Vident Investment Advisory LLC trimmed its holdings in shares of FARO Technologies, Inc. (NASDAQ:FARO) by 14.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 485,373 shares of the scientific and technical instruments company’s stock after selling 79,356 shares during the period. FARO Technologies accounts for about 1.0% of Vident Investment Advisory LLC’s holdings, making the stock its 12th biggest holding. Vident Investment Advisory LLC owned approximately 2.90% of FARO Technologies worth $22,813,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also made changes to their positions in FARO. Paradice Investment Management LLC purchased a new position in FARO Technologies in the 4th quarter valued at about $24,698,000. Tikvah Management LLC purchased a new position in FARO Technologies in the 3rd quarter valued at about $13,444,000. Millennium Management LLC purchased a new position in FARO Technologies in the 4th quarter valued at about $10,070,000. Global X Management Co. LLC boosted its position in FARO Technologies by 123.2% in the 4th quarter. Global X Management Co. LLC now owns 180,691 shares of the scientific and technical instruments company’s stock valued at $8,492,000 after buying an additional 99,723 shares during the last quarter. Finally, Deutsche Bank AG boosted its position in FARO Technologies by 150.4% in the 4th quarter. Deutsche Bank AG now owns 110,346 shares of the scientific and technical instruments company’s stock valued at $5,185,000 after buying an additional 66,279 shares during the last quarter. 93.46% of the stock is owned by hedge funds and other institutional investors.
A number of research firms have weighed in on FARO. BidaskClub raised shares of FARO Technologies from a “hold” rating to a “buy” rating in a research report on Wednesday, March 14th. Zacks Investment Research raised shares of FARO Technologies from a “hold” rating to a “strong-buy” rating and set a $69.00 price objective for the company in a research report on Monday, February 26th. Noble Financial reissued a “buy” rating on shares of FARO Technologies in a research report on Friday, February 23rd. Needham & Company LLC upped their price objective on shares of FARO Technologies to $65.00 and gave the company a “buy” rating in a research report on Friday, February 23rd. Finally, Craig Hallum reissued a “buy” rating and issued a $68.00 price objective (up from $60.00) on shares of FARO Technologies in a research report on Friday, February 23rd. Three analysts have rated the stock with a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and an average price target of $58.67.
In related news, SVP Jody Storm Gale sold 10,666 shares of the stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $59.77, for a total transaction of $637,506.82. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Simon Raab sold 11,700 shares of the stock in a transaction dated 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 in the company, valued at approximately $2,305,986.54. The disclosure for this sale can be found here. Corporate insiders own 2.40% of the company’s stock.
Shares of FARO Technologies stock opened at $57.45 on Friday. The stock has a market capitalization of $985.79, a PE ratio of 198.10 and a beta of 1.43. FARO Technologies, Inc. has a 1 year low of $31.90 and a 1 year high of $63.90.
FARO Technologies (NASDAQ:FARO) last issued its earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $0.50 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.36 by $0.14. The business had revenue of $106.40 million for the quarter, compared to analyst estimates of $104.31 million. FARO Technologies had a negative net margin of 4.02% and a positive return on equity of 1.39%. The company’s revenue for the quarter was up 16.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.21 EPS. sell-side analysts forecast that FARO Technologies, Inc. will post 1.03 earnings per share for the current year.
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About FARO Technologies
FARO Technologies, Inc designs, develops, manufactures, markets and supports software driven, three-dimensional (3D) measurement, imaging and realization systems. The Company operates in three segments: Factory Metrology, Construction BIM-CIM and Other. It sells its products through a direct sales force across customers in a range of manufacturing, industrial, architecture, surveying, building construction and law enforcement applications.
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