Arlo Technologies, Inc. (NYSE:ARLO) Stake Cut by Renaissance Technologies LLC

Renaissance Technologies LLC trimmed its holdings in Arlo Technologies, Inc. (NYSE:ARLO - Free Report) by 5.2% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,513,159 shares of the company's stock after selling 83,500 shares during the period. Renaissance Technologies LLC owned 1.51% of Arlo Technologies worth $16,932,000 at the end of the most recent reporting period.

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

Arlo Technologies Stock Up 0.5 %

Shares of ARLO traded up $0.05 during mid-day trading on Friday, reaching $9.21. 506,070 shares of the stock traded hands, compared to its average volume of 921,648. The stock has a fifty day simple moving average of $10.55 and a 200 day simple moving average of $11.25. Arlo Technologies, Inc. has a 12-month low of $7.84 and a 12-month high of $17.64. The firm has a market cap of $942.94 million, a price-to-earnings ratio of -36.82 and a beta of 1.71.

Insider Buying and Selling

In other Arlo Technologies news, CEO Matthew Blake Mcrae sold 46,866 shares of the company'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 value of $546,457.56. Following the transaction, the chief executive officer now directly owns 3,161,472 shares of the company's stock, valued at $36,862,763.52. This represents a 1.46 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, General Counsel Brian Busse sold 9,007 shares of the firm'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 $105,021.62. Following the sale, the general counsel now directly owns 602,458 shares of the company's stock, valued at $7,024,660.28. The trade was a 1.47 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 1,017,441 shares of company stock valued at $11,448,097 in the last quarter. Company insiders own 3.80% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the company. BWS Financial reiterated a "buy" rating and set a $24.00 target price on shares of Arlo Technologies in a report on Friday, February 28th. Roth Capital set a $22.00 price objective on shares of Arlo Technologies in a research report on Friday, February 28th. Finally, Craig Hallum lifted their target price on shares of Arlo Technologies from $15.00 to $17.00 and gave the company a "buy" rating in a report 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.