FARO Technologies (NASDAQ:FARO) Stock Rating Lowered by Zacks Investment Research

Share on StockTwits

Zacks Investment Research lowered shares of FARO Technologies (NASDAQ:FARO) from a hold rating to a sell rating in a report published on Friday morning, Zacks.com reports.

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 analysts have also recently issued reports on FARO. BidaskClub cut Weyco Group from a sell rating to a strong sell rating in a research report on Saturday, July 13th. ValuEngine upgraded Zuora from a hold rating to a buy rating in a research report on Saturday, July 6th. Finally, Needham & Company LLC restated a buy rating and set a $200.00 price objective (up from $140.00) on shares of Universal Display in a research report on Friday, May 3rd. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $56.95.

Shares of NASDAQ FARO opened at $51.15 on Friday. The company has a current ratio of 3.34, a quick ratio of 2.54 and a debt-to-equity ratio of 0.04. The stock has a 50 day simple moving average of $48.55. The company has a market cap of $831.65 million, a P/E ratio of 111.20 and a beta of 1.77. FARO Technologies has a 12 month low of $37.58 and a 12 month high of $70.20.

FARO Technologies (NASDAQ:FARO) last issued its quarterly earnings results on Wednesday, May 1st. The scientific and technical instruments company reported $0.01 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.14 by ($0.13). The business had revenue of $93.61 million during the quarter, compared to the consensus estimate of $101.85 million. FARO Technologies had a return on equity of 3.11% and a net margin of 1.14%. The business’s quarterly revenue was up .8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.03 earnings per share. Sell-side analysts expect that FARO Technologies will post 0.63 earnings per share for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in FARO. Norges Bank bought a new stake in shares of FARO Technologies during the fourth quarter valued at approximately $14,779,000. Pinnacle Associates Ltd. bought a new stake in FARO Technologies in the first quarter valued at $8,479,000. BlackRock Inc. grew its position in FARO Technologies by 1.7% in the fourth quarter. BlackRock Inc. now owns 2,510,748 shares of the scientific and technical instruments company’s stock valued at $102,037,000 after acquiring an additional 42,081 shares during the period. Baillie Gifford & Co. grew its position in FARO Technologies by 9.7% in the first quarter. Baillie Gifford & Co. now owns 389,286 shares of the scientific and technical instruments company’s stock valued at $17,093,000 after acquiring an additional 34,301 shares during the period. Finally, Millennium Management LLC grew its position in FARO Technologies by 233.3% in the fourth quarter. Millennium Management LLC now owns 39,841 shares of the scientific and technical instruments company’s stock valued at $1,619,000 after acquiring an additional 27,888 shares during the period. Institutional investors and hedge funds own 95.97% 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.

Recommended Story: Short Selling Stocks and Day Traders

Get a free copy of the Zacks research report on FARO Technologies (FARO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for FARO Technologies (NASDAQ:FARO)

Receive News & Ratings for FARO Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FARO Technologies and related companies with MarketBeat.com's FREE daily email newsletter.