Principal Financial Group Inc. Sells 11,564 Shares of Arlo Technologies, Inc. (NYSE:ARLO)

Principal Financial Group Inc. decreased its position in Arlo Technologies, Inc. (NYSE:ARLO) by 2.4% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 473,059 shares of the company’s stock after selling 11,564 shares during the quarter. Principal Financial Group Inc. owned approximately 0.47% of Arlo Technologies worth $5,729,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in ARLO. Olympiad Research LP bought a new position in shares of Arlo Technologies in the 3rd quarter worth about $466,000. Stoneridge Investment Partners LLC purchased a new position in shares of Arlo Technologies during the third quarter valued at approximately $251,000. Harbor Capital Advisors Inc. boosted its position in shares of Arlo Technologies by 13.5% in the 3rd quarter. Harbor Capital Advisors Inc. now owns 21,181 shares of the company’s stock worth $257,000 after purchasing an additional 2,520 shares in the last quarter. Rice Hall James & Associates LLC increased its position in Arlo Technologies by 4.9% during the 3rd quarter. Rice Hall James & Associates LLC now owns 4,069,476 shares of the company’s stock valued at $49,281,000 after buying an additional 191,536 shares in the last quarter. Finally, New York State Teachers Retirement System raised its stake in Arlo Technologies by 2.1% during the third quarter. New York State Teachers Retirement System now owns 136,344 shares of the company’s stock valued at $1,651,000 after buying an additional 2,774 shares during the last quarter. Hedge funds and other institutional investors own 83.18% of the company’s stock.

Insider Buying and Selling

In other Arlo Technologies news, CFO Kurtis Joseph Binder sold 7,098 shares of the company’s stock in a transaction that occurred on Monday, September 30th. The shares were sold at an average price of $11.94, for a total transaction of $84,750.12. Following the completion of the sale, the chief financial officer now directly owns 892,595 shares of the company’s stock, valued at approximately $10,657,584.30. This represents a 0.79 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 3.80% of the stock is currently owned by corporate insiders.

Arlo Technologies Trading Down 1.8 %

Shares of ARLO opened at $11.72 on Thursday. The firm has a fifty day simple moving average of $11.40 and a two-hundred day simple moving average of $12.67. The firm has a market cap of $1.18 billion, a PE ratio of -46.24 and a beta of 1.78. Arlo Technologies, Inc. has a 1-year low of $8.33 and a 1-year high of $17.64.

Wall Street Analysts Forecast Growth

ARLO has been the subject of several recent analyst reports. BWS Financial reaffirmed a “buy” rating and issued a $24.00 price target on shares of Arlo Technologies in a research report on Friday, November 8th. Craig Hallum dropped their target price on shares of Arlo Technologies from $17.00 to $15.00 and set a “buy” rating on the stock in a research note on Friday, November 8th.

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.