Zacks Investment Research Upgrades FARO Technologies, Inc. (FARO) to Buy

FARO Technologies, Inc. (NASDAQ:FARO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Tuesday. The firm presently has a $58.00 price target on the scientific and technical instruments company’s stock. Zacks Investment Research‘s target price points to a potential upside of 12.40% from the stock’s previous close.

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 subject of a number of other research reports. Stifel Nicolaus set a $33.00 price target on FARO Technologies and gave the stock a “hold” rating in a research report on Friday, October 6th. ValuEngine raised FARO Technologies from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. Canaccord Genuity reaffirmed a “buy” rating and set a $52.00 price target (up previously from $42.00) on shares of FARO Technologies in a research report on Monday, October 30th. BidaskClub downgraded FARO Technologies from a “hold” rating to a “sell” rating in a research report on Saturday, August 5th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $53.00 price target (up previously from $39.00) on shares of FARO Technologies in a research report on Sunday, October 29th. One analyst has rated the stock with a sell rating, three have given a hold rating and five have assigned a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $50.33.

FARO Technologies (NASDAQ:FARO) opened at $51.60 on Tuesday. FARO Technologies has a 12-month low of $31.90 and a 12-month high of $54.40.

FARO Technologies (NASDAQ:FARO) last released its quarterly earnings results on Thursday, October 26th. The scientific and technical instruments company reported $0.10 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.04) by $0.14. FARO Technologies had a return on equity of 0.03% and a net margin of 0.03%. The firm had revenue of $90.25 million during the quarter, compared to the consensus estimate of $89.34 million. During the same quarter in the prior year, the firm posted $0.07 EPS. The business’s revenue was up 13.4% on a year-over-year basis. equities research analysts expect that FARO Technologies will post 0.1 EPS for the current fiscal year.

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Institutional investors have recently made changes to their positions in the company. State of Alaska Department of Revenue raised its stake in shares of FARO Technologies by 79.0% during the 2nd quarter. State of Alaska Department of Revenue now owns 3,294 shares of the scientific and technical instruments company’s stock worth $124,000 after purchasing an additional 1,454 shares in the last quarter. Victory Capital Management Inc. raised its stake in shares of FARO Technologies by 17.7% during the 2nd quarter. Victory Capital Management Inc. now owns 3,811 shares of the scientific and technical instruments company’s stock worth $144,000 after purchasing an additional 572 shares in the last quarter. Municipal Employees Retirement System of Michigan raised its stake in shares of FARO Technologies by 3.4% during the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 3,930 shares of the scientific and technical instruments company’s stock worth $149,000 after purchasing an additional 130 shares in the last quarter. Aperio Group LLC raised its stake in shares of FARO Technologies by 2.6% during the 2nd quarter. Aperio Group LLC now owns 5,927 shares of the scientific and technical instruments company’s stock worth $224,000 after purchasing an additional 150 shares in the last quarter. Finally, BNP Paribas Arbitrage SA raised its stake in shares of FARO Technologies by 71.8% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 5,956 shares of the scientific and technical instruments company’s stock worth $225,000 after purchasing an additional 2,490 shares in the last quarter. Institutional investors own 93.47% of the company’s stock.

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.

Analyst Recommendations for FARO Technologies (NASDAQ:FARO)

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