FARO Technologies, Inc. (FARO) Earns Buy Rating from Canaccord Genuity

Canaccord Genuity reaffirmed their buy rating on shares of FARO Technologies, Inc. (NASDAQ:FARO) in a research report sent to investors on Monday morning. They currently have a $52.00 target price on the scientific and technical instruments company’s stock, up from their prior target price of $42.00.

Several other research analysts also recently commented on the stock. Stifel Nicolaus lifted their price target on shares of FARO Technologies from $33.00 to $46.00 and gave the stock a hold rating in a research note on Monday. Needham & Company LLC reissued a buy rating and set a $53.00 price target (up from $39.00) on shares of FARO Technologies in a research note on Sunday. Zacks Investment Research raised shares of FARO Technologies from a strong sell rating to a hold rating in a research note on Tuesday, October 3rd. ValuEngine raised shares of FARO Technologies from a sell rating to a hold rating in a research note on Friday, September 1st. Finally, Gabelli downgraded shares of FARO Technologies from a buy rating to a hold rating in a research note on Wednesday, August 9th. One research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $50.33.

FARO Technologies (NASDAQ:FARO) last posted its quarterly earnings results on Thursday, October 26th. The scientific and technical instruments company reported $0.10 EPS for the quarter, topping the consensus estimate of ($0.04) by $0.14. The firm had revenue of $90.25 million for the quarter, compared to the consensus estimate of $89.34 million. FARO Technologies had a net margin of 0.03% and a return on equity of 0.03%. The business’s revenue was up 13.4% compared to the same quarter last year. During the same period last year, the firm posted $0.07 earnings per share.

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Hedge funds have recently bought and sold shares of the business. Victory Capital Management Inc. purchased a new position in shares of FARO Technologies during the first quarter worth approximately $116,000. State of Alaska Department of Revenue raised its stake in shares of FARO Technologies by 79.0% during the second quarter. State of Alaska Department of Revenue now owns 3,294 shares of the scientific and technical instruments company’s stock worth $124,000 after acquiring an additional 1,454 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its stake in shares of FARO Technologies by 3.4% during the second quarter. Municipal Employees Retirement System of Michigan now owns 3,930 shares of the scientific and technical instruments company’s stock worth $149,000 after acquiring an additional 130 shares in the last quarter. Karp Capital Management Corp purchased a new position in shares of FARO Technologies during the first quarter worth approximately $207,000. Finally, Aperio Group LLC raised its stake in shares of FARO Technologies by 2.6% during the second quarter. Aperio Group LLC now owns 5,927 shares of the scientific and technical instruments company’s stock worth $224,000 after acquiring an additional 150 shares in the last quarter. 94.70% of the stock is currently owned by hedge funds and other institutional investors.

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.

Analyst Recommendations for FARO Technologies (NASDAQ:FARO)

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