FARO Technologies, Inc. (FARO) Price Target Increased to $46.00 by Analysts at Stifel Nicolaus

FARO Technologies, Inc. (NASDAQ:FARO) had its price target lifted by Stifel Nicolaus from $33.00 to $46.00 in a research note released on Monday, MarketBeat reports. They currently have a hold rating on the scientific and technical instruments company’s stock.

Other equities analysts have also recently issued reports about the company. Gabelli cut FARO Technologies from a buy rating to a hold rating in a report on Wednesday, August 9th. Zacks Investment Research cut FARO Technologies from a hold rating to a strong sell rating in a research note on Monday, August 7th. Noble Financial restated a buy rating on shares of FARO Technologies in a research note on Thursday, August 3rd. Canaccord Genuity raised their price objective on FARO Technologies from $38.00 to $42.00 and gave the company a buy rating in a research note on Thursday, August 3rd. Finally, ValuEngine raised FARO Technologies from a sell rating to a hold rating in a research report on Wednesday, August 2nd. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. FARO Technologies presently has a consensus rating of Hold and a consensus price target of $50.33.

FARO Technologies (NASDAQ:FARO) last announced its quarterly earnings data on Thursday, October 26th. The scientific and technical instruments company reported $0.10 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.14. FARO Technologies had a net margin of 0.03% and a return on equity of 0.03%. The company had revenue of $90.25 million during the quarter, compared to the consensus estimate of $89.34 million. During the same quarter last year, the firm posted $0.07 EPS. The company’s quarterly revenue was up 13.4% on a year-over-year basis.

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A number of hedge funds have recently bought and sold shares of the business. NJ State Employees Deferred Compensation Plan grew its holdings in FARO Technologies by 33.3% during the 3rd quarter. NJ State Employees Deferred Compensation Plan now owns 20,000 shares of the scientific and technical instruments company’s stock valued at $765,000 after buying an additional 5,000 shares in the last quarter. Baillie Gifford & Co. boosted its position in shares of FARO Technologies by 4.8% during the 3rd quarter. Baillie Gifford & Co. now owns 228,404 shares of the scientific and technical instruments company’s stock valued at $8,736,000 after acquiring an additional 10,424 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in shares of FARO Technologies by 1.2% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 13,292 shares of the scientific and technical instruments company’s stock valued at $502,000 after acquiring an additional 154 shares during the last quarter. State Street Corp boosted its position in shares of FARO Technologies by 4.0% during 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 acquiring an additional 15,551 shares during the last quarter. Finally, Voya Investment Management LLC boosted its position in shares of FARO Technologies by 13.5% during the 2nd quarter. Voya Investment Management LLC now owns 8,197 shares of the scientific and technical instruments company’s stock valued at $310,000 after acquiring an additional 974 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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