FARO Technologies, Inc. (NASDAQ:FARO) Shares Sold by ARK Investment Management LLC

ARK Investment Management LLC trimmed its position in shares of FARO Technologies, Inc. (NASDAQ:FARO) by 13.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund 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 owned approximately 0.97% of FARO Technologies worth $4,657,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. Los Angeles Capital Management LLC purchased a new stake in FARO Technologies during the fourth quarter valued at about $716,000. Bank of New York Mellon Corp lifted its stake in shares of FARO Technologies by 5.4% in the 4th quarter. Bank of New York Mellon Corp now owns 65,722 shares of the scientific and technical instruments company’s stock valued at $1,667,000 after purchasing an additional 3,373 shares in the last quarter. Rhumbline Advisers grew its holdings in shares of FARO Technologies by 4.5% during the 4th quarter. Rhumbline Advisers now owns 31,279 shares of the scientific and technical instruments company’s stock worth $793,000 after purchasing an additional 1,333 shares during the period. Tectonic Advisors LLC acquired a new stake in FARO Technologies during the 4th quarter worth approximately $536,000. Finally, Hodges Capital Management Inc. acquired a new stake in FARO Technologies during the 4th quarter worth approximately $3,144,000. 97.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Yuval Wasserman sold 5,658 shares of the stock in a transaction dated 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 owns 153,512 shares of the company’s stock, valued at approximately $4,812,601.20. This represents a 3.55 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 2.10% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of research analysts have weighed in on FARO shares. StockNews.com upgraded shares of FARO Technologies from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 12th. Craig Hallum lifted their target price on shares of FARO Technologies from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, December 12th. Finally, Needham & Company LLC upped their price target on shares of FARO Technologies from $34.00 to $37.00 and gave the stock a “buy” rating in a research report on Tuesday.

FARO Technologies Stock Performance

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

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

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.