FARO Technologies, Inc. (FARO) Downgraded by Zacks Investment Research
Zacks Investment Research downgraded shares of FARO Technologies, Inc. (NASDAQ:FARO) from a buy rating to a hold rating in a report released on Monday.
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 analysts have also commented on FARO. ValuEngine raised FARO Technologies from a sell rating to a hold rating in a report on Wednesday, August 2nd. Gabelli lowered FARO Technologies from a buy rating to a hold rating and set a $38.00 price target for the company. in a report on Thursday, August 3rd. Canaccord Genuity boosted their price target on FARO Technologies from $38.00 to $42.00 and gave the company a buy rating in a report on Thursday, August 3rd. Noble Financial reissued a buy rating on shares of FARO Technologies in a report on Thursday, August 3rd. Finally, BidaskClub lowered FARO Technologies from a hold rating to a sell rating in a report on Saturday, August 5th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and five have given a buy rating to the company’s stock. FARO Technologies currently has an average rating of Hold and a consensus target price of $50.33.
Shares of FARO Technologies (NASDAQ:FARO) opened at $51.85 on Monday. FARO Technologies has a fifty-two week low of $31.90 and a fifty-two week high of $54.40.
FARO Technologies (NASDAQ:FARO) last issued its quarterly earnings data on Thursday, October 26th. The scientific and technical instruments company reported $0.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.04) by $0.14. FARO Technologies had a return on equity of 0.03% and a net margin of 0.03%. The company had revenue of $90.25 million during the quarter, compared to analyst estimates of $89.34 million. During the same quarter in the previous year, the company posted $0.07 earnings per share. FARO Technologies’s revenue was up 13.4% compared to the same quarter last year. equities analysts anticipate that FARO Technologies will post 0.1 EPS for the current fiscal year.
A number of large investors have recently added to or reduced their stakes in the business. Vident Investment Advisory LLC grew its holdings in FARO Technologies by 62.7% during the third quarter. Vident Investment Advisory LLC now owns 564,729 shares of the scientific and technical instruments company’s stock valued at $21,601,000 after purchasing an additional 217,544 shares during the period. Tikvah Management LLC bought a new stake in FARO Technologies during the third quarter valued at about $13,444,000. Prospector Partners LLC lifted its position in shares of FARO Technologies by 9.9% in the third quarter. Prospector Partners LLC now owns 55,500 shares of the scientific and technical instruments company’s stock valued at $2,123,000 after acquiring an additional 5,000 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of FARO Technologies by 5.7% in the third quarter. Dimensional Fund Advisors LP now owns 1,096,494 shares of the scientific and technical instruments company’s stock valued at $41,941,000 after acquiring an additional 59,528 shares in the last quarter. Finally, Wells Fargo & Company MN lifted its position in shares of FARO Technologies by 9.2% in the third quarter. Wells Fargo & Company MN now owns 13,692 shares of the scientific and technical instruments company’s stock valued at $524,000 after acquiring an additional 1,156 shares in 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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