FARO Technologies (NASDAQ:FARO) Shares Down 5% - Here's Why

FARO Technologies, Inc. (NASDAQ:FARO - Get Free Report)'s share price dropped 5% on Friday . The stock traded as low as $28.08 and last traded at $27.98. Approximately 239,821 shares were traded during mid-day trading, an increase of 42% from the average daily volume of 168,833 shares. The stock had previously closed at $29.46.

Wall Street Analysts Forecast Growth

FARO has been the subject of a number of recent research reports. Needham & Company LLC raised their price objective on shares of FARO Technologies from $34.00 to $37.00 and gave the stock a "buy" rating in a research note on Tuesday, February 25th. Craig Hallum boosted their price target on FARO Technologies from $30.00 to $33.00 and gave the stock a "buy" rating in a report on Thursday, December 12th. Finally, StockNews.com lowered FARO Technologies from a "strong-buy" rating to a "buy" rating in a research note on Sunday, March 16th.

FARO Technologies Price Performance

The company's fifty day moving average is $29.95 and its two-hundred day moving average is $25.01. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.83 and a current ratio of 2.17. The firm has a market cap of $539.20 million, a price-to-earnings ratio of -81.39 and a beta of 1.55.

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

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Insider Activity

In related news, CFO Matthew Horwath sold 1,480 shares of the stock in a transaction dated Friday, March 7th. The shares were sold at an average price of $29.30, for a total value of $43,364.00. Following the sale, the chief financial officer now owns 39,430 shares of the company's stock, valued at $1,155,299. This trade represents a 3.62 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Yuval Wasserman sold 5,658 shares of the firm's stock in a transaction that occurred on Wednesday, February 5th. The shares were sold at an average price of $31.35, for a total transaction of $177,378.30. Following the completion of the sale, 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 position. The disclosure for this sale can be found here. In the last three months, insiders sold 11,755 shares of company stock valued at $356,020. Company insiders own 2.10% of the company's stock.

Institutional Trading of FARO Technologies

Several institutional investors have recently modified their holdings of the company. Millennium Management LLC lifted its holdings in shares of FARO Technologies by 0.8% during the fourth quarter. Millennium Management LLC now owns 54,069 shares of the scientific and technical instruments company's stock valued at $1,371,000 after purchasing an additional 439 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in FARO Technologies during the fourth quarter valued at about $78,000. Graham Capital Management L.P. acquired a new position in shares of FARO Technologies in the fourth quarter worth about $386,000. Deutsche Bank AG raised its holdings in shares of FARO Technologies by 84.9% during the fourth quarter. Deutsche Bank AG now owns 17,430 shares of the scientific and technical instruments company's stock valued at $442,000 after acquiring an additional 8,001 shares during the period. Finally, Driehaus Capital Management LLC purchased a new stake in shares of FARO Technologies in the 4th quarter valued at approximately $8,990,000. Institutional investors and hedge funds own 97.19% of the company's stock.

FARO Technologies Company 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.