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

Primecap Management Co. CA lessened its holdings in Arlo Technologies, Inc. (NYSE:ARLO) by 6.6% during the fourth quarter, HoldingsChannel.com reports. The fund owned 4,633,691 shares of the company’s stock after selling 328,200 shares during the quarter. Primecap Management Co. CA’s holdings in Arlo Technologies were worth $51,851,000 at the end of the most recent quarter.

A number of other hedge funds have also made changes to their positions in the business. Brandes Investment Partners LP raised its stake in shares of Arlo Technologies by 7.0% in the 4th quarter. Brandes Investment Partners LP now owns 5,732,547 shares of the company’s stock valued at $64,147,000 after acquiring an additional 375,903 shares during the period. State Street Corp raised its stake in shares of Arlo Technologies by 0.6% in the 3rd quarter. State Street Corp now owns 4,269,561 shares of the company’s stock valued at $51,704,000 after acquiring an additional 26,492 shares during the period. Wasatch Advisors LP raised its stake in shares of Arlo Technologies by 7.1% in the 3rd quarter. Wasatch Advisors LP now owns 3,746,784 shares of the company’s stock valued at $45,374,000 after acquiring an additional 247,160 shares during the period. Geode Capital Management LLC raised its stake in shares of Arlo Technologies by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,192,273 shares of the company’s stock valued at $26,554,000 after acquiring an additional 48,221 shares during the period. Finally, Royce & Associates LP increased its stake in Arlo Technologies by 16.3% during the 4th quarter. Royce & Associates LP now owns 1,637,080 shares of the company’s stock worth $18,319,000 after buying an additional 229,450 shares during the period. Hedge funds and other institutional investors own 83.18% of the company’s stock.

Insider Transactions at Arlo Technologies

In other news, General Counsel Brian Busse sold 6,593 shares of the business’s stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $11.50, for a total value of $75,819.50. Following the completion of the sale, the general counsel now owns 612,743 shares of the company’s stock, valued at approximately $7,046,544.50. The trade was a 1.06 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew Blake Mcrae sold 200,000 shares of the business’s stock in a transaction dated Monday, March 10th. The stock was sold at an average price of $11.04, for a total transaction of $2,208,000.00. Following the completion of the sale, the chief executive officer now directly owns 2,486,678 shares of the company’s stock, valued at $27,452,925.12. The trade was a 7.44 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 648,743 shares of company stock valued at $7,503,028. Insiders own 3.80% of the company’s stock.

Arlo Technologies Stock Performance

ARLO opened at $10.59 on Wednesday. The company has a 50-day moving average of $11.61 and a 200-day moving average of $11.60. The company has a market capitalization of $1.08 billion, a P/E ratio of -42.34 and a beta of 1.66. Arlo Technologies, Inc. has a 1-year low of $9.92 and a 1-year high of $17.64.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ARLO shares. BWS Financial reaffirmed a “buy” rating and set a $24.00 price target on shares of Arlo Technologies in a research note on Friday, February 28th. Roth Capital set a $22.00 price target on shares of Arlo Technologies in a research note on Friday, February 28th. Finally, Craig Hallum lifted their price target on shares of Arlo Technologies from $15.00 to $17.00 and gave the stock a “buy” rating in a research note on Friday, February 28th.

Arlo Technologies 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.