Zacks Investment Research lowered shares of FARO Technologies (NASDAQ:FARO) from a hold rating to a sell rating in a research report released on Tuesday.
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. “
FARO has been the topic of a number of other research reports. BidaskClub cut shares of FARO Technologies from a hold rating to a sell rating in a report on Friday, October 5th. ValuEngine raised shares of FARO Technologies from a hold rating to a buy rating in a report on Thursday, July 26th. Craig Hallum raised their price objective on shares of FARO Technologies from $64.00 to $82.00 and gave the stock a buy rating in a report on Friday, July 27th. Robert W. Baird cut their target price on shares of FARO Technologies from $62.00 to $45.00 and set a neutral rating on the stock in a report on Friday, November 2nd. Finally, Needham & Company LLC reaffirmed a buy rating and issued a $60.00 target price on shares of FARO Technologies in a report on Friday, November 2nd. Three analysts have rated the stock with a sell rating, one has issued a hold rating and four have issued a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $64.40.
FARO stock opened at $47.72 on Tuesday. FARO Technologies has a twelve month low of $43.26 and a twelve month high of $70.20. The company has a market cap of $759.13 million, a price-to-earnings ratio of 63.77 and a beta of 1.68.
FARO Technologies (NASDAQ:FARO) last released its quarterly earnings data on Wednesday, October 31st. The scientific and technical instruments company reported $0.09 earnings per share for the quarter, missing analysts’ consensus estimates of $0.15 by ($0.06). FARO Technologies had a positive return on equity of 3.18% and a negative net margin of 2.99%. The company had revenue of $99.71 million for the quarter, compared to analyst estimates of $102.53 million. During the same period in the previous year, the business posted $0.10 EPS. The firm’s revenue for the quarter was up 10.5% compared to the same quarter last year. Sell-side analysts expect that FARO Technologies will post 0.73 EPS for the current year.
In other news, COO Kathleen Hall sold 18,064 shares of FARO Technologies stock in a transaction on Friday, August 31st. The shares were sold at an average price of $68.04, for a total value of $1,229,074.56. Following the transaction, the chief operating officer now directly owns 26,199 shares of the company’s stock, valued at approximately $1,782,579.96. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Simon Raab sold 700 shares of FARO Technologies stock in a transaction on Friday, September 28th. The shares were sold at an average price of $65.14, for a total transaction of $45,598.00. The disclosure for this sale can be found here. Insiders sold a total of 93,495 shares of company stock worth $6,285,077 over the last ninety days. Corporate insiders own 3.10% of the company’s stock.
Several institutional investors have recently made changes to their positions in FARO. Penserra Capital Management LLC purchased a new position in FARO Technologies in the 3rd quarter worth approximately $361,000. Los Angeles Capital Management & Equity Research Inc. purchased a new position in FARO Technologies in the 3rd quarter worth approximately $1,133,000. WINTON GROUP Ltd purchased a new position in FARO Technologies in the 3rd quarter worth approximately $8,920,000. Wells Fargo & Company MN boosted its holdings in FARO Technologies by 121.4% in the 3rd quarter. Wells Fargo & Company MN now owns 28,335 shares of the scientific and technical instruments company’s stock worth $1,823,000 after acquiring an additional 15,536 shares during the period. Finally, Hussman Strategic Advisors Inc. purchased a new position in FARO Technologies in the 3rd quarter worth approximately $644,000. 93.88% of the stock is currently 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 offers FaroArm, a combination of six or seven-axis, 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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