Cannell Capital LLC Cuts Stake in Arlo Technologies, Inc. (NYSE:ARLO)

Cannell Capital LLC lowered its holdings in Arlo Technologies, Inc. (NYSE:ARLO) by 65.0% in the 4th quarter, Holdings Channel reports. The firm owned 494,855 shares of the company’s stock after selling 918,857 shares during the period. Arlo Technologies accounts for 1.1% of Cannell Capital LLC’s portfolio, making the stock its 25th biggest holding. Cannell Capital LLC’s holdings in Arlo Technologies were worth $5,537,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of ARLO. Bank of Montreal Can bought a new stake in shares of Arlo Technologies during the 4th quarter valued at $130,000. Polymer Capital Management US LLC bought a new position in Arlo Technologies during the fourth quarter valued at approximately $155,000. Envestnet Asset Management Inc. grew its holdings in shares of Arlo Technologies by 37.7% in the fourth quarter. Envestnet Asset Management Inc. now owns 49,711 shares of the company’s stock valued at $556,000 after purchasing an additional 13,623 shares in the last quarter. Wells Fargo & Company MN increased its holdings in shares of Arlo Technologies by 44.2% in the 4th quarter. Wells Fargo & Company MN now owns 53,488 shares of the company’s stock worth $599,000 after buying an additional 16,383 shares during the last quarter. Finally, Landscape Capital Management L.L.C. lifted its stake in shares of Arlo Technologies by 370.3% in the 4th quarter. Landscape Capital Management L.L.C. now owns 237,590 shares of the company’s stock valued at $2,659,000 after purchasing an additional 187,072 shares during the last quarter. Institutional investors own 83.18% of the company’s stock.

Insider Transactions at Arlo Technologies

In other news, CEO Matthew Blake Mcrae sold 46,866 shares of the stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $11.66, for a total transaction of $546,457.56. Following the completion of the transaction, the chief executive officer now directly owns 3,161,472 shares of the company’s stock, valued at approximately $36,862,763.52. This represents a 1.46 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, General Counsel Brian Busse sold 26,258 shares of the business’s stock in a transaction dated Thursday, March 20th. The stock was sold at an average price of $10.70, for a total transaction of $280,960.60. Following the sale, the general counsel now directly owns 636,485 shares in the company, valued at approximately $6,810,389.50. This represents a 3.96 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 1,017,441 shares of company stock worth $11,448,097 over the last ninety days. Company insiders own 3.80% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on ARLO. Roth Capital set a $22.00 price objective on shares of Arlo Technologies in a research note on Friday, February 28th. Craig Hallum increased their price objective on shares of Arlo Technologies from $15.00 to $17.00 and gave the company a “buy” rating in a research note on Friday, February 28th. Finally, BWS Financial reiterated a “buy” rating and issued a $24.00 target price on shares of Arlo Technologies in a report on Friday, February 28th.

Arlo Technologies Price Performance

Shares of ARLO stock opened at $8.70 on Tuesday. The company has a market capitalization of $890.70 million, a PE ratio of -34.78 and a beta of 1.71. The firm’s 50-day moving average is $11.11 and its two-hundred day moving average is $11.46. Arlo Technologies, Inc. has a 12 month low of $7.84 and a 12 month high of $17.64.

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.