FARO Technologies (NASDAQ:FARO) Rating Increased to Hold at Zacks Investment Research

FARO Technologies (NASDAQ:FARO) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Thursday, 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. “

Several other research analysts also recently issued reports on FARO. G.Research downgraded shares of FARO Technologies from a “buy” rating to a “hold” rating in a research report on Friday, November 1st. Gabelli downgraded shares of FARO Technologies from a “buy” rating to a “hold” rating and set a $50.00 price objective on the stock. in a research report on Thursday, October 31st. Needham & Company LLC reissued a “hold” rating on shares of FARO Technologies in a research report on Wednesday, October 16th. BidaskClub raised shares of FARO Technologies from a “strong sell” rating to a “sell” rating in a research report on Tuesday, November 5th. Finally, ValuEngine raised shares of FARO Technologies from a “buy” rating to a “strong-buy” rating in a research report on Friday, November 8th. One research analyst has rated the stock with a sell rating, five have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. The stock has a consensus rating of “Hold” and a consensus price target of $52.00.

NASDAQ:FARO traded down $0.19 during midday trading on Thursday, hitting $48.44. 75,100 shares of the company were exchanged, compared to its average volume of 98,581. FARO Technologies has a fifty-two week low of $37.58 and a fifty-two week high of $57.58. The company has a current ratio of 3.32, a quick ratio of 2.56 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $864.29 million, a PE ratio of 105.30 and a beta of 1.71. The company has a fifty day simple moving average of $48.06 and a 200 day simple moving average of $49.59.

FARO Technologies (NASDAQ:FARO) last issued its quarterly earnings data on Wednesday, October 30th. The scientific and technical instruments company reported ($0.01) earnings per share (EPS) for the quarter, hitting the Thomson Reuters’ consensus estimate of ($0.01). FARO Technologies had a negative net margin of 1.71% and a positive return on equity of 2.98%. The company had revenue of $90.52 million for the quarter, compared to the consensus estimate of $98.57 million. During the same period last year, the firm posted $0.09 EPS. FARO Technologies’s revenue for the quarter was down 9.2% on a year-over-year basis. As a group, equities research analysts expect that FARO Technologies will post -0.7 EPS for the current year.

Several large investors have recently modified their holdings of the company. BlackRock Inc. boosted its holdings in shares of FARO Technologies by 13.4% in the second quarter. BlackRock Inc. now owns 2,893,252 shares of the scientific and technical instruments company’s stock valued at $152,128,000 after acquiring an additional 340,879 shares in the last quarter. Vanguard Group Inc. boosted its holdings in shares of FARO Technologies by 0.7% in the second quarter. Vanguard Group Inc. now owns 1,825,803 shares of the scientific and technical instruments company’s stock valued at $96,001,000 after acquiring an additional 11,869 shares in the last quarter. Paradice Investment Management LLC boosted its holdings in shares of FARO Technologies by 1.2% in the third quarter. Paradice Investment Management LLC now owns 1,002,339 shares of the scientific and technical instruments company’s stock valued at $48,463,000 after acquiring an additional 11,601 shares in the last quarter. Baillie Gifford & Co. boosted its holdings in shares of FARO Technologies by 1.4% in the second quarter. Baillie Gifford & Co. now owns 394,639 shares of the scientific and technical instruments company’s stock valued at $20,749,000 after acquiring an additional 5,353 shares in the last quarter. Finally, Northern Trust Corp boosted its holdings in shares of FARO Technologies by 1.7% in the second quarter. Northern Trust Corp now owns 234,690 shares of the scientific and technical instruments company’s stock valued at $12,341,000 after acquiring an additional 4,000 shares in the last quarter. 98.16% of the stock is currently owned by institutional investors and hedge funds.

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.

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