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

FARO Technologies (NASDAQ:FARO)‘s stock had its “buy” rating reissued by stock analysts at Needham & Company LLC in a report released on Friday, Benzinga reports. They presently have a $27.00 target price on the scientific and technical instruments company’s stock. Needham & Company LLC’s target price indicates a potential upside of 48.68% from the stock’s current price.

FARO Technologies Trading Down 1.0 %

Shares of FARO opened at $18.16 on Friday. The company has a debt-to-equity ratio of 0.28, a current ratio of 2.35 and a quick ratio of 2.00. FARO Technologies has a 1 year low of $10.30 and a 1 year high of $24.80. The company has a 50 day simple moving average of $20.36 and a two-hundred day simple moving average of $19.90. The firm has a market cap of $348.85 million, a P/E ratio of -8.07 and a beta of 1.38.

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). FARO Technologies had a negative net margin of 11.92% and a negative return on equity of 16.09%. The company had revenue of $84.24 million for the quarter. During the same period in the prior year, the business posted ($1.12) earnings per share.

Insider Activity at FARO Technologies

In related news, VP Jeffrey D. Sexton sold 1,500 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $555,782.36. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 1.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the business. Nisa Investment Advisors LLC grew its holdings in shares of FARO Technologies by 16.3% in the fourth quarter. Nisa Investment Advisors LLC now owns 6,420 shares of the scientific and technical instruments company’s stock valued at $145,000 after purchasing an additional 900 shares in the last quarter. Barclays PLC lifted its position in FARO Technologies by 25.8% in the third 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 during the last quarter. Innovis Asset Management LLC bought a new stake in FARO Technologies in the third quarter worth $171,000. Aigen Investment Management LP bought a new stake in FARO Technologies in the fourth quarter worth $201,000. Finally, Bailard Inc. bought a new stake in FARO Technologies in the fourth quarter worth $256,000. 97.19% of the stock is owned by hedge funds and other institutional investors.

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.