Renaissance Technologies LLC Cuts Stock Holdings in FARO Technologies, Inc. (NASDAQ:FARO)

Renaissance Technologies LLC reduced its stake in FARO Technologies, Inc. (NASDAQ:FARO) by 26.5% during the fourth quarter, HoldingsChannel reports. The firm owned 117,542 shares of the scientific and technical instruments company’s stock after selling 42,400 shares during the period. Renaissance Technologies LLC’s holdings in FARO Technologies were worth $2,981,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. National Bank of Canada FI purchased a new position in shares of FARO Technologies in the 4th quarter worth about $55,000. SG Americas Securities LLC boosted its stake in FARO Technologies by 13.1% in the fourth quarter. SG Americas Securities LLC now owns 8,345 shares of the scientific and technical instruments company’s stock worth $212,000 after buying an additional 966 shares in the last quarter. Intech Investment Management LLC bought a new position in FARO Technologies during the fourth quarter valued at approximately $278,000. Inceptionr LLC purchased a new position in shares of FARO Technologies during the fourth quarter worth approximately $306,000. Finally, Wells Fargo & Company MN lifted its holdings in shares of FARO Technologies by 27.7% in the 4th quarter. Wells Fargo & Company MN now owns 12,307 shares of the scientific and technical instruments company’s stock worth $312,000 after acquiring an additional 2,672 shares during the last quarter. 97.19% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, Director Yuval Wasserman sold 5,658 shares of the business’s stock in a transaction dated Wednesday, February 5th. The shares were sold at an average price of $31.35, for a total transaction of $177,378.30. Following the transaction, the director now owns 153,512 shares in the company, valued at $4,812,601.20. The trade was a 3.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Matthew Horwath sold 1,480 shares of the stock in a transaction dated Friday, March 7th. The stock was sold at an average price of $29.30, for a total transaction of $43,364.00. Following the completion of the transaction, the chief financial officer now directly owns 39,430 shares of the company’s stock, valued at approximately $1,155,299. The trade was a 3.62 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 11,755 shares of company stock valued at $356,020 over the last quarter. 2.10% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have weighed in on FARO shares. StockNews.com downgraded shares of FARO Technologies from a “strong-buy” rating to a “buy” rating in a research note on Sunday, March 16th. Needham & Company LLC boosted their target price on FARO Technologies from $34.00 to $37.00 and gave the company a “buy” rating in a research note on Tuesday, February 25th.

FARO Technologies Trading Up 9.6 %

Shares of FARO opened at $26.40 on Thursday. The company has a quick ratio of 1.83, a current ratio of 2.17 and a debt-to-equity ratio of 0.27. The firm has a fifty day simple moving average of $27.57 and a two-hundred day simple moving average of $26.15. The stock has a market capitalization of $507.57 million, a P/E ratio of -75.43 and a beta of 1.55. FARO Technologies, Inc. has a twelve month low of $13.52 and a twelve month high of $33.13.

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

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.