FARO Technologies (NASDAQ:FARO) Stock Rating Lowered by Zacks Investment Research

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Zacks Investment Research lowered shares of FARO Technologies (NASDAQ:FARO) from a hold rating to a sell rating in a report released on Monday, 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. “

FARO has been the topic of several other reports. ValuEngine upgraded shares of FARO Technologies from a hold rating to a buy rating in a research report on Thursday, August 1st. Needham & Company LLC cut shares of FARO Technologies from a buy rating to a hold rating in a research note on Friday, May 3rd. Finally, BidaskClub raised shares of FARO Technologies from a sell rating to a hold rating in a research note on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus price target of $56.95.

FARO Technologies stock opened at $48.62 on Monday. The firm’s 50-day moving average is $50.07 and its 200-day moving average is $48.76. The company has a debt-to-equity ratio of 0.04, a quick ratio of 2.45 and a current ratio of 3.16. FARO Technologies has a 1 year low of $37.58 and a 1 year high of $69.00. The company has a market cap of $862.45 million, a P/E ratio of 105.70 and a beta of 1.79.

FARO Technologies (NASDAQ:FARO) last issued 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 Thomson Reuters’ consensus estimate of ($0.13) by $0.27. The firm had revenue of $93.50 million for the quarter, compared to the consensus estimate of $96.32 million. FARO Technologies had a negative net margin of 0.75% and a positive return on equity of 3.42%. FARO Technologies’s quarterly revenue was down 4.8% compared to the same quarter last year. During the same period last year, the firm posted $0.07 EPS. As a group, sell-side analysts predict that FARO Technologies will post 0.33 earnings per share for the current year.

In other news, Director John Donofrio sold 2,873 shares of FARO Technologies stock in a transaction that occurred on Monday, July 29th. The shares were sold at an average price of $52.43, for a total value of $150,631.39. Following the transaction, the director now directly owns 21,075 shares of the company’s stock, valued at $1,104,962.25. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 3.10% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the company. Nuveen Asset Management LLC bought a new stake in FARO Technologies in the 2nd quarter valued at $6,019,000. D. E. Shaw & Co. Inc. bought a new stake in FARO Technologies in the 2nd quarter valued at $298,000. Potrero Capital Research LLC bought a new stake in FARO Technologies in the 2nd quarter valued at $2,639,000. Morgan Stanley increased its holdings in FARO Technologies by 1,911.9% in the 2nd quarter. Morgan Stanley now owns 76,432 shares of the scientific and technical instruments company’s stock valued at $4,018,000 after buying an additional 72,633 shares during the period. Finally, Bank of America Corp DE increased its holdings in FARO Technologies by 51.7% in the 2nd quarter. Bank of America Corp DE now owns 13,023 shares of the scientific and technical instruments company’s stock valued at $685,000 after buying an additional 4,436 shares during the period. 95.58% of the stock is currently owned by institutional investors and hedge funds.

FARO Technologies Company Profile

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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