FARO Technologies, Inc. (FARO) Cut to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of FARO Technologies, Inc. (NASDAQ:FARO) from a buy rating to a hold rating in a research note published on Monday.

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. “

Several other research firms also recently issued reports on FARO. Noble Financial reiterated a buy rating on shares of FARO Technologies in a research note on Friday, November 3rd. Craig Hallum set a $55.00 price objective on shares of FARO Technologies and gave the stock a buy rating in a research note on Monday, October 30th. Stifel Nicolaus boosted their price objective on shares of FARO Technologies from $33.00 to $46.00 and gave the stock a hold rating in a research note on Monday, October 30th. Canaccord Genuity restated a buy rating and issued a $52.00 target price (up from $42.00) on shares of FARO Technologies in a research note on Monday, October 30th. Finally, Needham & Company LLC restated a buy rating and issued a $53.00 target price (up from $39.00) on shares of FARO Technologies in a research note on Sunday, October 29th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and five have issued a buy rating to the stock. FARO Technologies has a consensus rating of Hold and an average price target of $50.33.

Shares of FARO Technologies (NASDAQ:FARO) opened at $51.60 on Monday. FARO Technologies has a 52 week low of $31.90 and a 52 week high of $54.40.

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

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Several hedge funds have recently made changes to their positions in FARO. OppenheimerFunds Inc. purchased a new position in shares of FARO Technologies in the first quarter valued at $255,000. Principal Financial Group Inc. boosted its stake in shares of FARO Technologies by 3.7% in the first quarter. Principal Financial Group Inc. now owns 126,788 shares of the scientific and technical instruments company’s stock valued at $4,533,000 after purchasing an additional 4,509 shares during the period. Teachers Advisors LLC boosted its stake in shares of FARO Technologies by 4.6% in the first quarter. Teachers Advisors LLC now owns 30,898 shares of the scientific and technical instruments company’s stock valued at $1,105,000 after purchasing an additional 1,360 shares during the period. Legal & General Group Plc boosted its stake in shares of FARO Technologies by 1.6% in the first quarter. Legal & General Group Plc now owns 29,507 shares of the scientific and technical instruments company’s stock valued at $1,055,000 after purchasing an additional 459 shares during the period. Finally, Thrivent Financial For Lutherans boosted its stake in shares of FARO Technologies by 4.2% in the first quarter. Thrivent Financial For Lutherans now owns 9,390 shares of the scientific and technical instruments company’s stock valued at $336,000 after purchasing an additional 380 shares during the period. Institutional investors and hedge funds 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.

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