FARO Technologies (NASDAQ:FARO)‘s stock had its “buy” rating reissued by research analysts at Canaccord Genuity in a research report issued on Thursday. They presently have a $66.00 price objective on the scientific and technical instruments company’s stock. Canaccord Genuity’s price objective points to a potential upside of 10.00% from the stock’s current price.
The analysts wrote, “We reiterate a BUY rating on FARO as the company appears well positioned to deliver operating leverage as revenue growth rates recover into the mid-teens. New product introductions and investments in emerging verticals should drive more sustainable growth going forward. We are increasing our estimates and take our price target to $62 based on newly introduced 2019 numbers.””
A number of other analysts have also commented on the company. Zacks Investment Research raised FARO Technologies from a “hold” rating to a “strong-buy” rating and set a $54.00 price target for the company in a research note on Monday, January 1st. BidaskClub upgraded FARO Technologies from a “sell” rating to a “hold” rating in a report on Tuesday, January 9th. Craig Hallum set a $55.00 price objective on FARO Technologies and gave the stock a “buy” rating in a report on Monday, October 30th. Noble Financial reiterated a “buy” rating on shares of FARO Technologies in a report on Friday, November 3rd. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $53.00 price objective (up previously from $39.00) on shares of FARO Technologies in a report on Sunday, October 29th. Five equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. FARO Technologies has a consensus rating of “Hold” and an average target price of $56.17.
Shares of FARO Technologies (FARO) opened at $60.00 on Thursday. FARO Technologies has a 52 week low of $31.90 and a 52 week high of $62.15. The company has a market capitalization of $996.85, a price-to-earnings ratio of -29.70 and a beta of 1.62.
FARO Technologies (NASDAQ:FARO) last announced its quarterly earnings results on Wednesday, February 21st. The scientific and technical instruments company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.36 by $0.14. FARO Technologies had a positive return on equity of 1.39% and a negative net margin of 4.02%. The company had revenue of $106.40 million during the quarter, compared to analyst estimates of $104.31 million. During the same quarter last year, the firm posted $0.21 earnings per share. The firm’s revenue was up 16.0% on a year-over-year basis. analysts predict that FARO Technologies will post 0.94 earnings per share for the current fiscal year.
A number of institutional investors and hedge funds have recently bought and sold shares of FARO. Municipal Employees Retirement System of Michigan raised its holdings in FARO Technologies by 59.3% in the third quarter. Municipal Employees Retirement System of Michigan now owns 6,260 shares of the scientific and technical instruments company’s stock worth $239,000 after purchasing an additional 2,330 shares in the last quarter. Teacher Retirement System of Texas bought a new position in FARO Technologies in the fourth quarter worth $272,000. Voya Investment Management LLC raised its holdings in FARO Technologies by 13.5% in the second quarter. Voya Investment Management LLC now owns 8,197 shares of the scientific and technical instruments company’s stock worth $310,000 after purchasing an additional 974 shares in the last quarter. BNP Paribas Arbitrage SA raised its holdings in FARO Technologies by 50.4% in the third quarter. BNP Paribas Arbitrage SA now owns 8,955 shares of the scientific and technical instruments company’s stock worth $343,000 after purchasing an additional 2,999 shares in the last quarter. Finally, Advisory Research Inc. bought a new position in FARO Technologies in the fourth quarter worth $354,000. Institutional investors and hedge funds own 98.57% of the company’s stock.
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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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