FARO Technologies, Inc. (FARO) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of FARO Technologies, Inc. (NASDAQ:FARO) from a hold rating to a buy rating in a research note published on Wednesday. The brokerage currently has $58.00 target price on the scientific and technical instruments company’s stock.

According to Zacks, “FARO Technologies, Inc. is the world’s most trusted source for 3D measurement technology. The Company develops and markets computer-aided measurement and imaging devices and software. Technology from FARO permits high-precision 3D measurement, imaging and comparison of parts and complex structures within production and quality assurance processes. The devices are used for inspecting components and assemblies, rapid prototyping, documenting large volume spaces or structures in 3D, surveying and construction, as well as for investigation and reconstruction of accident sites or crime scenes. FARO Technologies capture and analysis of on-site real world data to investigate crash, crime and fire, plan security activities and provide virtual reality training for public safety personnel, and also Capture detailed and precise 3D data from existing products permitting CAD analysis and redesign, after market design and legacy part replication. “

Other analysts also recently issued reports about the stock. Needham & Company LLC reaffirmed a buy rating and set a $53.00 price objective (up from $39.00) on shares of FARO Technologies in a report on Sunday, October 29th. Noble Financial reaffirmed a buy rating on shares of FARO Technologies in a report on Thursday, August 3rd. Canaccord Genuity lifted their price objective on shares of FARO Technologies from $38.00 to $42.00 and gave the stock a buy rating in a report on Thursday, August 3rd. Craig Hallum set a $55.00 price objective on shares of FARO Technologies and gave the stock a buy rating in a report on Monday, October 30th. Finally, Stifel Nicolaus lifted their price objective on shares of FARO Technologies from $33.00 to $46.00 and gave the stock a hold rating in a report on Monday, October 30th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and five have given a buy rating to the company’s stock. The stock has an average rating of Hold and a consensus price target of $50.33.

Shares of FARO Technologies (NASDAQ:FARO) opened at $50.90 on Wednesday.

FARO Technologies (NASDAQ:FARO) last released its quarterly earnings results on Thursday, October 26th. The scientific and technical instruments company reported $0.10 EPS for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.14. The firm had revenue of $90.25 million during the quarter, compared to analyst estimates of $89.34 million. FARO Technologies had a net margin of 0.03% and a return on equity of 0.03%. The business’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.07 EPS. sell-side analysts predict that FARO Technologies will post 0.1 earnings per share for the current year.

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A number of institutional investors have recently bought and sold shares of FARO. Victory Capital Management Inc. bought a new stake in FARO Technologies in the first quarter worth $116,000. State of Alaska Department of Revenue lifted its stake in FARO Technologies by 79.0% in the second 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 purchasing an additional 1,454 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted its stake in FARO Technologies by 3.4% in the second 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 purchasing an additional 130 shares during the last quarter. Karp Capital Management Corp bought a new stake in FARO Technologies in the first quarter worth $207,000. Finally, Aperio Group LLC lifted its stake in FARO Technologies by 2.6% in the second 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 owned by institutional investors and hedge funds.

FARO Technologies Company Profile

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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