FARO Technologies (FARO) Cut to Sell at ValuEngine

ValuEngine lowered shares of FARO Technologies (NASDAQ:FARO) from a hold rating to a sell rating in a research report report published on Thursday.

FARO has been the topic of several other reports. BidaskClub downgraded FARO Technologies from a sell rating to a strong sell rating in a research report on Saturday, October 13th. Zacks Investment Research downgraded FARO Technologies from a hold rating to a strong sell rating in a research report on Monday, July 30th. Finally, Craig Hallum increased their price target on FARO Technologies from $64.00 to $82.00 and gave the stock a buy rating in a research report on Friday, July 27th. Three research analysts have rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. The stock has an average rating of Hold and a consensus price target of $64.40.

FARO Technologies stock traded down $2.01 during trading on Thursday, hitting $44.00. The company had a trading volume of 162,280 shares, compared to its average volume of 86,170. FARO Technologies has a 1-year low of $43.26 and a 1-year high of $70.20. The company has a market capitalization of $747.08 million, a PE ratio of 63.77 and a beta of 1.68.

FARO Technologies (NASDAQ:FARO) last issued its quarterly earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $0.09 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.06). FARO Technologies had a negative net margin of 2.99% and a positive return on equity of 3.18%. The business had revenue of $99.71 million during the quarter, compared to analysts’ expectations of $102.53 million. During the same period in the prior year, the business earned $0.10 EPS. The business’s quarterly revenue was up 10.5% on a year-over-year basis. As a group, research analysts predict that FARO Technologies will post 0.83 earnings per share for the current year.

In related news, insider Simon Raab sold 15,000 shares of the firm’s stock in a transaction dated Friday, August 17th. The shares were sold at an average price of $66.17, for a total value of $992,550.00. Following the transaction, the insider now directly owns 30,047 shares of the company’s stock, valued at approximately $1,988,209.99. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, COO Kathleen Hall sold 5,921 shares of the firm’s stock in a transaction dated Monday, August 13th. The shares were sold at an average price of $67.54, for a total transaction of $399,904.34. Following the completion of the transaction, the chief operating officer now directly owns 15,030 shares in the company, valued at $1,015,126.20. The disclosure for this sale can be found here. Insiders sold a total of 93,495 shares of company stock worth $6,285,077 over the last ninety days. 3.10% of the stock is currently owned by corporate insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FARO. Wells Fargo & Company MN increased its holdings in shares of FARO Technologies by 18.7% during the 1st quarter. Wells Fargo & Company MN now owns 13,026 shares of the scientific and technical instruments company’s stock worth $761,000 after buying an additional 2,049 shares during the last quarter. Russell Investments Group Ltd. increased its holdings in FARO Technologies by 704.1% in the 1st quarter. Russell Investments Group Ltd. now owns 5,862 shares of the scientific and technical instruments company’s stock valued at $342,000 after purchasing an additional 5,133 shares during the last quarter. Principal Financial Group Inc. increased its holdings in FARO Technologies by 3.0% in the 1st quarter. Principal Financial Group Inc. now owns 128,754 shares of the scientific and technical instruments company’s stock valued at $7,519,000 after purchasing an additional 3,706 shares during the last quarter. Baillie Gifford & Co. increased its holdings in FARO Technologies by 2.5% in the 2nd quarter. Baillie Gifford & Co. now owns 309,600 shares of the scientific and technical instruments company’s stock valued at $16,827,000 after purchasing an additional 7,467 shares during the last quarter. Finally, Nisa Investment Advisors LLC acquired a new stake in FARO Technologies in the 2nd quarter valued at approximately $1,353,000. 93.85% 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, imaging, and realization systems. The company offers FaroArm, a combination of six or seven-axis, 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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To view ValuEngine’s full report, visit ValuEngine’s official website.

Analyst Recommendations for FARO Technologies (NASDAQ:FARO)

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