Driehaus Capital Management LLC Sells 1,524,564 Shares of Arlo Technologies, Inc. (NYSE:ARLO)

Driehaus Capital Management LLC cut its stake in Arlo Technologies, Inc. (NYSE:ARLO - Free Report) by 57.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,135,988 shares of the company's stock after selling 1,524,564 shares during the period. Driehaus Capital Management LLC owned 1.13% of Arlo Technologies worth $12,712,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors also recently bought and sold shares of the stock. Emerald Advisers LLC increased its position in Arlo Technologies by 116.9% during the fourth quarter. Emerald Advisers LLC now owns 1,666,482 shares of the company's stock worth $18,648,000 after purchasing an additional 898,167 shares during the last quarter. Wasatch Advisors LP increased its position in Arlo Technologies by 21.1% during the fourth quarter. Wasatch Advisors LP now owns 4,537,333 shares of the company's stock worth $50,773,000 after purchasing an additional 790,549 shares during the last quarter. Raymond James Financial Inc. purchased a new position in Arlo Technologies during the fourth quarter worth about $4,586,000. Brandes Investment Partners LP boosted its stake in Arlo Technologies by 7.0% during the fourth quarter. Brandes Investment Partners LP now owns 5,732,547 shares of the company's stock worth $64,147,000 after buying an additional 375,903 shares during the period. Finally, Wellington Management Group LLP purchased a new position in Arlo Technologies during the fourth quarter worth about $4,050,000. 83.18% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, General Counsel Brian Busse sold 6,593 shares of the firm's stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $11.50, for a total transaction of $75,819.50. Following the transaction, the general counsel now directly owns 612,743 shares of the company's stock, valued at approximately $7,046,544.50. This trade represents a 1.06% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO Matthew Blake Mcrae sold 259,227 shares of the firm's stock in a transaction dated Thursday, March 6th. The shares were sold at an average price of $12.03, for a total value of $3,118,500.81. Following the transaction, the chief executive officer now directly owns 2,945,905 shares of the company's stock, valued at $35,439,237.15. This represents a 8.09% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 1,147,062 shares of company stock worth $12,620,137. 5.20% of the stock is currently owned by insiders.

Analyst Ratings Changes

Several research analysts have weighed in on ARLO shares. Roth Capital set a $22.00 target price on shares of Arlo Technologies in a research note on Friday, February 28th. Craig Hallum raised their price objective on shares of Arlo Technologies from $15.00 to $17.00 and gave the company a "buy" rating in a research note on Friday, February 28th. Finally, BWS Financial reissued a "buy" rating and issued a $24.00 price objective on shares of Arlo Technologies in a research note on Thursday, April 24th.

Arlo Technologies Trading Down 0.3%

Shares of NYSE:ARLO traded down $0.04 during midday trading on Thursday, hitting $13.70. 224,534 shares of the stock were exchanged, compared to its average volume of 886,521. The stock has a market cap of $1.42 billion, a P/E ratio of -54.84 and a beta of 1.81. Arlo Technologies, Inc. has a twelve month low of $7.84 and a twelve month high of $17.64. The company has a 50 day moving average price of $10.13 and a 200-day moving average price of $11.18.

Arlo Technologies (NYSE:ARLO - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported $0.15 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.03. Arlo Technologies had a negative net margin of 4.76% and a negative return on equity of 24.14%. The firm had revenue of $119.07 million during the quarter, compared to the consensus estimate of $118.35 million. During the same quarter in the previous year, the company posted $0.09 EPS. The firm's revenue for the quarter was down 4.1% on a year-over-year basis. On average, equities research analysts expect that Arlo Technologies, Inc. will post -0.29 earnings per share for the current year.

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.