FARO Technologies, Inc. (FARO) Stock Rating Reaffirmed by Needham & Company LLC

FARO Technologies, Inc. (NASDAQ:FARO)‘s stock had its “buy” rating reissued by investment analysts at Needham & Company LLC in a research report issued on Sunday. They presently have a $53.00 target price on the scientific and technical instruments company’s stock, up from their previous target price of $39.00. Needham & Company LLC’s target price would indicate a potential upside of 3.41% from the stock’s current price.

Other equities analysts have also recently issued research reports about the company. Noble Financial restated a “buy” rating on shares of FARO Technologies in a report on Thursday, August 3rd. Canaccord Genuity raised their price target on FARO Technologies from $38.00 to $42.00 and gave the company a “buy” rating in a report on Thursday, August 3rd. Gabelli cut FARO Technologies from a “buy” rating to a “hold” rating and set a $38.00 price target for the company. in a report on Thursday, August 3rd. ValuEngine upgraded FARO Technologies from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. Finally, Stifel Nicolaus set a $33.00 price target on FARO Technologies and gave the company a “hold” rating in a report on Friday, October 6th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $48.80.

Shares of FARO Technologies (FARO) opened at 51.20 on Friday. The company has a 50-day moving average price of $38.33 and a 200-day moving average price of $36.57. FARO Technologies has a 52-week low of $29.00 and a 52-week high of $51.80. The company’s market cap is $855.45 million.

FARO Technologies (NASDAQ:FARO) last released its quarterly 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. The business had revenue of $90.25 million during the quarter, compared to analysts’ expectations of $89.34 million. FARO Technologies had a return on equity of 0.03% and a net margin of 0.03%. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. During the same quarter last year, the business posted $0.07 EPS. On average, equities analysts predict that FARO Technologies will post ($0.04) EPS for the current year.

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Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. lifted its stake in shares of FARO Technologies by 4.3% in the 2nd quarter. Vanguard Group Inc. now owns 1,586,914 shares of the scientific and technical instruments company’s stock valued at $59,986,000 after purchasing an additional 65,588 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in shares of FARO Technologies by 6.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,036,966 shares of the scientific and technical instruments company’s stock valued at $39,198,000 after purchasing an additional 59,018 shares during the last quarter. TimesSquare Capital Management LLC lifted its stake in shares of FARO Technologies by 1.6% in the 2nd quarter. TimesSquare Capital Management LLC now owns 803,939 shares of the scientific and technical instruments company’s stock valued at $30,389,000 after purchasing an additional 12,430 shares during the last quarter. Royce & Associates LP lifted its stake in shares of FARO Technologies by 1.7% in the 2nd quarter. Royce & Associates LP now owns 701,900 shares of the scientific and technical instruments company’s stock valued at $26,532,000 after purchasing an additional 11,500 shares during the last quarter. Finally, State Street Corp lifted its stake in shares of FARO Technologies by 4.0% in the 2nd quarter. State Street Corp now owns 406,941 shares of the scientific and technical instruments company’s stock valued at $15,381,000 after purchasing an additional 15,551 shares during the last quarter. 94.70% of the stock is owned by institutional investors and hedge funds.

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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