Castleark Management LLC acquired a new position in shares of FARO Technologies, Inc. (NASDAQ:FARO) in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 143,795 shares of the scientific and technical instruments company’s stock, valued at approximately $6,758,000. Castleark Management LLC owned approximately 0.86% of FARO Technologies at the end of the most recent reporting period.
Other hedge funds also recently added to or reduced their stakes in the company. Millennium Management LLC bought a new stake in FARO Technologies during the 4th quarter worth approximately $10,070,000. TIAA CREF Investment Management LLC grew its holdings in FARO Technologies by 39.5% during the 4th quarter. TIAA CREF Investment Management LLC now owns 99,668 shares of the scientific and technical instruments company’s stock worth $4,684,000 after acquiring an additional 28,220 shares during the last quarter. Teachers Advisors LLC grew its holdings in FARO Technologies by 10.7% during the 4th quarter. Teachers Advisors LLC now owns 45,362 shares of the scientific and technical instruments company’s stock worth $2,132,000 after acquiring an additional 4,400 shares during the last quarter. Two Sigma Investments LP bought a new stake in FARO Technologies during the 4th quarter worth approximately $1,111,000. Finally, Two Sigma Advisers LP grew its holdings in FARO Technologies by 17.5% during the 4th quarter. Two Sigma Advisers LP now owns 61,634 shares of the scientific and technical instruments company’s stock worth $2,897,000 after acquiring an additional 9,200 shares during the last quarter. Institutional investors and hedge funds own 93.46% of the company’s stock.
A number of equities research analysts have weighed in on the stock. BidaskClub raised shares of FARO Technologies from a “hold” rating to a “buy” rating in a report on Wednesday, March 14th. Zacks Investment Research lowered shares of FARO Technologies from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, February 6th. Craig Hallum reaffirmed a “buy” rating and issued a $68.00 price objective (up from $60.00) on shares of FARO Technologies in a research note on Friday, February 23rd. Noble Financial reaffirmed a “buy” rating on shares of FARO Technologies in a research note on Friday, February 23rd. Finally, 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 note on Friday, February 23rd. Three research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company’s stock. The stock presently has an average 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 on Friday, March 9th. The shares were sold at an average price of $59.77, for a total transaction of $637,506.82. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 2.40% of the company’s stock.
Shares of FARO Technologies stock opened at $58.95 on Monday. FARO Technologies, Inc. has a 12 month low of $31.90 and a 12 month high of $63.90. The company has a market cap of $990.22, a price-to-earnings ratio of 203.28 and a beta of 1.44.
FARO Technologies (NASDAQ:FARO) last posted its quarterly earnings data on Wednesday, February 21st. The scientific and technical instruments company reported $0.50 EPS for the quarter, beating the Zacks’ consensus estimate of $0.36 by $0.14. FARO Technologies had a negative net margin of 4.02% and a positive return on equity of 1.39%. The company had revenue of $106.40 million for the quarter, compared to analyst estimates of $104.31 million. During the same period in the prior year, the firm posted $0.21 EPS. The company’s quarterly revenue was up 16.0% on a year-over-year basis. equities analysts predict that FARO Technologies, Inc. will post 1.07 EPS 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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