Pinnacle Associates Ltd. Sells 20,273 Shares of FARO Technologies, Inc. (NASDAQ:FARO)

Pinnacle Associates Ltd. decreased its position in FARO Technologies, Inc. (NASDAQ:FARO) by 3.9% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 493,724 shares of the scientific and technical instruments company’s stock after selling 20,273 shares during the quarter. Pinnacle Associates Ltd.’s holdings in FARO Technologies were worth $9,450,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Kennedy Capital Management LLC grew its stake in shares of FARO Technologies by 105.1% in the first quarter. Kennedy Capital Management LLC now owns 437,589 shares of the scientific and technical instruments company’s stock worth $9,413,000 after acquiring an additional 224,273 shares during the last quarter. Swedbank AB purchased a new stake in shares of FARO Technologies in the first quarter worth $3,226,000. Acadian Asset Management LLC grew its stake in shares of FARO Technologies by 136.2% in the first quarter. Acadian Asset Management LLC now owns 169,882 shares of the scientific and technical instruments company’s stock worth $3,653,000 after acquiring an additional 97,969 shares during the last quarter. Divisar Capital Management LLC grew its stake in shares of FARO Technologies by 5.1% in the second quarter. Divisar Capital Management LLC now owns 1,838,777 shares of the scientific and technical instruments company’s stock worth $29,420,000 after acquiring an additional 90,000 shares during the last quarter. Finally, Vanguard Group Inc. grew its stake in shares of FARO Technologies by 4.2% in the first quarter. Vanguard Group Inc. now owns 1,589,519 shares of the scientific and technical instruments company’s stock worth $34,191,000 after acquiring an additional 64,095 shares during the last quarter. Institutional investors own 97.19% of the company’s stock.

Wall Street Analyst Weigh In

FARO has been the topic of a number of recent research reports. Needham & Company LLC cut their target price on FARO Technologies from $27.00 to $24.00 and set a “buy” rating on the stock in a research note on Friday, August 9th. Craig Hallum cut their target price on FARO Technologies from $29.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, August 9th.

FARO Technologies Trading Down 1.6 %

FARO Technologies stock opened at $17.97 on Thursday. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.33 and a quick ratio of 2.01. FARO Technologies, Inc. has a one year low of $12.34 and a one year high of $24.80. The stock has a market capitalization of $345.13 million, a PE ratio of -7.99 and a beta of 1.25. The business’s fifty day moving average is $17.82 and its 200 day moving average is $17.55.

FARO Technologies (NASDAQ:FARO) last released its quarterly earnings data on Thursday, August 8th. The scientific and technical instruments company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.17) by $0.14. FARO Technologies had a negative return on equity of 5.72% and a negative net margin of 4.25%. The company had revenue of $82.09 million for the quarter.

Insiders Place Their Bets

In other FARO Technologies news, CEO Peter James Lau sold 5,435 shares of the firm’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $16.67, for a total value of $90,601.45. Following the transaction, the chief executive officer now directly owns 133,975 shares of the company’s stock, valued at approximately $2,233,363.25. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders own 2.10% 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.