Jane Street Group LLC Sells 62,536 Shares of Arlo Technologies, Inc. (NYSE:ARLO)

Jane Street Group LLC trimmed its stake in Arlo Technologies, Inc. (NYSE:ARLO - Free Report) by 44.8% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 76,959 shares of the company's stock after selling 62,536 shares during the quarter. Jane Street Group LLC owned approximately 0.08% of Arlo Technologies worth $861,000 at the end of the most recent quarter.

A number of other institutional investors also recently made changes to their positions in the stock. Vanguard Group Inc. increased its stake in Arlo Technologies by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 9,821,417 shares of the company's stock valued at $109,902,000 after purchasing an additional 166,823 shares during the last quarter. Brandes Investment Partners LP increased its stake in 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 purchasing an additional 375,903 shares during the last quarter. Wasatch Advisors LP increased its stake in Arlo Technologies by 21.1% in the fourth quarter. Wasatch Advisors LP now owns 4,537,333 shares of the company's stock valued at $50,773,000 after purchasing an additional 790,549 shares during the last quarter. Geode Capital Management LLC increased its stake in Arlo Technologies by 1.2% during the fourth quarter. Geode Capital Management LLC now owns 2,219,076 shares of the company's stock worth $24,838,000 after acquiring an additional 26,803 shares during the last quarter. Finally, Northern Trust Corp increased its stake in Arlo Technologies by 11.7% during the fourth quarter. Northern Trust Corp now owns 1,711,116 shares of the company's stock worth $19,147,000 after acquiring an additional 179,288 shares during the last quarter. 83.18% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, CFO Kurtis Joseph Binder sold 12,155 shares of Arlo Technologies stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $11.50, for a total transaction of $139,782.50. Following the completion of the sale, the chief financial officer now directly owns 837,906 shares of the company's stock, valued at $9,635,919. The trade was a 1.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel Brian Busse sold 6,593 shares of the business's stock in a transaction dated Tuesday, March 4th. The shares were sold at an average price of $11.50, for a total value of $75,819.50. Following the completion of the transaction, the general counsel now directly owns 612,743 shares of the company's stock, valued at approximately $7,046,544.50. The trade was a 1.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 1,147,062 shares of company stock worth $12,620,137. Corporate insiders own 5.20% of the company's stock.

Analyst Ratings Changes

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

Arlo Technologies Stock Up 1.6%

NYSE:ARLO traded up $0.22 during trading hours on Thursday, reaching $13.77. 737,249 shares of the stock were exchanged, compared to its average volume of 873,176. The firm has a 50 day simple moving average of $10.75 and a 200-day simple moving average of $11.36. Arlo Technologies, Inc. has a 52 week low of $7.84 and a 52 week high of $17.64. The stock has a market capitalization of $1.43 billion, a P/E ratio of -55.08 and a beta of 1.81.

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

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.