Principal Financial Group Inc. Buys 16,211 Shares of Arlo Technologies, Inc. (NYSE:ARLO)

Principal Financial Group Inc. boosted its stake in shares of Arlo Technologies, Inc. (NYSE:ARLO) by 3.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 489,270 shares of the company’s stock after buying an additional 16,211 shares during the period. Principal Financial Group Inc. owned approximately 0.49% of Arlo Technologies worth $5,475,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in ARLO. Quest Partners LLC increased its position in Arlo Technologies by 283.0% during the 3rd quarter. Quest Partners LLC now owns 2,547 shares of the company’s stock valued at $31,000 after buying an additional 1,882 shares in the last quarter. KBC Group NV increased its position in Arlo Technologies by 106.8% during the 4th quarter. KBC Group NV now owns 6,167 shares of the company’s stock valued at $69,000 after buying an additional 3,185 shares in the last quarter. Hennessy Advisors Inc. increased its position in Arlo Technologies by 9.6% during the 4th quarter. Hennessy Advisors Inc. now owns 11,052 shares of the company’s stock valued at $124,000 after buying an additional 965 shares in the last quarter. Choreo LLC bought a new position in Arlo Technologies during the 4th quarter valued at approximately $154,000. Finally, Versor Investments LP bought a new position in Arlo Technologies during the 3rd quarter valued at approximately $178,000. Institutional investors own 83.18% of the company’s stock.

Arlo Technologies Trading Down 15.5 %

Arlo Technologies stock opened at $12.15 on Tuesday. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of -48.60 and a beta of 1.77. The stock has a fifty day simple moving average of $11.63 and a two-hundred day simple moving average of $11.68. Arlo Technologies, Inc. has a 12 month low of $9.92 and a 12 month high of $17.64.

Insiders Place Their Bets

In related news, CEO Matthew Blake Mcrae sold 59,316 shares of Arlo Technologies stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $11.43, for a total value of $677,981.88. Following the completion of the sale, the chief executive officer now owns 3,128,696 shares of the company’s stock, valued at $35,760,995.28. The trade was a 1.86 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, General Counsel Brian Busse sold 17,669 shares of Arlo Technologies stock in a transaction on Wednesday, February 12th. The stock was sold at an average price of $11.11, for a total value of $196,302.59. Following the completion of the sale, the general counsel now directly owns 606,832 shares of the company’s stock, valued at $6,741,903.52. The trade was a 2.83 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 144,333 shares of company stock valued at $1,656,923. Corporate insiders own 3.80% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Craig Hallum lifted their target price on Arlo Technologies from $15.00 to $17.00 and gave the stock a “buy” rating in a report on Friday. BWS Financial reissued a “buy” rating and issued a $24.00 target price on shares of Arlo Technologies in a report on Friday.

About Arlo Technologies

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.