Primecap Management Co. CA Sells 47,640 Shares of Arlo Technologies, Inc. (NYSE:ARLO)

Primecap Management Co. CA trimmed its stake in shares of Arlo Technologies, Inc. (NYSE:ARLO - Free Report) by 1.0% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 4,961,891 shares of the company's stock after selling 47,640 shares during the period. Primecap Management Co. CA owned approximately 4.96% of Arlo Technologies worth $60,089,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Emerald Advisers LLC acquired a new position in Arlo Technologies during the 2nd quarter worth $11,528,000. Emerald Mutual Fund Advisers Trust acquired a new position in shares of Arlo Technologies during the second quarter valued at $9,413,000. Westwood Holdings Group Inc. boosted its holdings in Arlo Technologies by 289.7% in the second quarter. Westwood Holdings Group Inc. now owns 941,237 shares of the company's stock valued at $12,274,000 after acquiring an additional 699,724 shares during the last quarter. Mutual of America Capital Management LLC increased its position in Arlo Technologies by 3,624.0% in the second quarter. Mutual of America Capital Management LLC now owns 607,080 shares of the company's stock worth $7,916,000 after purchasing an additional 590,778 shares during the period. Finally, Swedbank AB bought a new stake in Arlo Technologies during the 1st quarter worth about $6,958,000. 83.18% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on ARLO shares. BWS Financial reaffirmed a "buy" rating and issued a $24.00 target price on shares of Arlo Technologies in a research note on Friday, November 8th. Craig Hallum lowered their target price on shares of Arlo Technologies from $17.00 to $15.00 and set a "buy" rating for the company in a report on Friday, November 8th.

Arlo Technologies Stock Performance

ARLO traded up $0.14 during midday trading on Friday, reaching $12.03. 583,551 shares of the company were exchanged, compared to its average volume of 953,901. The stock has a market capitalization of $1.21 billion, a P/E ratio of -48.08 and a beta of 1.78. Arlo Technologies, Inc. has a one year low of $8.33 and a one year high of $17.64. The stock's 50-day simple moving average is $11.42 and its 200 day simple moving average is $12.66.

Insider Buying and Selling

In other Arlo Technologies news, CFO Kurtis Joseph Binder sold 7,098 shares of the business's stock in a transaction dated Monday, September 30th. The stock was sold at an average price of $11.94, for a total value of $84,750.12. Following the completion of the transaction, the chief financial officer now directly owns 892,595 shares of the company's stock, valued at approximately $10,657,584.30. The trade was a 0.79 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.80% of the stock is owned by insiders.

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.