Essex Investment Management Co. LLC Trims Position in Arlo Technologies, Inc. (NYSE:ARLO)

Essex Investment Management Co. LLC lowered its position in shares of Arlo Technologies, Inc. (NYSE:ARLO) by 11.8% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 189,498 shares of the company’s stock after selling 25,396 shares during the quarter. Essex Investment Management Co. LLC owned approximately 0.19% of Arlo Technologies worth $2,120,000 as of its most recent filing with the SEC.

Several other institutional investors also recently bought and sold shares of ARLO. State Street Corp raised its stake in Arlo Technologies by 0.6% during the third quarter. State Street Corp now owns 4,269,561 shares of the company’s stock worth $51,704,000 after purchasing an additional 26,492 shares during the period. Wasatch Advisors LP increased its holdings in shares of Arlo Technologies by 7.1% during the 3rd quarter. Wasatch Advisors LP now owns 3,746,784 shares of the company’s stock worth $45,374,000 after buying an additional 247,160 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Arlo Technologies by 2.2% in the 3rd quarter. Geode Capital Management LLC now owns 2,192,273 shares of the company’s stock worth $26,554,000 after buying an additional 48,221 shares during the period. Needham Investment Management LLC boosted its holdings in Arlo Technologies by 29.1% in the third quarter. Needham Investment Management LLC now owns 1,265,000 shares of the company’s stock valued at $15,319,000 after acquiring an additional 285,000 shares during the last quarter. Finally, Swedbank AB grew its position in Arlo Technologies by 9.1% during the fourth quarter. Swedbank AB now owns 1,200,000 shares of the company’s stock valued at $13,428,000 after acquiring an additional 100,000 shares during the period. 83.18% of the stock is currently owned by institutional investors and hedge funds.

Arlo Technologies Price Performance

Shares of ARLO opened at $11.82 on Monday. Arlo Technologies, Inc. has a 12 month low of $9.92 and a 12 month high of $17.64. The stock’s 50-day moving average is $11.68 and its two-hundred day moving average is $11.67. The stock has a market cap of $1.21 billion, a PE ratio of -47.29 and a beta of 1.66.

Insider Activity at Arlo Technologies

In other news, General Counsel Brian Busse sold 9,007 shares of Arlo Technologies stock in a transaction dated 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 approximately $7,024,660.28. The trade was a 1.47 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Matthew Blake Mcrae sold 46,866 shares of the business’s stock in a transaction dated Wednesday, January 29th. The stock was sold at an average price of $11.66, for a total value of $546,457.56. Following the completion of the transaction, the chief executive officer now owns 3,161,472 shares in the company, valued at approximately $36,862,763.52. This trade represents a 1.46 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 189,516 shares of company stock worth $2,176,527. 3.80% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of research firms have recently commented on ARLO. Craig Hallum raised their price objective on Arlo Technologies from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Friday, February 28th. BWS Financial restated a “buy” rating and issued a $24.00 price target on shares of Arlo Technologies 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.