FARO Technologies (NASDAQ:FARO) Given “Buy” Rating at Needham & Company LLC

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

FARO Technologies Price Performance

Shares of NASDAQ FARO traded down $0.19 during midday trading on Friday, hitting $18.16. 164,266 shares of the company’s stock were exchanged, compared to its average volume of 131,471. FARO Technologies has a 12-month low of $10.30 and a 12-month high of $24.80. The company has a current ratio of 2.35, a quick ratio of 2.00 and a debt-to-equity ratio of 0.28. The company has a market cap of $348.85 million, a price-to-earnings ratio of -8.07 and a beta of 1.38. The business’s fifty day moving average price is $20.36 and its two-hundred day moving average price is $19.86.

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

Insider Transactions at FARO Technologies

In other FARO Technologies news, VP Jeffrey D. Sexton sold 1,500 shares of the company’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 owns 27,706 shares of the company’s stock, valued at $555,782.36. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 1.00% of the stock is owned by insiders.

Institutional Trading of FARO Technologies

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Assenagon Asset Management S.A. lifted its position in FARO Technologies by 31.4% in the third 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 last quarter. Jacobs Levy Equity Management Inc. lifted its position in FARO Technologies by 20.0% in the third 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 purchasing an additional 75,697 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in FARO Technologies by 1.8% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 257,109 shares of the scientific and technical instruments company’s stock valued at $5,793,000 after purchasing an additional 4,610 shares during the last quarter. Swiss National Bank lifted its position in FARO Technologies by 2.7% in the third quarter. Swiss National Bank now owns 41,600 shares of the scientific and technical instruments company’s stock valued at $634,000 after purchasing an additional 1,100 shares during the last quarter. Finally, Kent Lake Capital LLC lifted its position 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 valued at $9,900,000 after purchasing an additional 125,000 shares during the last quarter. 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.