FARO Technologies (NASDAQ:FARO) Rating Increased to Buy at StockNews.com

FARO Technologies (NASDAQ:FARO) was upgraded by equities researchers at StockNews.com from a “hold” rating to a “buy” rating in a research note issued to investors 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 Performance

NASDAQ FARO opened at $18.16 on Friday. The business has a 50-day moving average price of $20.36 and a 200-day moving average price of $19.90. FARO Technologies has a twelve month low of $10.30 and a twelve month high of $24.80. The company has a quick ratio of 2.00, a current ratio of 2.35 and a debt-to-equity ratio of 0.28.

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

Insider Buying and Selling

In other news, VP Jeffrey D. Sexton sold 1,500 shares of the firm’s stock in a transaction that occurred on Wednesday, March 13th. The stock was sold at an average price of $20.06, for a total value of $30,090.00. Following the completion of the sale, the vice president now directly owns 27,706 shares of the company’s stock, valued at approximately $555,782.36. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 1.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On FARO Technologies

Institutional investors have recently made changes to their positions in the company. Kent Lake Capital LLC lifted its stake in FARO Technologies by 23.8% in the third quarter. Kent Lake Capital LLC now owns 650,000 shares of the scientific and technical instruments company’s stock worth $9,900,000 after purchasing an additional 125,000 shares during the last quarter. Pinnacle Associates Ltd. boosted its holdings in 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 period. Jacobs Levy Equity Management Inc. grew its position in FARO Technologies by 20.0% in the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 453,340 shares of the scientific and technical instruments company’s stock valued at $6,904,000 after acquiring an additional 75,697 shares during the last quarter. Assenagon Asset Management S.A. increased its stake in FARO Technologies by 54.9% in the first 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 period. Finally, Mirae Asset Global Investments Co. Ltd. lifted its position in shares of FARO Technologies by 1.8% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 257,109 shares of the scientific and technical instruments company’s stock worth $5,793,000 after purchasing an additional 4,610 shares during the last quarter. 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.