Faro Technologies Inc. (FARO) Stock Rating Upgraded by Zacks Investment Research
Faro Technologies Inc. (NASDAQ:FARO) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “FARO Technologies, Inc. and its international subsidiaries are pioneers and market leaders in the computer-aided manufacturing measurement market, which is the final frontier of the computer-aided design and computer-aided manufacturing revolution. FARO’s product line includes portable, 3D measurement equipment, computer-aided design-based inspection software for portable and fixed-base coordinate measurement machines, as well as factory-level statistical process control, and manufacturing quality consulting services. (Company Press Release) “
Other research analysts have also recently issued reports about the company. Needham & Company LLC reissued a “buy” rating and set a $39.00 price objective on shares of Faro Technologies in a report on Friday, July 15th. Canaccord Genuity reissued a “buy” rating and set a $38.00 price objective on shares of Faro Technologies in a report on Thursday, August 4th. Four equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The stock has an average rating of “Buy” and an average target price of $36.17.
Shares of Faro Technologies (NASDAQ:FARO) opened at 36.72 on Tuesday. The firm has a market capitalization of $612.27 million, a P/E ratio of 42.95 and a beta of 1.72. The firm has a 50-day moving average of $34.02 and a 200-day moving average of $33.44. Faro Technologies has a one year low of $20.72 and a one year high of $40.51.
Faro Technologies (NASDAQ:FARO) last issued its quarterly earnings data on Tuesday, August 2nd. The company reported $0.20 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.28 by $0.08. The company had revenue of $78.50 million for the quarter, compared to the consensus estimate of $84.38 million. Faro Technologies had a net margin of 4.55% and a return on equity of 4.86%. The firm’s revenue was down 6.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.32 earnings per share. On average, equities analysts predict that Faro Technologies will post $1.05 earnings per share for the current fiscal year.
Several hedge funds have recently made changes to their positions in FARO. Mason Street Advisors LLC acquired a new stake in shares of Faro Technologies during the second quarter worth $110,000. Emerald Acquisition Ltd. acquired a new stake in shares of Faro Technologies during the second quarter worth $119,000. BlackRock Inc. raised its stake in shares of Faro Technologies by 182.9% in the second quarter. BlackRock Inc. now owns 3,983 shares of the company’s stock worth $134,000 after buying an additional 2,575 shares during the period. BNP Paribas Arbitrage SA raised its stake in shares of Faro Technologies by 105.1% in the second quarter. BNP Paribas Arbitrage SA now owns 5,199 shares of the company’s stock worth $176,000 after buying an additional 2,664 shares during the period. Finally, Barclays PLC raised its stake in shares of Faro Technologies by 672.8% in the second quarter. Barclays PLC now owns 5,750 shares of the company’s stock worth $195,000 after buying an additional 5,006 shares during the period. Institutional investors own 92.55% of the company’s stock.
About Faro Technologies
FARO Technologies, Inc designs, develops, manufactures, markets and supports software driven, three-dimensional (3-D) measurement, imaging and realization systems. The Company operates in three segments: Americas, Europe/Africa and Asia-Pacific. The Company sells its products through a direct sales force across a number of customers in a range of manufacturing, industrial, architecture, surveying, building construction and law enforcement applications.
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