FARO Technologies (NASDAQ:FARO) Upgraded at BidaskClub

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

Several other equities research analysts also recently issued reports on FARO. ValuEngine downgraded shares of FARO Technologies from a buy rating to a hold rating in a research note on Wednesday, September 4th. Zacks Investment Research raised shares of FARO Technologies from a sell rating to a hold rating in a research report on Monday, September 9th. Seven research analysts have rated the stock with a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of Hold and an average target price of $56.95.

FARO opened at $54.54 on Thursday. The company has a quick ratio of 2.45, a current ratio of 3.16 and a debt-to-equity ratio of 0.04. FARO Technologies has a 52-week low of $37.58 and a 52-week high of $67.36. The company has a 50 day moving average of $50.59 and a two-hundred day moving average of $49.44. The company has a market cap of $951.39 million, a P/E ratio of 74.15 and a beta of 1.77.

FARO Technologies (NASDAQ:FARO) last released its quarterly earnings data on Wednesday, July 24th. The scientific and technical instruments company reported $0.14 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.13) by $0.27. FARO Technologies had a negative net margin of 0.75% and a positive return on equity of 3.42%. The company had revenue of $93.50 million during the quarter, compared to the consensus estimate of $96.32 million. During the same period in the previous year, the firm earned $0.07 earnings per share. FARO Technologies’s revenue for the quarter was down 4.8% on a year-over-year basis. Research analysts anticipate that FARO Technologies will post 0.25 earnings per share for the current year.

In other news, Director John Donofrio sold 2,873 shares of the business’s stock in a transaction on Monday, July 29th. The shares were sold at an average price of $52.43, for a total transaction 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 filing with the SEC, which is available at the SEC website. Insiders own 3.10% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of FARO. Aperio Group LLC raised its holdings in FARO Technologies by 3.1% in the second quarter. Aperio Group LLC now owns 7,250 shares of the scientific and technical instruments company’s stock valued at $381,000 after acquiring an additional 216 shares in the last quarter. Arizona State Retirement System raised its holdings in FARO Technologies by 1.0% in the second quarter. Arizona State Retirement System now owns 26,881 shares of the scientific and technical instruments company’s stock valued at $1,413,000 after acquiring an additional 266 shares in the last quarter. ARK Investment Management LLC raised its holdings in FARO Technologies by 3.5% in the first quarter. ARK Investment Management LLC now owns 10,334 shares of the scientific and technical instruments company’s stock valued at $454,000 after acquiring an additional 346 shares in the last quarter. Comerica Bank raised its holdings in FARO Technologies by 2.3% in the first quarter. Comerica Bank now owns 17,102 shares of the scientific and technical instruments company’s stock valued at $960,000 after acquiring an additional 378 shares in the last quarter. Finally, Advisors Asset Management Inc. raised its holdings in FARO Technologies by 12.3% in the first quarter. Advisors Asset Management Inc. now owns 3,544 shares of the scientific and technical instruments company’s stock valued at $156,000 after acquiring an additional 387 shares in the last quarter. 98.34% 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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Analyst Recommendations for FARO Technologies (NASDAQ:FARO)

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