Victory Capital Management Inc. Decreases Stake in FARO Technologies, Inc. (NASDAQ:FARO)

Victory Capital Management Inc. decreased its stake in shares of FARO Technologies, Inc. (NASDAQ:FARO) by 12.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 46,726 shares of the scientific and technical instruments company’s stock after selling 6,910 shares during the quarter. Victory Capital Management Inc. owned about 0.24% of FARO Technologies worth $748,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. CWM LLC lifted its position in FARO Technologies by 343.6% during the 2nd quarter. CWM LLC now owns 2,360 shares of the scientific and technical instruments company’s stock worth $38,000 after acquiring an additional 1,828 shares during the period. Aigen Investment Management LP purchased a new position in shares of FARO Technologies during the fourth quarter worth $201,000. Sierra Summit Advisors LLC acquired a new position in FARO Technologies during the fourth quarter valued at $618,000. Price T Rowe Associates Inc. MD boosted its holdings in FARO Technologies by 3.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 29,806 shares of the scientific and technical instruments company’s stock valued at $642,000 after purchasing an additional 897 shares during the last quarter. Finally, Trexquant Investment LP purchased a new position in shares of FARO Technologies during the 4th quarter valued at about $918,000. 97.19% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling at FARO Technologies

In other news, CEO Peter James Lau sold 5,435 shares of FARO Technologies stock in a transaction that occurred on Friday, September 6th. The stock was sold at an average price of $16.67, for a total value of $90,601.45. Following the sale, the chief executive officer now directly owns 133,975 shares of the company’s stock, valued at $2,233,363.25. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 2.10% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on FARO shares. Needham & Company LLC reduced their price target on FARO Technologies from $27.00 to $24.00 and set a “buy” rating for the company in a research report on Friday, August 9th. Craig Hallum lowered their target price on shares of FARO Technologies from $29.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, August 9th.

FARO Technologies Price Performance

FARO Technologies stock opened at $18.05 on Friday. The company has a debt-to-equity ratio of 0.27, a quick ratio of 2.01 and a current ratio of 2.33. The company’s fifty day moving average price is $16.76 and its 200 day moving average price is $18.07. The stock has a market capitalization of $346.67 million, a P/E ratio of -8.02 and a beta of 1.25. FARO Technologies, Inc. has a 1 year low of $12.34 and a 1 year high of $24.80.

FARO Technologies (NASDAQ:FARO) last released its quarterly earnings results on Thursday, August 8th. The scientific and technical instruments company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.17) by $0.14. The firm had revenue of $82.09 million during the quarter. FARO Technologies had a negative net margin of 4.25% and a negative return on equity of 5.72%.

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.