FARO Technologies, Inc. (NASDAQ:FARO) Position Reduced by ARK Investment Management LLC

ARK Investment Management LLC lowered its stake in FARO Technologies, Inc. (NASDAQ:FARO) by 13.2% in the 4th quarter, Holdings Channel.com reports. The firm owned 183,654 shares of the scientific and technical instruments company’s stock after selling 27,841 shares during the period. ARK Investment Management LLC’s holdings in FARO Technologies were worth $4,657,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of FARO. GSA Capital Partners LLP grew its stake in FARO Technologies by 27.6% in the third quarter. GSA Capital Partners LLP now owns 78,277 shares of the scientific and technical instruments company’s stock worth $1,498,000 after purchasing an additional 16,944 shares in the last quarter. Royce & Associates LP grew its position in shares of FARO Technologies by 20.0% in the 3rd quarter. Royce & Associates LP now owns 1,409,031 shares of the scientific and technical instruments company’s stock worth $26,969,000 after acquiring an additional 234,650 shares in the last quarter. Quest Partners LLC grew its position in shares of FARO Technologies by 196.7% in the 3rd quarter. Quest Partners LLC now owns 31,622 shares of the scientific and technical instruments company’s stock worth $605,000 after acquiring an additional 20,963 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of FARO Technologies by 4.8% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 222,559 shares of the scientific and technical instruments company’s stock valued at $4,260,000 after acquiring an additional 10,228 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in shares of FARO Technologies during the 3rd quarter valued at approximately $213,000. Institutional investors own 97.19% of the company’s stock.

FARO Technologies Trading Up 17.3 %

Shares of NASDAQ FARO opened at $31.76 on Wednesday. FARO Technologies, Inc. has a 12-month low of $13.52 and a 12-month high of $32.90. The company has a market cap of $600.80 million, a price-to-earnings ratio of -90.74 and a beta of 1.40. The company has a current ratio of 2.17, a quick ratio of 1.83 and a debt-to-equity ratio of 0.27. The stock’s 50 day simple moving average is $28.46 and its 200 day simple moving average is $23.28.

FARO Technologies (NASDAQ:FARO) last announced its quarterly earnings results on Monday, February 24th. The scientific and technical instruments company reported $0.50 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.40 by $0.10. The company had revenue of $93.54 million during the quarter, compared to the consensus estimate of $91.40 million. FARO Technologies had a negative net margin of 1.87% and a negative return on equity of 2.49%. During the same quarter in the previous year, the company posted $0.36 earnings per share.

Analyst Ratings Changes

FARO has been the subject of a number of research reports. StockNews.com raised shares of FARO Technologies from a “buy” rating to a “strong-buy” rating in a report on Tuesday, November 12th. Needham & Company LLC boosted their price objective on shares of FARO Technologies from $34.00 to $37.00 and gave the company a “buy” rating in a research report on Tuesday. Finally, Craig Hallum boosted their price objective on shares of FARO Technologies from $30.00 to $33.00 and gave the company a “buy” rating in a research report on Thursday, December 12th.

Insider Activity at FARO Technologies

In related news, Director Yuval Wasserman sold 5,658 shares of the stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $31.35, for a total value of $177,378.30. Following the completion of the transaction, the director now directly owns 153,512 shares of the company’s stock, valued at $4,812,601.20. This represents a 3.55 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 2.10% of the stock is currently owned by insiders.

FARO Technologies Profile

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.