Kurtis Joseph Binder, Chief Financial Officer of Arlo Technologies , Inc. (NYSE:ARLO), a company with a market capitalization of $1.24 billion that has delivered an impressive year-to-date return of 35%, recently sold shares of the company in a transaction dated December 16, 2024. According to a filing with the Securities and Exchange Commission, Binder sold 63,882 shares at an average price of $12.797, resulting in a total transaction value of approximately $817,497.
The sale was executed under a Rule 10b5-1 trading plan, which Binder adopted on August 29, 2024. Following this transaction, Binder holds 828,713 shares of Arlo Technologies. The sale price ranged from $12.435 to $12.925 per share, with a weighted average price of $12.797.
In other recent news, Arlo Technologies has reported a 6% year-over-year revenue increase in its third quarter of 2024, reaching a total of $137.7 million. The company's CEO, Matthew McRae, emphasized the significant growth in their services business, which saw a 70% upsurge in paid subscribers and a record service revenue of $62 million. In addition to this, Arlo Technologies announced a $50 million share buyback program and the development of Arlo Secure 6.0, which is slated for a major launch in the latter half of 2025.
The company's non-GAAP gross profit neared $50 million, with earnings per share at $0.11. The number of paid subscribers grew by 255,000, a 70% increase, bringing the total to 4.2 million. Furthermore, Arlo Technologies anticipates adding 170,000 to 190,000 new paid subscribers in the fourth quarter.
In terms of future expectations, the company projects to exceed the full-year services revenue guidance of $240 million, with non-GAAP net income per diluted share expected to be between $0.07 and $0.13. However, the U.S. market has seen a decline for two consecutive quarters and a potential destocking situation in North American retail is anticipated. Despite these challenges, Arlo Technologies is expanding its partnership with Allstate (NYSE:ALL) and focusing on the development of Arlo Secure 6.0.
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