Cannell Capital LLC Reduces Stock Position in Arlo Technologies, Inc. (NYSE:ARLO)

Cannell Capital LLC decreased its position in shares of Arlo Technologies, Inc. (NYSE:ARLO - Free Report) by 65.0% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 494,855 shares of the company's stock after selling 918,857 shares during the period. Arlo Technologies accounts for about 1.1% of Cannell Capital LLC's investment portfolio, making the stock its 25th largest position. Cannell Capital LLC owned about 0.49% of Arlo Technologies worth $5,537,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ARLO. Smartleaf Asset Management LLC boosted its stake in shares of Arlo Technologies by 104.5% in the fourth quarter. Smartleaf Asset Management LLC now owns 2,331 shares of the company's stock worth $26,000 after acquiring an additional 1,191 shares during the period. KBC Group NV lifted its holdings in Arlo Technologies by 106.8% in the 4th quarter. KBC Group NV now owns 6,167 shares of the company's stock worth $69,000 after purchasing an additional 3,185 shares in the last quarter. Ieq Capital LLC bought a new position in Arlo Technologies in the 4th quarter worth approximately $121,000. Hennessy Advisors Inc. grew its holdings in Arlo Technologies by 9.6% during the 4th quarter. Hennessy Advisors Inc. now owns 11,052 shares of the company's stock valued at $124,000 after buying an additional 965 shares in the last quarter. Finally, Balboa Wealth Partners bought a new stake in shares of Arlo Technologies during the fourth quarter valued at approximately $129,000. Institutional investors own 83.18% of the company's stock.

Remove Ads

Arlo Technologies Trading Up 0.4 %

ARLO traded up $0.03 during trading hours on Friday, hitting $8.86. The company's stock had a trading volume of 919,060 shares, compared to its average volume of 923,533. The stock has a market cap of $908.01 million, a price-to-earnings ratio of -35.46 and a beta of 1.71. The business's 50-day moving average price is $10.77 and its 200-day moving average price is $11.34. Arlo Technologies, Inc. has a 12 month low of $7.84 and a 12 month high of $17.64.

Insiders Place Their Bets

In other news, CEO Matthew Blake Mcrae sold 46,866 shares of the business's stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $11.66, for a total transaction of $546,457.56. Following the transaction, the chief executive officer now owns 3,161,472 shares of the company's stock, valued at approximately $36,862,763.52. The trade was a 1.46 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Kurtis Joseph Binder sold 184,589 shares of the firm's stock in a transaction on Thursday, March 20th. The stock was sold at an average price of $10.70, for a total value of $1,975,102.30. Following the completion of the sale, the chief financial officer now owns 977,457 shares of the company's stock, valued at approximately $10,458,789.90. This represents a 15.88 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,017,441 shares of company stock valued at $11,448,097 in the last three months. Corporate insiders own 3.80% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on ARLO. Roth Capital set a $22.00 target price on shares of Arlo Technologies in a research report on Friday, February 28th. BWS Financial restated a "buy" rating and set a $24.00 price objective on shares of Arlo Technologies in a research report on Friday, February 28th. Finally, Craig Hallum boosted their target price on Arlo Technologies from $15.00 to $17.00 and gave the stock a "buy" rating in a research report on Friday, February 28th.

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.