FARO Technologies, Inc. (FARO) Reaches New 12-Month High Following Analyst Upgrade

FARO Technologies, Inc. (NASDAQ:FARO)’s share price reached a new 52-week high during trading on Monday after Stifel Nicolaus raised their price target on the stock from $33.00 to $46.00. Stifel Nicolaus currently has a hold rating on the stock. FARO Technologies traded as high as $50.65 and last traded at $50.73, with a volume of 224,120 shares. The stock had previously closed at $46.25.

Several other equities analysts have also commented on FARO. ValuEngine raised FARO Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. BidaskClub lowered FARO Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. Needham & Company LLC reissued a “buy” rating and set a $53.00 price target (up from $39.00) on shares of FARO Technologies in a research report on Sunday. Noble Financial reissued a “buy” rating on shares of FARO Technologies in a research report on Thursday, August 3rd. Finally, Gabelli lowered FARO Technologies from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. One analyst has rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. FARO Technologies has a consensus rating of “Hold” and a consensus price target of $48.80.

Institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. acquired a new position in FARO Technologies during the 1st quarter worth approximately $116,000. State of Alaska Department of Revenue lifted its position in FARO Technologies by 79.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 3,294 shares of the scientific and technical instruments company’s stock worth $124,000 after acquiring an additional 1,454 shares in the last quarter. Municipal Employees Retirement System of Michigan lifted its position in FARO Technologies by 3.4% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 3,930 shares of the scientific and technical instruments company’s stock worth $149,000 after acquiring an additional 130 shares in the last quarter. Karp Capital Management Corp acquired a new position in FARO Technologies during the 1st quarter worth approximately $207,000. Finally, Aperio Group LLC increased its holdings in FARO Technologies by 2.6% during the 2nd quarter. Aperio Group LLC now owns 5,927 shares of the scientific and technical instruments company’s stock worth $224,000 after purchasing an additional 150 shares during the last quarter. 94.70% of the stock is currently owned by hedge funds and other institutional investors.

The firm’s market cap is $857.12 million. The stock has a 50 day moving average of $37.85 and a 200-day moving average of $36.38.

FARO Technologies (NASDAQ:FARO) last announced its earnings results on Thursday, October 26th. The scientific and technical instruments company reported $0.10 earnings per share for the quarter, beating the consensus estimate of ($0.04) by $0.14. FARO Technologies had a return on equity of 0.03% and a net margin of 0.03%. The firm had revenue of $90.25 million during the quarter, compared to the consensus estimate of $89.34 million. During the same quarter in the prior year, the company earned $0.07 EPS. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. Analysts anticipate that FARO Technologies, Inc. will post ($0.04) earnings per share for the current fiscal year.

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About FARO Technologies

FARO Technologies, Inc designs, develops, manufactures, markets and supports software driven, three-dimensional (3D) measurement, imaging and realization systems. The Company operates in three segments: Factory Metrology, Construction BIM-CIM and Other. It sells its products through a direct sales force across customers in a range of manufacturing, industrial, architecture, surveying, building construction and law enforcement applications.

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