Zacks Investment Research upgraded shares of FARO Technologies (NASDAQ:FARO) from a hold rating to a strong-buy rating in a report released on Monday morning. They currently have $54.00 price objective 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. “
Several other equities analysts have also recently issued reports on the company. BidaskClub cut FARO Technologies from a hold rating to a sell rating in a report on Saturday, December 16th. Craig Hallum set a $60.00 price target on FARO Technologies and gave the company a buy rating in a research note on Monday, November 27th. Noble Financial restated a buy rating on shares of FARO Technologies in a research note on Friday, November 3rd. Canaccord Genuity restated a buy rating and issued a $52.00 price target (up previously from $42.00) on shares of FARO Technologies in a research note on Monday, October 30th. Finally, Stifel Nicolaus lifted their price target on FARO Technologies from $33.00 to $46.00 and gave the company a hold rating in a research note on Monday, October 30th. One analyst has rated the stock with a sell rating, three have issued a hold rating, four have issued a buy rating and one has given a strong buy rating to the company’s stock. The company currently has an average rating of Buy and an average price target of $50.50.
FARO Technologies (NASDAQ:FARO) last issued its quarterly earnings data on Thursday, October 26th. The scientific and technical instruments company reported $0.10 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ 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 company’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.07 EPS. research analysts forecast that FARO Technologies will post 0.1 earnings per share for the current fiscal year.
Institutional investors have recently made changes to their positions in the stock. Victory Capital Management Inc. increased its stake in shares of FARO Technologies by 17.7% in the 2nd quarter. Victory Capital Management Inc. now owns 3,811 shares of the scientific and technical instruments company’s stock valued at $144,000 after purchasing an additional 572 shares in the last quarter. Municipal Employees Retirement System of Michigan increased its stake in shares of FARO Technologies by 3.4% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 3,930 shares of the scientific and technical instruments company’s stock valued at $149,000 after purchasing an additional 130 shares in the last quarter. Aperio Group LLC increased its stake in shares of FARO Technologies by 2.6% in the 2nd quarter. Aperio Group LLC now owns 5,927 shares of the scientific and technical instruments company’s stock valued at $224,000 after purchasing an additional 150 shares in the last quarter. BNP Paribas Arbitrage SA increased its stake in shares of FARO Technologies by 71.8% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,956 shares of the scientific and technical instruments company’s stock valued at $225,000 after purchasing an additional 2,490 shares in the last quarter. Finally, Voya Investment Management LLC increased its stake in shares of FARO Technologies by 13.5% in 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 purchasing an additional 974 shares in the last quarter. Hedge funds and other institutional investors own 97.56% of the company’s stock.
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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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