Bank of New York Mellon Corp Cuts Stock Position in Arlo Technologies, Inc. (NYSE:ARLO)

Bank of New York Mellon Corp cut its holdings in Arlo Technologies, Inc. (NYSE:ARLO) by 0.7% in the fourth quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 704,807 shares of the company’s stock after selling 4,682 shares during the quarter. Bank of New York Mellon Corp’s holdings in Arlo Technologies were worth $7,887,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Swedbank AB lifted its position in Arlo Technologies by 37.5% in the third quarter. Swedbank AB now owns 1,100,000 shares of the company’s stock worth $13,321,000 after buying an additional 300,000 shares during the last quarter. Needham Investment Management LLC lifted its position 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 worth $15,319,000 after buying an additional 285,000 shares during the last quarter. Wasatch Advisors LP lifted its position in Arlo Technologies by 7.1% in the third 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. Lord Abbett & CO. LLC lifted its position in Arlo Technologies by 26.7% in the third quarter. Lord Abbett & CO. LLC now owns 1,029,209 shares of the company’s stock worth $12,463,000 after buying an additional 216,870 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Arlo Technologies by 25.9% during the third quarter. Connor Clark & Lunn Investment Management Ltd. now owns 783,851 shares of the company’s stock worth $9,492,000 after purchasing an additional 161,346 shares during the last quarter. 83.18% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Arlo Technologies

In other Arlo Technologies news, General Counsel Brian Busse sold 6,593 shares of Arlo Technologies stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $11.50, for a total value of $75,819.50. Following the transaction, the general counsel now owns 612,743 shares in the company, valued at $7,046,544.50. The trade was a 1.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Matthew Blake Mcrae sold 259,227 shares of Arlo Technologies 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 completion of the transaction, the chief executive officer now owns 2,945,905 shares in the company, valued at $35,439,237.15. This trade represents a 8.09 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 648,743 shares of company stock worth $7,503,028 over the last three months. 3.80% of the stock is owned by corporate insiders.

Arlo Technologies Price Performance

ARLO stock opened at $10.65 on Friday. The business has a 50-day moving average price of $11.63 and a 200 day moving average price of $11.62. The company has a market capitalization of $1.09 billion, a P/E ratio of -42.58 and a beta of 1.66. Arlo Technologies, Inc. has a 1-year low of $9.92 and a 1-year high of $17.64.

Wall Street Analyst Weigh In

Several research firms have recently weighed in on ARLO. BWS Financial reiterated a “buy” rating and set a $24.00 target price on shares of Arlo Technologies in a research report on Friday, February 28th. Craig Hallum lifted their target price on Arlo Technologies from $15.00 to $17.00 and gave the stock a “buy” rating in a research report on Friday, February 28th. Finally, Roth Capital set a $22.00 target price on Arlo Technologies in a research report on Friday, February 28th.

Arlo Technologies Company 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.