FARO Technologies (NASDAQ:FARO) Rating Reiterated by Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of FARO Technologies (NASDAQ:FARO) in a research note released on Friday, Benzinga reports. They currently have a $27.00 target price on the scientific and technical instruments company’s stock.

FARO Technologies Stock Performance

Shares of FARO opened at $18.24 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.35 and a quick ratio of 2.03. The firm’s 50 day moving average is $20.29 and its 200-day moving average is $19.98. FARO Technologies has a 12-month low of $10.30 and a 12-month high of $24.80. The stock has a market capitalization of $350.39 million, a P/E ratio of -8.11 and a beta of 1.38.

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

Insiders Place Their Bets

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

Institutional Investors Weigh In On FARO Technologies

Several hedge funds have recently made changes to their positions in FARO. Assenagon Asset Management S.A. raised its stake in FARO Technologies by 31.4% during the 3rd quarter. Assenagon Asset Management S.A. now owns 152,744 shares of the scientific and technical instruments company’s stock valued at $2,326,000 after purchasing an additional 36,532 shares during the period. Barclays PLC lifted its position in FARO Technologies by 25.8% in the 3rd quarter. Barclays PLC now owns 9,554 shares of the scientific and technical instruments company’s stock worth $146,000 after buying an additional 1,957 shares in the last quarter. Swiss National Bank boosted its stake in shares of FARO Technologies by 2.7% during the 3rd quarter. Swiss National Bank now owns 41,600 shares of the scientific and technical instruments company’s stock valued at $634,000 after buying an additional 1,100 shares during the period. Keeley Teton Advisors LLC grew its holdings in shares of FARO Technologies by 13.9% during the 3rd quarter. Keeley Teton Advisors LLC now owns 23,000 shares of the scientific and technical instruments company’s stock valued at $350,000 after acquiring an additional 2,800 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new position in shares of FARO Technologies in the third quarter worth $383,000. Hedge funds and other institutional investors 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.