FARO Technologies (NASDAQ:FARO) Upgraded at ValuEngine

ValuEngine upgraded shares of FARO Technologies (NASDAQ:FARO) from a hold rating to a buy rating in a research report sent to investors on Thursday, ValuEngine reports.

Several other brokerages have also weighed in on FARO. Needham & Company LLC lowered FARO Technologies from a buy rating to a hold rating in a report on Friday, May 3rd. BidaskClub raised FARO Technologies from a sell rating to a hold rating in a report on Wednesday. Finally, Zacks Investment Research raised FARO Technologies from a sell rating to a hold rating in a report on Wednesday. Six analysts have rated the stock with a hold rating and two have issued a buy rating to the company. FARO Technologies currently has a consensus rating of Hold and an average target price of $56.95.

Shares of FARO stock traded down $1.74 during trading on Thursday, hitting $50.92. The company’s stock had a trading volume of 82,566 shares, compared to its average volume of 122,385. The company has a market cap of $913.08 million, a P/E ratio of 110.70 and a beta of 1.79. The company has a current ratio of 3.16, a quick ratio of 2.45 and a debt-to-equity ratio of 0.04. The business’s fifty day moving average is $49.87. FARO Technologies has a 52 week low of $37.58 and a 52 week high of $69.00.

FARO Technologies (NASDAQ:FARO) last announced its quarterly earnings data on Wednesday, July 24th. The scientific and technical instruments company reported $0.14 earnings per share for the quarter, beating the consensus estimate of ($0.13) by $0.27. FARO Technologies had a positive return on equity of 3.42% and a negative net margin of 0.75%. The business had revenue of $93.50 million during the quarter, compared to analyst estimates of $96.32 million. During the same period in the prior year, the company earned $0.07 earnings per share. FARO Technologies’s revenue was down 4.8% compared to the same quarter last year. On average, sell-side analysts expect that FARO Technologies will post 0.33 EPS for the current fiscal year.

In other FARO Technologies news, Director John Donofrio sold 2,873 shares of the stock in a transaction on Monday, July 29th. The stock was sold at an average price of $52.43, for a total transaction of $150,631.39. Following the completion of the transaction, the director now directly owns 21,075 shares of the company’s stock, valued at $1,104,962.25. The sale was disclosed in a filing with the SEC, which is available through the SEC website. 3.10% of the stock is currently owned by corporate insiders.

Large investors have recently bought and sold shares of the business. Principal Financial Group Inc. raised its position in shares of FARO Technologies by 2.2% in the fourth quarter. Principal Financial Group Inc. now owns 140,070 shares of the scientific and technical instruments company’s stock worth $5,692,000 after buying an additional 2,976 shares in the last quarter. Pinnacle Associates Ltd. purchased a new stake in shares of FARO Technologies in the first quarter worth $8,479,000. Alps Advisors Inc. raised its position in shares of FARO Technologies by 16.8% in the first quarter. Alps Advisors Inc. now owns 11,659 shares of the scientific and technical instruments company’s stock worth $512,000 after buying an additional 1,675 shares in the last quarter. Norges Bank purchased a new stake in shares of FARO Technologies in the fourth quarter worth $14,779,000. Finally, Metropolitan Life Insurance Co. NY raised its position in shares of FARO Technologies by 360.9% in the fourth quarter. Metropolitan Life Insurance Co. NY now owns 5,429 shares of the scientific and technical instruments company’s stock worth $221,000 after buying an additional 4,251 shares in the last quarter. Hedge funds and other institutional investors own 95.92% of the company’s stock.

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.

Further Reading: Swap

To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for FARO Technologies (NASDAQ:FARO)

Receive News & Ratings for FARO Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FARO Technologies and related companies with MarketBeat.com's FREE daily email newsletter.