Primecap Management Co. CA Reduces Stock Position in Arlo Technologies, Inc. (NYSE:ARLO)

Primecap Management Co. CA cut its stake in Arlo Technologies, Inc. (NYSE:ARLO) by 6.6% in the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,633,691 shares of the company’s stock after selling 328,200 shares during the period. Primecap Management Co. CA owned approximately 4.62% of Arlo Technologies worth $51,851,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Barclays PLC increased its holdings in Arlo Technologies by 234.5% in the third quarter. Barclays PLC now owns 185,281 shares of the company’s stock valued at $2,244,000 after buying an additional 129,889 shares in the last quarter. Sanctuary Advisors LLC increased its holdings in Arlo Technologies by 5.0% in the fourth quarter. Sanctuary Advisors LLC now owns 47,559 shares of the company’s stock valued at $555,000 after buying an additional 2,284 shares in the last quarter. Lord Abbett & CO. LLC increased its holdings in Arlo Technologies by 26.7% in the third quarter. Lord Abbett & CO. LLC now owns 1,029,209 shares of the company’s stock valued at $12,463,000 after buying an additional 216,870 shares in the last quarter. Mutual of America Capital Management LLC increased its holdings in Arlo Technologies by 18.0% in the third quarter. Mutual of America Capital Management LLC now owns 716,280 shares of the company’s stock valued at $8,674,000 after buying an additional 109,200 shares in the last quarter. Finally, Ieq Capital LLC acquired a new stake in shares of Arlo Technologies in the fourth quarter valued at approximately $121,000. 83.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

ARLO has been the topic of several research reports. BWS Financial reiterated a “buy” rating and issued a $24.00 price target on shares of Arlo Technologies in a research report on Friday, February 28th. Craig Hallum increased their price target on shares of Arlo Technologies from $15.00 to $17.00 and gave the company a “buy” rating in a research report 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.

Insider Buying and Selling

In other Arlo Technologies news, CEO Matthew Blake Mcrae sold 46,866 shares of Arlo Technologies stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $11.66, for a total value of $546,457.56. Following the transaction, the chief executive officer now owns 3,161,472 shares in the company, valued at $36,862,763.52. This trade represents a 1.46 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, General Counsel Brian Busse sold 6,593 shares of Arlo Technologies stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $11.50, for a total transaction of $75,819.50. Following the completion of the transaction, the general counsel now owns 612,743 shares in the company, valued at approximately $7,046,544.50. This trade represents a 1.06 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 648,743 shares of company stock worth $7,503,028. 3.80% of the stock is owned by insiders.

Arlo Technologies Stock Performance

Shares of NYSE ARLO opened at $10.59 on Wednesday. Arlo Technologies, Inc. has a 1 year low of $9.92 and a 1 year high of $17.64. The firm’s 50 day moving average price is $11.61 and its 200 day moving average price is $11.60. The firm has a market cap of $1.08 billion, a P/E ratio of -42.34 and a beta of 1.66.

Arlo Technologies Company Profile

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.