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Yuval Wasserman, a director at Faro Technologies Inc. (NASDAQ:FARO), a company with a market capitalization of $582 million, recently sold 5,658 shares of the company’s common stock. The timing is notable as FARO has shown strong momentum, with shares up 123% over the past six months. The shares were sold at an average price of $31.35 each, resulting in a total transaction value of $177,378. This sale was part of a "sell-to-cover" transaction aimed at meeting tax withholding obligations related to the vesting and settlement of restricted stock units (RSUs). Following this transaction, Wasserman retains ownership of 153,512 shares of Faro Technologies. The sale was conducted in accordance with the company’s "sell to cover" policy and was not a discretionary sale by Wasserman. With the company’s next earnings report scheduled for February 12, InvestingPro subscribers can access comprehensive insider trading analysis and 10+ additional ProTips to make informed investment decisions.
In other recent news, Faro Technologies has been the subject of positive outlooks from analysts at Craig-Hallum. The firm’s analyst Greg Palm raised the price target for Faro to $36.00 from $33.00, reiterating a Buy rating. This follows Faro’s updated long-term margin goals, which were presented during a competitor’s conference. The company now aims for a 20% EBITDA margin at $400 million in revenue, up from the previous 15% goal. At the current revenue level of $340 million, Faro anticipates achieving EBITDA margins between 13-15%.
These recent developments have bolstered confidence in Faro’s potential to reach $100 million in EBITDA in the near future. Faro Technologies also reported its third-quarter financial results for 2024, with the company’s leadership providing insights into performance and future projections. Despite some risks and uncertainties, the management remains optimistic about Faro’s business results and customer demand. The company’s strategic initiatives are anticipated to materialize and positively impact its financial outcomes in the coming year.
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