Piermont Capital Management Inc. decreased its stake in shares of Faro Technologies (NASDAQ:FARO) by 13.5% during the first quarter, according to the company in its most recent filing with the SEC. The fund owned 10,350 shares of the scientific and technical instruments company’s stock after selling 1,620 shares during the period. Piermont Capital Management Inc. owned 0.06% of Faro Technologies worth $604,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Teacher Retirement System of Texas acquired a new position in shares of Faro Technologies during the 4th quarter valued at about $272,000. Advisory Research Inc. acquired a new position in shares of Faro Technologies during the 4th quarter valued at about $354,000. MetLife Investment Advisors LLC acquired a new position in shares of Faro Technologies during the 4th quarter valued at about $402,000. BlueCrest Capital Management Ltd acquired a new position in shares of Faro Technologies during the 4th quarter valued at about $481,000. Finally, Wells Fargo & Company MN increased its holdings in shares of Faro Technologies by 9.2% during the 3rd quarter. Wells Fargo & Company MN now owns 13,692 shares of the scientific and technical instruments company’s stock valued at $524,000 after acquiring an additional 1,156 shares during the last quarter. 90.71% of the stock is currently owned by institutional investors and hedge funds.
Get Faro Technologies alerts:In other news, insider Simon Raab sold 11,700 shares of Faro Technologies stock in a transaction that occurred on Friday, March 16th. The stock was sold at an average price of $59.93, for a total transaction of $701,181.00. Following the sale, the insider now owns 38,478 shares of the company’s stock, valued at approximately $2,305,986.54. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Jody Storm Gale sold 10,666 shares of Faro Technologies stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $59.77, for a total value of $637,506.82. The disclosure for this sale can be found here. Company insiders own 3.10% of the company’s stock.
A number of brokerages have recently commented on FARO. Zacks Investment Research raised Faro Technologies from a “hold” rating to a “strong-buy” rating and set a $69.00 price objective on the stock in a report on Monday, February 26th. BidaskClub raised Faro Technologies from a “hold” rating to a “buy” rating in a report on Wednesday, March 14th. Needham & Company LLC raised their target price on Faro Technologies to $65.00 and gave the company a “buy” rating in a report on Friday, February 23rd. Craig Hallum reaffirmed a “buy” rating and issued a $68.00 target price (up previously from $60.00) on shares of Faro Technologies in a report on Friday, February 23rd. Finally, Noble Financial reaffirmed a “buy” rating on shares of Faro Technologies in a report on Friday, February 23rd. Five investment analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $58.67.
FARO opened at $53.95 on Tuesday. The company has a market capitalization of $904.87 million, a price-to-earnings ratio of 186.03 and a beta of 1.48. Faro Technologies has a 12-month low of $32.25 and a 12-month high of $65.35.
Faro Technologies (NASDAQ:FARO) last released its earnings results on Wednesday, April 25th. The scientific and technical instruments company reported $0.03 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.08 by ($0.05). The business had revenue of $92.83 million during the quarter, compared to analyst estimates of $92.92 million. Faro Technologies had a negative net margin of 3.39% and a positive return on equity of 1.91%. The business’s quarterly revenue was up 13.8% compared to the same quarter last year. During the same period last year, the business earned ($0.09) EPS. equities research analysts forecast that Faro Technologies will post 0.84 earnings per share for the current fiscal year.
Faro Technologies Profile
FARO Technologies, Inc designs, develops, manufactures, markets, and supports software driven, three-dimensional (3D) measurement, imaging, and realization systems. The company offers FaroArm, a combination of six or seven-axis, articulated measurement arm, a computer, and CAM2 software programs; and FARO ScanArm, a FaroArm equipped with a hard probe and non-contact laser line probe to measure products.
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