Zacks Investment Research lowered shares of FARO Technologies, Inc. (NASDAQ:FARO) from a buy rating to a hold rating in a report issued 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. “
A number of other research firms have also recently issued reports on FARO. Noble Financial reissued a buy rating on shares of FARO Technologies in a research note on Friday, November 3rd. Craig Hallum set a $55.00 price target on shares of FARO Technologies and gave the company a buy rating in a research note on Monday, October 30th. Canaccord Genuity reissued a buy rating and issued a $52.00 price target (up previously from $42.00) on shares of FARO Technologies in a research note on Monday, October 30th. Stifel Nicolaus lifted their price target on shares of FARO Technologies from $33.00 to $46.00 and gave the company a hold rating in a research note on Monday, October 30th. Finally, Needham & Company LLC reissued a buy rating and issued a $53.00 price target (up previously from $39.00) on shares of FARO Technologies in a research note on Sunday, October 29th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company’s stock. The company currently has an average rating of Hold and an average target price of $50.33.
FARO Technologies (NASDAQ:FARO) last released its quarterly earnings results on Thursday, October 26th. The scientific and technical instruments company reported $0.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.14. FARO Technologies had a net margin of 0.03% and a return on equity of 0.03%. The firm had revenue of $90.25 million for the quarter, compared to analysts’ expectations of $89.34 million. During the same quarter last year, the company earned $0.07 EPS. The firm’s revenue for the quarter was up 13.4% compared to the same quarter last year. equities analysts expect that FARO Technologies will post 0.1 earnings per share for the current fiscal year.
COPYRIGHT VIOLATION WARNING: This story was reported by Sports Perspectives and is the sole property of of Sports Perspectives. If you are accessing this story on another site, it was stolen and reposted in violation of US & international copyright legislation. The original version of this story can be read at https://sportsperspectives.com/2017/11/14/faro-technologies-inc-faro-lowered-to-hold-at-zacks-investment-research.html.
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Tikvah Management LLC acquired a new stake in FARO Technologies during the 3rd quarter worth $13,444,000. Prospector Partners LLC boosted its stake in FARO Technologies by 9.9% during the 3rd quarter. Prospector Partners LLC now owns 55,500 shares of the scientific and technical instruments company’s stock worth $2,123,000 after purchasing an additional 5,000 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in FARO Technologies by 5.7% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,096,494 shares of the scientific and technical instruments company’s stock worth $41,941,000 after purchasing an additional 59,528 shares during the last quarter. Wells Fargo & Company MN boosted its stake in FARO Technologies by 9.2% during the 3rd quarter. Wells Fargo & Company MN now owns 13,692 shares of the scientific and technical instruments company’s stock worth $524,000 after purchasing an additional 1,156 shares during the last quarter. Finally, Municipal Employees Retirement System of Michigan boosted its stake in FARO Technologies by 59.3% during the 3rd quarter. Municipal Employees Retirement System of Michigan now owns 6,260 shares of the scientific and technical instruments company’s stock worth $239,000 after purchasing an additional 2,330 shares during the last quarter. 93.47% of the stock is currently owned by institutional investors.
About FARO Technologies
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.
Receive News & Ratings for FARO Technologies Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FARO Technologies Inc. and related companies with MarketBeat.com's FREE daily email newsletter.