StockNews.com Downgrades FARO Technologies (NASDAQ:FARO) to Buy

FARO Technologies (NASDAQ:FARO) was downgraded by investment analysts at StockNews.com from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Friday.

Other analysts have also recently issued reports about the company. Craig Hallum increased their price objective on FARO Technologies from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. Needham & Company LLC lifted their price objective on FARO Technologies from $34.00 to $37.00 and gave the stock a “buy” rating in a report on Tuesday, February 25th.

FARO Technologies Trading Up 1.8 %

FARO opened at $31.96 on Friday. FARO Technologies has a one year low of $13.52 and a one year high of $33.13. The company has a market cap of $606.66 million, a P/E ratio of -91.31 and a beta of 1.40. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.83 and a current ratio of 2.17. The business’s 50-day simple moving average is $28.81 and its 200-day simple moving average is $23.52.

FARO Technologies (NASDAQ:FARO) last released its quarterly earnings results on Monday, February 24th. The scientific and technical instruments company reported $0.50 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.40 by $0.10. The firm had revenue of $93.54 million for the quarter, compared to the consensus estimate of $91.40 million. FARO Technologies had a negative return on equity of 2.49% and a negative net margin of 1.87%. During the same quarter last year, the business posted $0.36 EPS.

Insiders Place Their Bets

In other FARO Technologies news, Director Yuval Wasserman sold 5,658 shares of the firm’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $31.35, for a total transaction of $177,378.30. Following the completion of the transaction, the director now owns 153,512 shares of the company’s stock, valued at approximately $4,812,601.20. This trade represents a 3.55 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 2.10% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On FARO Technologies

Several hedge funds have recently bought and sold shares of FARO. GSA Capital Partners LLP increased its position in FARO Technologies by 27.6% during the third quarter. GSA Capital Partners LLP now owns 78,277 shares of the scientific and technical instruments company’s stock worth $1,498,000 after buying an additional 16,944 shares in the last quarter. Royce & Associates LP increased its position in FARO Technologies by 20.0% during the third quarter. Royce & Associates LP now owns 1,409,031 shares of the scientific and technical instruments company’s stock worth $26,969,000 after buying an additional 234,650 shares in the last quarter. Quest Partners LLC grew its position in shares of FARO Technologies by 196.7% in the third quarter. Quest Partners LLC now owns 31,622 shares of the scientific and technical instruments company’s stock valued at $605,000 after purchasing an additional 20,963 shares during the period. Charles Schwab Investment Management Inc. grew its position in shares of FARO Technologies by 4.8% in the third quarter. Charles Schwab Investment Management Inc. now owns 222,559 shares of the scientific and technical instruments company’s stock valued at $4,260,000 after purchasing an additional 10,228 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of FARO Technologies in the third quarter valued at $213,000. Hedge funds and other institutional investors own 97.19% of the company’s stock.

About FARO Technologies

FARO Technologies, Inc designs, develops, manufactures, markets, and supports software driven three-dimensional measurement, imaging, and realization solutions worldwide. The company offers FaroArm, a combination of a portable articulated measurement arm, a computer, and CAM2 software programs; FARO Laser Tracker, a combination of a portable large-volume laser measurement tool, a computer, and CAM2 software programs; FARO Laser Projector, which provides a virtual template that operators and assemblers can use to position components; FARO Laser Scanning Portfolio to measure and collect a cloud of data points for 3D rendering of an object or area; and FARO Mobile Laser Portfolio provides 3D scanning while attached to other mobile devices, such as drones for metrology, reverse engineering, factory automation, building information modeling, public safety, and other applications.