Arlo Technologies, Inc. (NYSE:ARLO) Shares Purchased by Principal Financial Group Inc.

Principal Financial Group Inc. lifted its holdings in Arlo Technologies, Inc. (NYSE:ARLO) by 2.4% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 500,817 shares of the company’s stock after buying an additional 11,547 shares during the period. Principal Financial Group Inc. owned about 0.49% of Arlo Technologies worth $4,943,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. grew its position in shares of Arlo Technologies by 1.0% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 1,046,905 shares of the company’s stock valued at $11,715,000 after purchasing an additional 10,505 shares during the last quarter. Raymond James Financial Inc. bought a new position in Arlo Technologies in the 4th quarter worth approximately $4,586,000. Swiss National Bank raised its position in Arlo Technologies by 3.2% in the 4th quarter. Swiss National Bank now owns 196,600 shares of the company’s stock worth $2,200,000 after purchasing an additional 6,100 shares during the last quarter. Intech Investment Management LLC raised its position in shares of Arlo Technologies by 116.7% during the 4th quarter. Intech Investment Management LLC now owns 62,208 shares of the company’s stock valued at $696,000 after acquiring an additional 33,498 shares during the last quarter. Finally, Teacher Retirement System of Texas bought a new stake in shares of Arlo Technologies during the 4th quarter valued at $214,000. 83.18% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

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

Arlo Technologies Trading Up 0.3%

Shares of ARLO opened at $16.26 on Friday. The stock has a market capitalization of $1.69 billion, a PE ratio of -73.90 and a beta of 2.03. The firm’s 50 day moving average is $15.65 and its 200-day moving average is $12.47. Arlo Technologies, Inc. has a 12 month low of $7.84 and a 12 month high of $17.98.

Arlo Technologies (NYSE:ARLO) last issued its quarterly earnings results on Thursday, May 8th. The company reported $0.15 EPS for the quarter, topping analysts’ consensus estimates 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 quarter in the previous year, the business earned $0.09 earnings per share. Arlo Technologies’s revenue was down 4.1% compared to the same quarter last year. Equities research analysts predict that Arlo Technologies, Inc. will post -0.29 earnings per share for the current fiscal year.

Insider Activity

In other Arlo Technologies news, General Counsel Brian Busse sold 21,367 shares of the company’s stock in a transaction dated Thursday, May 8th. The shares were sold at an average price of $10.37, for a total value of $221,575.79. Following the completion of the sale, the general counsel directly owned 656,785 shares of the company’s stock, valued at approximately $6,810,860.45. This represents a 3.15% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Matthew Blake Mcrae sold 372,488 shares of the business’s stock in a transaction dated Friday, June 20th. The shares were sold at an average price of $17.14, for a total transaction of $6,384,444.32. Following the completion of the transaction, the chief executive officer owned 2,290,493 shares in the company, valued at approximately $39,259,050.02. The trade was a 13.99% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 1,589,447 shares of company stock worth $25,137,645 over the last three months. 5.20% of the stock is currently owned by insiders.

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.