Pinnacle Associates Ltd. reduced its position in FARO Technologies, Inc. (NASDAQ:FARO - Free Report) by 4.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 415,709 shares of the scientific and technical instruments company's stock after selling 17,649 shares during the quarter. Pinnacle Associates Ltd. owned about 2.16% of FARO Technologies worth $11,349,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of FARO. T. Rowe Price Investment Management Inc. acquired a new stake in shares of FARO Technologies in the fourth quarter valued at approximately $10,849,000. Driehaus Capital Management LLC purchased a new position in shares of FARO Technologies in the 4th quarter valued at approximately $8,990,000. Bastion Asset Management Inc. purchased a new position in shares of FARO Technologies in the 4th quarter valued at approximately $5,892,000. Arrowstreet Capital Limited Partnership grew its stake in shares of FARO Technologies by 244.0% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 213,423 shares of the scientific and technical instruments company's stock valued at $5,412,000 after purchasing an additional 151,382 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its stake in shares of FARO Technologies by 9.1% in the 4th quarter. Dimensional Fund Advisors LP now owns 744,222 shares of the scientific and technical instruments company's stock valued at $18,874,000 after purchasing an additional 62,305 shares during the last quarter. 97.19% of the stock is owned by institutional investors and hedge funds.
Wall Street Analysts Forecast Growth
Several research analysts have weighed in on FARO shares. Craig Hallum downgraded FARO Technologies from a "buy" rating to a "hold" rating in a research note on Tuesday, May 6th. Needham & Company LLC downgraded FARO Technologies from a "buy" rating to a "hold" rating in a research note on Wednesday, May 7th. Finally, Wall Street Zen initiated coverage on FARO Technologies in a research note on Friday, May 16th. They issued a "buy" rating on the stock.
Read Our Latest Stock Report on FARO Technologies
FARO Technologies Price Performance
FARO remained flat at $43.99 during trading on Monday. The company's fifty day moving average price is $43.25 and its 200-day moving average price is $34.61. The company has a quick ratio of 2.01, a current ratio of 2.31 and a debt-to-equity ratio of 0.27. The firm has a market cap of $849.89 million, a PE ratio of -879.80 and a beta of 1.63. FARO Technologies, Inc. has a twelve month low of $13.52 and a twelve month high of $44.06.
About FARO Technologies
(
Free Report)
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.
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