FARO Technologies (NASDAQ:FARO) Upgraded to “Buy” by StockNews.com

StockNews.com upgraded shares of FARO Technologies (NASDAQ:FARO) from a hold rating to a buy rating in a research report report published on Friday.

Separately, Needham & Company LLC reiterated a buy rating and issued a $27.00 target price on shares of FARO Technologies in a research report on Friday.

FARO Technologies Stock Down 1.0 %

NASDAQ:FARO opened at $18.16 on Friday. FARO Technologies has a 1-year low of $10.30 and a 1-year high of $24.80. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.35 and a quick ratio of 2.00. The business’s fifty day moving average price is $20.36 and its 200 day moving average price is $19.86.

FARO Technologies (NASDAQ:FARO) last issued its earnings results on Wednesday, May 1st. The scientific and technical instruments company reported ($0.38) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.27) by ($0.11). The business had revenue of $84.24 million during the quarter. FARO Technologies had a negative net margin of 11.92% and a negative return on equity of 16.09%. During the same quarter last year, the company earned ($1.12) EPS.

Insider Transactions at FARO Technologies

In other news, VP Jeffrey D. Sexton sold 1,500 shares of FARO Technologies stock in a transaction dated Wednesday, March 13th. The stock was sold at an average price of $20.06, for a total transaction of $30,090.00. Following the completion of the sale, the vice president now directly owns 27,706 shares in the company, valued at approximately $555,782.36. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 1.00% of the company’s stock.

Institutional Investors Weigh In On FARO Technologies

Institutional investors and hedge funds have recently modified their holdings of the business. GSA Capital Partners LLP increased its position in FARO Technologies by 64.0% during the first quarter. GSA Capital Partners LLP now owns 59,418 shares of the scientific and technical instruments company’s stock worth $1,278,000 after buying an additional 23,195 shares during the last quarter. BNP Paribas Financial Markets boosted its stake in shares of FARO Technologies by 8.4% during the 1st quarter. BNP Paribas Financial Markets now owns 65,061 shares of the scientific and technical instruments company’s stock worth $1,399,000 after acquiring an additional 5,035 shares in the last quarter. Pinnacle Associates Ltd. increased its holdings in shares of FARO Technologies by 6.0% during the 1st quarter. Pinnacle Associates Ltd. now owns 523,118 shares of the scientific and technical instruments company’s stock valued at $11,252,000 after acquiring an additional 29,394 shares during the last quarter. Assenagon Asset Management S.A. lifted its holdings in FARO Technologies by 54.9% in the 1st quarter. Assenagon Asset Management S.A. now owns 282,013 shares of the scientific and technical instruments company’s stock worth $6,066,000 after purchasing an additional 99,990 shares during the last quarter. Finally, Sierra Summit Advisors LLC acquired a new stake in FARO Technologies in the 4th quarter worth approximately $618,000. Institutional investors and hedge funds own 97.19% of the company’s stock.

About FARO Technologies

FARO Technologies, Inc designs, develops, manufactures, markets, and supports software driven three-dimensional measurement, imaging, and realization solutions worldwide. The company offers FaroArm, a combination of a portable articulated measurement arm, a computer, and CAM2 software programs; FARO Laser Tracker, a combination of a portable large-volume laser measurement tool, a computer, and CAM2 software programs; FARO Laser Projector, which provides a virtual template that operators and assemblers can use to position components; FARO Laser Scanning Portfolio to measure and collect a cloud of data points for 3D rendering of an object or area; and FARO Mobile Laser Portfolio provides 3D scanning while attached to other mobile devices, such as drones for metrology, reverse engineering, factory automation, building information modeling, public safety, and other applications.