Primecap Management Co. CA Lowers Holdings in Arlo Technologies, Inc. (NYSE:ARLO)

Key Points

• Primecap Management Co. CA reduced its stake in Arlo Technologies by 9.8%, now owning approximately 4,177,931 shares valued at $41.2 million.
• CEO Matthew Blake Mcrae and CFO Kurtis Joseph Binder both sold significant shares of Arlo Technologies recently, with Mcrae selling 372,488 shares for about $6.38 million.
• BWS Financial reiterated a "buy" rating for Arlo Technologies, setting a price target of $24 per share.

Primecap Management Co. CA cut its holdings in shares of Arlo Technologies, Inc. (NYSE:ARLO - Free Report) by 9.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,177,931 shares of the company's stock after selling 455,760 shares during the period. Primecap Management Co. CA owned approximately 4.03% of Arlo Technologies worth $41,236,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the business. American Century Companies Inc. lifted its stake in Arlo Technologies by 12.7% during the 4th quarter. American Century Companies Inc. now owns 59,174 shares of the company's stock valued at $662,000 after acquiring an additional 6,675 shares during the period. LPL Financial LLC lifted its position in Arlo Technologies by 122.6% during the fourth quarter. LPL Financial LLC now owns 50,234 shares of the company's stock valued at $562,000 after purchasing an additional 27,665 shares during the period. Vanguard Group Inc. boosted its holdings in Arlo Technologies by 1.7% in the fourth quarter. Vanguard Group Inc. now owns 9,821,417 shares of the company's stock worth $109,902,000 after purchasing an additional 166,823 shares during the last quarter. JPMorgan Chase & Co. grew its position in Arlo Technologies by 36.1% in the 4th quarter. JPMorgan Chase & Co. now owns 79,515 shares of the company's stock worth $890,000 after purchasing an additional 21,081 shares during the period. Finally, Wellington Management Group LLP bought a new stake in Arlo Technologies in the 4th quarter worth approximately $4,050,000. 83.18% of the stock is currently owned by institutional investors.

Insider Activity at Arlo Technologies

In other Arlo Technologies news, CEO Matthew Blake Mcrae sold 25,380 shares of Arlo Technologies stock in a transaction that occurred on Tuesday, July 29th. The shares were sold at an average price of $16.56, for a total transaction of $420,292.80. Following the transaction, the chief executive officer owned 1,461,705 shares of the company's stock, valued at $24,205,834.80. The trade was a 1.71% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Kurtis Joseph Binder sold 92,247 shares of the company's stock in a transaction that occurred on Tuesday, July 1st. The stock was sold at an average price of $17.17, for a total transaction of $1,583,880.99. Following the completion of the transaction, the chief financial officer owned 923,527 shares of the company's stock, valued at approximately $15,856,958.59. The trade was a 9.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 1,340,873 shares of company stock valued at $22,728,975 over the last three months. 5.20% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on ARLO shares. Raymond James Financial reissued an "outperform" rating and set a $22.00 price target (up from $15.00) on shares of Arlo Technologies in a report on Friday. BWS Financial reissued a "buy" rating and issued a $24.00 target price on shares of Arlo Technologies in a report on Monday, June 9th. Finally, Craig Hallum boosted their price target on Arlo Technologies from $17.00 to $22.00 and gave the company a "buy" rating in a research note on Friday.

Arlo Technologies Price Performance

Shares of NYSE:ARLO traded up $0.39 during midday trading on Friday, hitting $16.82. The company had a trading volume of 4,649,061 shares, compared to its average volume of 1,137,697. Arlo Technologies, Inc. has a 12-month low of $7.84 and a 12-month high of $19.25. The company has a fifty day moving average of $16.52 and a two-hundred day moving average of $12.99. The company has a market cap of $1.74 billion, a price-to-earnings ratio of -240.25 and a beta of 1.85.

Arlo Technologies (NYSE:ARLO - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported $0.17 EPS for the quarter, topping analysts' consensus estimates of $0.15 by $0.02. Arlo Technologies had a negative return on equity of 6.98% and a negative net margin of 1.38%. The business had revenue of $129.41 million during the quarter, compared to analysts' expectations of $123.33 million. During the same quarter in the prior year, the business posted $0.10 earnings per share. The business's quarterly revenue was up 1.6% on a year-over-year basis. Research analysts expect that Arlo Technologies, Inc. will post -0.29 earnings per share for the current fiscal 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.