FARO Technologies, Inc. (FARO) Lowered to “Strong Sell” at Zacks Investment Research

FARO Technologies, Inc. (NASDAQ:FARO) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Monday, August 7th.

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) “

FARO has been the subject of a number of other research reports. BidaskClub lowered FARO Technologies from a “hold” rating to a “sell” rating in a research note on Saturday, August 5th. Craig Hallum started coverage on FARO Technologies in a research note on Tuesday, June 27th. They issued a “buy” rating and a $45.00 target price for the company. ValuEngine lowered FARO Technologies from a “hold” rating to a “sell” rating in a research report on Tuesday, May 16th. Needham & Company LLC upped their price target on FARO Technologies from $37.00 to $39.00 and gave the company a “buy” rating in a research report on Tuesday, May 30th. Finally, Canaccord Genuity upped their price target on FARO Technologies from $38.00 to $42.00 and gave the company a “buy” rating in a research report on Thursday, August 3rd. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $40.60.

Shares of FARO Technologies (FARO) traded up 1.07% during trading on Monday, hitting $32.95. The stock had a trading volume of 92,871 shares. FARO Technologies has a 52 week low of $29.00 and a 52 week high of $40.60. The firm has a 50-day moving average price of $36.97 and a 200 day moving average price of $35.98. The company’s market capitalization is $550.53 million.

FARO Technologies (NASDAQ:FARO) last released its earnings results on Tuesday, August 1st. The scientific and technical instruments company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by $0.34. FARO Technologies had a negative net margin of 0.13% and a negative return on equity of 0.13%. The company had revenue of $82.68 million during the quarter, compared to the consensus estimate of $87.65 million. During the same period last year, the firm posted $0.20 EPS. The company’s revenue was up 5.3% on a year-over-year basis. Equities analysts anticipate that FARO Technologies will post ($0.13) earnings per share for the current year.

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A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. acquired a new position in FARO Technologies during the first quarter worth approximately $116,000. State of Alaska Department of Revenue raised its position in shares of FARO Technologies by 79.0% in the second quarter. State of Alaska Department of Revenue now owns 3,294 shares of the scientific and technical instruments company’s stock valued at $124,000 after buying an additional 1,454 shares in the last quarter. Mason Street Advisors LLC raised its position in shares of FARO Technologies by 7.1% in the first quarter. Mason Street Advisors LLC now owns 3,901 shares of the scientific and technical instruments company’s stock valued at $139,000 after buying an additional 257 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its position in shares of FARO Technologies by 3.4% in the second quarter. Municipal Employees Retirement System of Michigan now owns 3,930 shares of the scientific and technical instruments company’s stock valued at $149,000 after buying an additional 130 shares in the last quarter. Finally, Karp Capital Management Corp purchased a new position in shares of FARO Technologies during the first quarter valued at about $207,000. 92.76% of the stock is 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, 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.

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