BidaskClub upgraded shares of FARO Technologies (NASDAQ:FARO) from a hold rating to a buy rating in a report released on Wednesday, March 14th.
FARO has been the subject of a number of other research reports. Needham & Company LLC boosted their target price on FARO Technologies to $65.00 and gave the stock a buy rating in a research report on Friday, February 23rd. Zacks Investment Research downgraded FARO Technologies from a strong-buy rating to a hold rating in a research report on Tuesday, February 6th. Craig Hallum restated a buy rating and set a $68.00 target price (up previously from $60.00) on shares of FARO Technologies in a research report on Friday, February 23rd. Canaccord Genuity restated a buy rating and set a $66.00 target price on shares of FARO Technologies in a research report on Thursday, February 22nd. Finally, Noble Financial restated a buy rating on shares of FARO Technologies in a research report on Friday, February 23rd. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $58.67.
FARO traded down $1.50 during trading on Wednesday, hitting $57.45. The company’s stock had a trading volume of 37,502 shares, compared to its average volume of 87,999. FARO Technologies has a 12 month low of $31.90 and a 12 month high of $63.90. The company has a market cap of $973.95, a price-to-earnings ratio of 198.10 and a beta of 1.43.
FARO Technologies (NASDAQ:FARO) last issued its quarterly earnings data on Wednesday, February 21st. The scientific and technical instruments company reported $0.50 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.36 by $0.14. The firm had revenue of $106.40 million during the quarter, compared to the consensus estimate of $104.31 million. FARO Technologies had a positive return on equity of 1.39% and a negative net margin of 4.02%. The business’s revenue for the quarter was up 16.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.21 EPS. sell-side analysts forecast that FARO Technologies will post 1.03 EPS for the current fiscal year.
In related news, SVP Jody Storm Gale sold 10,666 shares of FARO Technologies stock in a transaction on Friday, March 9th. The stock was sold at an average price of $59.77, for a total transaction of $637,506.82. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Simon Raab sold 11,700 shares of FARO Technologies stock in a transaction on Friday, March 16th. The stock was sold at an average price of $59.93, for a total value of $701,181.00. Following the sale, the insider now directly owns 38,478 shares of the company’s stock, valued at $2,305,986.54. The disclosure for this sale can be found here. 2.40% of the stock is owned by insiders.
Several institutional investors have recently made changes to their positions in FARO. Municipal Employees Retirement System of Michigan grew its stake in shares of FARO Technologies by 59.3% during the third quarter. Municipal Employees Retirement System of Michigan now owns 6,260 shares of the scientific and technical instruments company’s stock worth $239,000 after purchasing an additional 2,330 shares during the period. Teacher Retirement System of Texas acquired a new stake in shares of FARO Technologies during the fourth quarter worth $272,000. BNP Paribas Arbitrage SA grew its stake in shares of FARO Technologies by 50.4% during the third quarter. BNP Paribas Arbitrage SA now owns 8,955 shares of the scientific and technical instruments company’s stock worth $343,000 after purchasing an additional 2,999 shares during the period. Advisory Research Inc. acquired a new stake in shares of FARO Technologies during the fourth quarter worth $354,000. Finally, New England Investment & Retirement Group Inc. acquired a new stake in shares of FARO Technologies during the fourth quarter worth $355,000. 93.46% of the stock is owned by institutional investors and hedge funds.
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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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