Primecap Management Co. CA Has $51.85 Million Stake in Arlo Technologies, Inc. (NYSE:ARLO)

Primecap Management Co. CA trimmed its holdings in Arlo Technologies, Inc. (NYSE:ARLO - Free Report) by 6.6% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,633,691 shares of the company's stock after selling 328,200 shares during the period. Primecap Management Co. CA owned 4.62% of Arlo Technologies worth $51,851,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in the business. Royce & Associates LP lifted its position in shares of Arlo Technologies by 16.3% in the fourth quarter. Royce & Associates LP now owns 1,637,080 shares of the company's stock valued at $18,319,000 after buying an additional 229,450 shares during the last quarter. Brandes Investment Partners LP lifted its position in shares of Arlo Technologies by 7.0% in the fourth quarter. Brandes Investment Partners LP now owns 5,732,547 shares of the company's stock valued at $64,147,000 after buying an additional 375,903 shares during the last quarter. Thompson Siegel & Walmsley LLC lifted its position in shares of Arlo Technologies by 0.9% in the fourth quarter. Thompson Siegel & Walmsley LLC now owns 448,043 shares of the company's stock valued at $5,014,000 after buying an additional 3,832 shares during the last quarter. Balboa Wealth Partners acquired a new stake in shares of Arlo Technologies in the fourth quarter valued at approximately $129,000. Finally, Swiss National Bank lifted its position in shares of Arlo Technologies by 3.2% in the fourth quarter. Swiss National Bank now owns 196,600 shares of the company's stock valued at $2,200,000 after buying an additional 6,100 shares during the last quarter. 83.18% of the stock is owned by institutional investors and hedge funds.

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Insider Buying and Selling at Arlo Technologies

In related news, General Counsel Brian Busse sold 17,669 shares of Arlo Technologies stock in a transaction that occurred on Wednesday, February 12th. The shares were sold at an average price of $11.11, for a total transaction of $196,302.59. Following the sale, the general counsel now directly owns 606,832 shares of the company's stock, valued at approximately $6,741,903.52. The trade was a 2.83 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Matthew Blake Mcrae sold 259,227 shares of the business's stock in a transaction that occurred on Thursday, March 6th. The stock was sold at an average price of $12.03, for a total transaction of $3,118,500.81. Following the sale, the chief executive officer now directly owns 2,945,905 shares in the company, valued at $35,439,237.15. The trade was a 8.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 648,743 shares of company stock valued at $7,503,028 in the last ninety days. 3.80% of the stock is currently owned by company insiders.

Arlo Technologies Stock Down 2.0 %

Shares of ARLO traded down $0.21 during trading hours on Friday, hitting $10.49. 1,425,322 shares of the company were exchanged, compared to its average volume of 881,497. Arlo Technologies, Inc. has a fifty-two week low of $9.92 and a fifty-two week high of $17.64. The company has a market cap of $1.07 billion, a price-to-earnings ratio of -41.96 and a beta of 1.66. The firm's fifty day moving average is $11.54 and its 200 day moving average is $11.58.

Analysts Set New Price Targets

ARLO has been the subject of a number of recent analyst reports. Craig Hallum raised their price objective on Arlo Technologies from $15.00 to $17.00 and gave the company a "buy" rating in a research report on Friday, February 28th. Roth Capital set a $22.00 price target on Arlo Technologies in a report on Friday, February 28th. Finally, BWS Financial reissued a "buy" rating and set a $24.00 price target on shares of Arlo Technologies in a report on Friday, February 28th.

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.