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

Primecap Management Co. CA lowered its position in shares of Arlo Technologies, Inc. (NYSE:ARLO) by 1.0% in the 3rd quarter, Holdings Channel.com reports. The fund owned 4,961,891 shares of the company’s stock after selling 47,640 shares during the quarter. Primecap Management Co. CA’s holdings in Arlo Technologies were worth $60,089,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Swedbank AB increased its holdings in shares of Arlo Technologies by 45.5% in the 2nd quarter. Swedbank AB now owns 800,000 shares of the company’s stock worth $10,432,000 after purchasing an additional 250,000 shares in the last quarter. Mutual of America Capital Management LLC boosted its position in shares of Arlo Technologies by 3,624.0% during the second quarter. Mutual of America Capital Management LLC now owns 607,080 shares of the company’s stock valued at $7,916,000 after buying an additional 590,778 shares during the last quarter. Engle Capital Management L.P. increased its holdings in Arlo Technologies by 25.6% in the 2nd quarter. Engle Capital Management L.P. now owns 1,130,000 shares of the company’s stock worth $14,735,000 after buying an additional 230,000 shares in the last quarter. Emerald Mutual Fund Advisers Trust purchased a new position in Arlo Technologies in the 2nd quarter worth about $9,413,000. Finally, Renaissance Technologies LLC lifted its stake in Arlo Technologies by 12.2% during the 2nd quarter. Renaissance Technologies LLC now owns 1,414,400 shares of the company’s stock valued at $18,444,000 after acquiring an additional 154,100 shares during the period. 83.18% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ARLO. BWS Financial reiterated a “buy” rating and issued a $24.00 price target on shares of Arlo Technologies in a research note on Friday, November 8th. Craig Hallum cut their target price on shares of Arlo Technologies from $17.00 to $15.00 and set a “buy” rating for the company in a research report on Friday, November 8th.

Arlo Technologies Stock Performance

ARLO stock opened at $11.89 on Friday. The company has a market cap of $1.19 billion, a price-to-earnings ratio of -47.56 and a beta of 1.78. The business’s 50-day moving average is $11.41 and its two-hundred day moving average is $12.66. Arlo Technologies, Inc. has a fifty-two week low of $8.33 and a fifty-two week high of $17.64.

Insider Activity

In other news, CFO Kurtis Joseph Binder sold 7,098 shares of the business’s stock in a transaction on Monday, September 30th. The shares were sold at an average price of $11.94, for a total transaction of $84,750.12. Following the completion of the sale, the chief financial officer now owns 892,595 shares of the company’s stock, valued at $10,657,584.30. The trade was a 0.79 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 3.80% of the company’s stock.

About Arlo Technologies

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.