FARO Technologies, Inc. (FARO) Upgraded 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 report sent to investors on Tuesday morning. Zacks Investment Research currently has $58.00 price target 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. “

A number of other brokerages have also issued reports on FARO. Noble Financial reissued a buy rating on shares of FARO Technologies in a research note on Friday, November 3rd. Stifel Nicolaus lifted their target price on shares of FARO Technologies from $33.00 to $46.00 and gave the company a hold rating in a research note on Monday, October 30th. Canaccord Genuity lifted their target price on shares of FARO Technologies from $38.00 to $42.00 and gave the company a buy rating in a research note on Thursday, August 3rd. Gabelli lowered shares of FARO Technologies from a buy rating to a hold rating and set a $38.00 target price for the company. in a research note on Thursday, August 3rd. Finally, Craig Hallum set a $55.00 target price on shares of FARO Technologies and gave the company a buy rating in a research note on Monday, October 30th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have issued a buy rating to the stock. FARO Technologies presently has an average rating of Hold and a consensus target price of $50.33.

Shares of FARO Technologies (FARO) traded down $0.05 during trading hours on Tuesday, hitting $51.80. 86,406 shares of the company’s stock were exchanged, compared to its average volume of 96,143. FARO Technologies has a 52 week low of $31.90 and a 52 week high of $54.40.

FARO Technologies (NASDAQ:FARO) last issued its earnings results on Thursday, October 26th. The scientific and technical instruments company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.14. The company 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 company’s revenue for the quarter was up 13.4% on a year-over-year basis. During the same quarter last year, the business posted $0.07 EPS. equities research analysts expect that FARO Technologies will post 0.1 earnings per share for the current fiscal year.

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Several hedge funds have recently added to or reduced their stakes in the stock. Texas Permanent School Fund lifted its stake in shares of FARO Technologies by 0.9% in the 2nd quarter. Texas Permanent School Fund now owns 12,187 shares of the scientific and technical instruments company’s stock valued at $461,000 after purchasing an additional 110 shares during the last quarter. Municipal Employees Retirement System of Michigan lifted 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 during the last quarter. Aperio Group LLC lifted 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 during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of FARO Technologies by 1.2% in 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 purchasing an additional 154 shares during the last quarter. Finally, Thrivent Financial For Lutherans lifted its stake in shares of FARO Technologies by 4.2% in the 1st quarter. Thrivent Financial For Lutherans now owns 9,390 shares of the scientific and technical instruments company’s stock valued at $336,000 after purchasing an additional 380 shares during the last quarter. 93.47% 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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