Tikvah Management LLC lessened its holdings in FARO Technologies, Inc. (NASDAQ:FARO) by 7.8% in the 3rd quarter, HoldingsChannel reports. The fund owned 339,536 shares of the scientific and technical instruments company’s stock after selling 28,700 shares during the period. FARO Technologies makes up 6.5% of Tikvah Management LLC’s holdings, making the stock its 5th biggest holding. Tikvah Management LLC’s holdings in FARO Technologies were worth $21,849,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors have also modified their holdings of the company. PNC Financial Services Group Inc. raised its position in FARO Technologies by 370.1% during the third quarter. PNC Financial Services Group Inc. now owns 3,065 shares of the scientific and technical instruments company’s stock valued at $197,000 after acquiring an additional 2,413 shares in the last quarter. GSA Capital Partners LLP purchased a new position in FARO Technologies during the third quarter valued at approximately $205,000. Xact Kapitalforvaltning AB purchased a new position in FARO Technologies during the third quarter valued at approximately $212,000. First Trust Advisors LP purchased a new position in FARO Technologies during the third quarter valued at approximately $255,000. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in FARO Technologies during the third quarter valued at approximately $261,000. 94.63% of the stock is owned by institutional investors and hedge funds.
A number of analysts have recently commented on the company. BidaskClub cut FARO Technologies from a “sell” rating to a “strong sell” rating in a research report on Saturday, October 13th. ValuEngine cut FARO Technologies from a “buy” rating to a “hold” rating in a research report on Tuesday, September 4th. Robert W. Baird cut their price objective on FARO Technologies from $62.00 to $45.00 and set a “neutral” rating for the company in a research report on Friday, November 2nd. Berenberg Bank assumed coverage on FARO Technologies in a research report on Wednesday, November 14th. They issued a “buy” rating for the company. Finally, Craig Hallum set a $82.00 price objective on FARO Technologies and gave the company a “buy” rating in a research report on Friday, November 2nd. Three investment analysts have rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $64.40.
FARO Technologies (NASDAQ:FARO) last issued its quarterly earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $0.09 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.15 by ($0.06). The firm had revenue of $99.71 million during the quarter, compared to analyst estimates of $102.53 million. FARO Technologies had a positive return on equity of 3.18% and a negative net margin of 2.99%. The business’s revenue was up 10.5% on a year-over-year basis. During the same period in the prior year, the firm earned $0.10 earnings per share. Equities analysts forecast that FARO Technologies, Inc. will post 0.5 EPS for the current fiscal year.
In other news, CEO Simon Raab sold 2,711 shares of FARO Technologies stock in a transaction that occurred on Friday, September 21st. The stock was sold at an average price of $65.27, for a total value of $176,946.97. Following the sale, the chief executive officer now directly owns 32,758 shares of the company’s stock, valued at $2,138,114.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders sold 7,402 shares of company stock worth $483,234 over the last ninety days. Corporate insiders own 3.10% of the company’s stock.
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FARO Technologies Profile
FARO Technologies, Inc designs, develops, manufactures, markets, and supports software driven, three-dimensional (3D) measurement, imaging, and realization systems. The company offers FaroArm, a combination of six or seven-axis, articulated measurement arm, a computer, and CAM2 software programs; and FARO ScanArm, a FaroArm equipped with a hard probe and non-contact laser line probe to measure products.
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