.
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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