Primecap Management Co. CA Trims Stock Position in Arlo Technologies, Inc. (NYSE:ARLO)

Primecap Management Co. CA reduced its stake in Arlo Technologies, Inc. (NYSE:ARLO) by 9.8% during the first quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 4,177,931 shares of the company’s stock after selling 455,760 shares during the quarter. Primecap Management Co. CA owned approximately 4.03% of Arlo Technologies worth $41,236,000 at the end of the most recent quarter.

Other large investors have also recently made changes to their positions in the company. Vanguard Group Inc. grew its position in shares of Arlo Technologies by 1.3% during the first quarter. Vanguard Group Inc. now owns 9,953,767 shares of the company’s stock worth $98,244,000 after purchasing an additional 132,350 shares in the last quarter. XTX Topco Ltd increased its stake in Arlo Technologies by 277.6% during the first quarter. XTX Topco Ltd now owns 63,590 shares of the company’s stock worth $628,000 after acquiring an additional 46,749 shares during the last quarter. GSA Capital Partners LLP purchased a new stake in Arlo Technologies during the 1st quarter valued at $1,339,000. Zurcher Kantonalbank Zurich Cantonalbank lifted its holdings in shares of Arlo Technologies by 16.1% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 33,325 shares of the company’s stock worth $329,000 after acquiring an additional 4,627 shares during the last quarter. Finally, Universal Beteiligungs und Servicegesellschaft mbH bought a new stake in Arlo Technologies in the first quarter worth about $661,000. 83.18% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Separately, BWS Financial reissued a “buy” rating and issued a $24.00 price objective on shares of Arlo Technologies in a research report on Monday, June 9th.

Insider Activity

In other Arlo Technologies news, CEO Matthew Blake Mcrae sold 372,488 shares of the firm’s stock in a transaction on Friday, June 20th. The stock was sold at an average price of $17.14, for a total value of $6,384,444.32. Following the transaction, the chief executive officer owned 2,290,493 shares in the company, valued at approximately $39,259,050.02. This trade represents a 13.99% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible 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 shares were sold at an average price of $17.17, for a total value of $1,583,880.99. Following the completion of the transaction, the chief financial officer owned 923,527 shares in the company, valued at $15,856,958.59. This represents a 9.08% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 1,340,873 shares of company stock valued at $22,728,975. Insiders own 5.20% of the company’s stock.

Arlo Technologies Stock Up 0.0%

Shares of Arlo Technologies stock opened at $16.06 on Thursday. The company has a 50 day moving average price of $16.42 and a 200 day moving average price of $12.93. The firm has a market capitalization of $1.67 billion, a P/E ratio of -73.01 and a beta of 1.85. Arlo Technologies, Inc. has a 52 week low of $7.84 and a 52 week high of $17.98.

Arlo Technologies (NYSE:ARLO) last posted its quarterly earnings results on Thursday, May 8th. The company reported $0.15 EPS for the quarter, beating the consensus estimate of $0.12 by $0.03. Arlo Technologies had a negative net margin of 4.29% and a negative return on equity of 21.67%. The company had revenue of $119.07 million for the quarter, compared to analyst estimates of $118.35 million. During the same period in the prior year, the company earned $0.09 earnings per share. The firm’s revenue was down 4.1% on a year-over-year basis. As a group, research analysts anticipate 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.