Zacks Investment Research upgraded shares of FARO Technologies, Inc. (NASDAQ:FARO) from a strong sell rating to a hold rating in a research note issued to investors on Tuesday, October 3rd.

According to Zacks, “FARO Technologies, Inc. operates as a 3D measurement, imaging and realization technology company. It develops and markets computer-aided measurement and imaging devices and software. The company’s devices are used for inspecting components and assemblies, production planning, documenting large volume spaces or structures in 3D, surveying and construction, as well as for investigation and reconstruction of accident sites or crime scenes. Its products include FaroArm, FARO Laser ScanArm and FARO Gage articulated measuring devices, FARO Laser Tracker ION, FARO Focus3D, FARO 3D Imager AMP and companion CAM2 software. 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. “

FARO has been the subject of several other reports. ValuEngine raised FARO Technologies from a sell rating to a hold rating in a research note on Friday, June 9th. BidaskClub lowered FARO Technologies from a hold rating to a sell rating in a research report on Saturday, August 5th. Gabelli lowered FARO Technologies from a buy rating to a hold rating in a research report on Wednesday, August 9th. Canaccord Genuity upped their target price on FARO Technologies from $38.00 to $42.00 and gave the stock a buy rating in a research report on Thursday, August 3rd. Finally, Noble Financial reissued a buy rating on shares of FARO Technologies in a report on Thursday, August 3rd. One analyst has rated the stock with a sell rating, four have assigned a hold rating and four have assigned a buy rating to the stock. FARO Technologies presently has an average rating of Hold and an average price target of $39.40.

Shares of FARO Technologies (NASDAQ FARO) traded up 6.08% on Tuesday, hitting $40.10. 669,571 shares of the stock were exchanged. The company’s 50 day moving average is $36.50 and its 200-day moving average is $36.03. FARO Technologies has a 52-week low of $29.00 and a 52-week high of $40.60. The stock’s market cap is $669.99 million.

FARO Technologies (NASDAQ:FARO) last announced its earnings results on Tuesday, August 1st. The scientific and technical instruments company reported ($0.22) EPS for the quarter, missing the consensus estimate of $0.12 by ($0.34). FARO Technologies had a negative net margin of 0.13% and a negative return on equity of 0.13%. The company had revenue of $82.68 million for the quarter, compared to analysts’ expectations of $87.65 million. During the same period in the prior year, the company earned $0.20 earnings per share. The company’s revenue for the quarter was up 5.3% on a year-over-year basis. Analysts predict that FARO Technologies will post ($0.13) EPS for the current fiscal year.

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Hedge funds have recently added to or reduced their stakes in the stock. Schwab Charles Investment Management Inc. increased its stake in shares of FARO Technologies by 5.8% in the 1st quarter. Schwab Charles Investment Management Inc. now owns 71,705 shares of the scientific and technical instruments company’s stock valued at $2,564,000 after buying an additional 3,915 shares during the period. State of Tennessee Treasury Department increased its stake in shares of FARO Technologies by 17.8% in the 1st quarter. State of Tennessee Treasury Department now owns 16,283 shares of the scientific and technical instruments company’s stock valued at $582,000 after buying an additional 2,457 shares during the period. Comerica Bank increased its stake in shares of FARO Technologies by 3.7% in the 1st quarter. Comerica Bank now owns 18,419 shares of the scientific and technical instruments company’s stock valued at $689,000 after buying an additional 664 shares during the period. Royce & Associates LP increased its stake in shares of FARO Technologies by 1.7% in the 2nd quarter. Royce & Associates LP now owns 701,900 shares of the scientific and technical instruments company’s stock valued at $26,532,000 after buying an additional 11,500 shares during the period. Finally, Bank of America Corp DE grew its stake in shares of FARO Technologies by 93.7% during the first quarter. Bank of America Corp DE now owns 26,241 shares of the scientific and technical instruments company’s stock worth $938,000 after purchasing an additional 12,696 shares during the period. 94.64% of the stock is owned by hedge funds and other institutional investors.

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 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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