Zacks Investment Research upgraded shares of FARO Technologies (NASDAQ:FARO) from a hold rating to a strong-buy rating in a research report sent to investors on Tuesday, Zacks.com reports. They currently have $64.00 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. “
A number of other equities research analysts also recently issued reports on FARO. Needham & Company LLC restated a hold rating on shares of FARO Technologies in a report on Wednesday, April 29th. ValuEngine downgraded shares of FARO Technologies from a buy rating to a hold rating in a research note on Monday, May 18th. Finally, Craig Hallum decreased their price objective on shares of FARO Technologies from $75.00 to $70.00 and set a buy rating for the company in a research note on Wednesday, April 22nd. Four investment analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and an average target price of $61.33.
FARO Technologies stock opened at $57.62 on Tuesday. FARO Technologies has a 1 year low of $35.15 and a 1 year high of $64.99. The firm has a 50 day moving average price of $49.42 and a 200 day moving average price of $50.75. The company has a market cap of $1.01 billion, a price-to-earnings ratio of -13.04 and a beta of 1.53. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.38 and a current ratio of 2.90.
FARO Technologies (NASDAQ:FARO) last released its earnings results on Tuesday, April 28th. The scientific and technical instruments company reported ($0.02) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.72) by $0.70. FARO Technologies had a negative net margin of 20.98% and a positive return on equity of 1.43%. The firm had revenue of $79.52 million during the quarter, compared to the consensus estimate of $55.39 million. Sell-side analysts predict that FARO Technologies will post 0.62 EPS for the current year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in FARO. State Street Corp grew its stake in FARO Technologies by 2.2% during the third quarter. State Street Corp now owns 505,726 shares of the scientific and technical instruments company’s stock worth $24,452,000 after buying an additional 11,070 shares during the period. California Public Employees Retirement System boosted its stake in shares of FARO Technologies by 12.6% in the fourth quarter. California Public Employees Retirement System now owns 40,232 shares of the scientific and technical instruments company’s stock valued at $2,026,000 after purchasing an additional 4,500 shares during the period. SG Americas Securities LLC boosted its stake in shares of FARO Technologies by 67.8% in the fourth quarter. SG Americas Securities LLC now owns 5,760 shares of the scientific and technical instruments company’s stock valued at $290,000 after purchasing an additional 2,328 shares during the period. NJ State Employees Deferred Compensation Plan purchased a new position in shares of FARO Technologies in the fourth quarter valued at $201,000. Finally, First Trust Advisors LP boosted its stake in shares of FARO Technologies by 19.6% in the fourth quarter. First Trust Advisors LP now owns 10,039 shares of the scientific and technical instruments company’s stock valued at $505,000 after purchasing an additional 1,642 shares during the period. Institutional investors own 97.23% of the company’s stock.
About FARO Technologies
FARO Technologies, Inc designs, develops, manufactures, markets, and supports software driven three-dimensional (3D) measurement and imaging solutions. It operates through three segments: 3D Manufacturing, Construction BIM, and Emerging Verticals. The company offers FaroArm, a combination of a portable articulated measurement arm, a computer, and CAM2 software programs; and FARO ScanArm, a FaroArm equipped with a hard probe and non-contact laser line probe to measure products.
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