Zacks Investment Research lowered shares of FARO Technologies (NASDAQ:FARO) from a hold rating to a sell rating in a research note issued to investors on Tuesday morning.
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 several other research reports. BidaskClub cut shares of FARO Technologies from a sell rating to a strong sell rating in a research report on Saturday, October 13th. ValuEngine cut shares of FARO Technologies from a buy rating to a hold rating in a research report on Tuesday, September 4th. Robert W. Baird lowered their price objective on shares of FARO Technologies from $62.00 to $45.00 and set a neutral rating on the stock in a research report on Friday, November 2nd. Craig Hallum raised their price objective on shares of FARO Technologies from $64.00 to $82.00 and gave the company a buy rating in a research report on Friday, July 27th. Finally, Needham & Company LLC restated a buy rating and set a $60.00 price objective on shares of FARO Technologies in a research report on Friday, November 2nd. Three analysts have rated the stock with a sell rating, one has given a hold rating and four have issued a buy rating to the stock. FARO Technologies presently has a consensus rating of Hold and a consensus price target of $64.40.
FARO Technologies (NASDAQ:FARO) last posted its earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $0.09 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate 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 firm had revenue of $99.71 million during the quarter, compared to analysts’ expectations of $102.53 million. During the same quarter in the prior year, the company earned $0.10 earnings per share. The business’s revenue for the quarter was up 10.5% compared to the same quarter last year. On average, analysts forecast that FARO Technologies will post 0.6 EPS for the current fiscal year.
In related news, 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 value of $45,598.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Kathleen Hall sold 26,252 shares of FARO Technologies stock in a transaction on Wednesday, August 15th. The stock was sold at an average price of $67.50, for a total transaction of $1,772,010.00. Following the completion of the transaction, the chief operating officer now owns 15,030 shares in the company, valued at approximately $1,014,525. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 93,495 shares of company stock worth $6,285,077. Corporate insiders own 3.10% of the company’s stock.
Large investors have recently modified their holdings of the stock. PNC Financial Services Group Inc. raised its position in FARO Technologies by 370.1% in the 3rd quarter. PNC Financial Services Group Inc. now owns 3,065 shares of the scientific and technical instruments company’s stock worth $197,000 after purchasing an additional 2,413 shares during the period. Xact Kapitalforvaltning AB purchased a new position in FARO Technologies in the 3rd quarter worth $212,000. First Trust Advisors LP purchased a new position in FARO Technologies in the 3rd quarter worth $255,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS purchased a new position in FARO Technologies in the 3rd quarter worth $261,000. Finally, SG Americas Securities LLC purchased a new position in FARO Technologies in the 2nd quarter worth $233,000. Institutional investors own 93.88% of the company’s stock.
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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