FARO Technologies (FARO) Downgraded to “Sell” at ValuEngine

FARO Technologies (NASDAQ:FARO) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a note issued to investors on Thursday.

Other research analysts have also recently issued research reports about the stock. Craig Hallum upped their target price on shares of FARO Technologies from $64.00 to $82.00 and gave the company a “buy” rating in a report on Friday, July 27th. BidaskClub upgraded shares of FARO Technologies from a “hold” rating to a “buy” rating in a report on Tuesday, July 24th. Finally, Zacks Investment Research cut shares of FARO Technologies from a “hold” rating to a “strong sell” rating in a report on Monday, July 30th. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $64.40.

Shares of FARO Technologies stock traded down $2.01 during trading hours on Thursday, hitting $44.00. The company had a trading volume of 162,280 shares, compared to its average volume of 75,390. FARO Technologies has a twelve month low of $43.26 and a twelve month high of $70.20. The stock has a market cap of $858.11 million, a price-to-earnings ratio of 73.25 and a beta of 1.68.

FARO Technologies (NASDAQ:FARO) last issued its earnings results on Wednesday, October 31st. The scientific and technical instruments company reported $0.09 earnings per share (EPS) for the quarter, missing the 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 3.20%. The company had revenue of $99.71 million during the quarter, compared to analyst estimates of $102.53 million. During the same quarter in the previous year, the company posted $0.10 EPS. The company’s quarterly revenue was up 10.5% on a year-over-year basis. Analysts expect that FARO Technologies will post 0.83 earnings per share for the current year.

In related news, COO Kathleen Hall sold 5,921 shares of the stock in a transaction on 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 sale, the chief operating officer now owns 15,030 shares in the company, valued at approximately $1,015,126.20. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, insider Simon Raab sold 15,000 shares of the stock in a transaction on Friday, August 17th. The stock was sold at an average price of $66.17, for a total transaction of $992,550.00. Following the sale, the insider now owns 30,047 shares of the company’s stock, valued at approximately $1,988,209.99. The disclosure for this sale can be found here. In the last quarter, insiders have sold 93,495 shares of company stock valued at $6,285,077. 3.10% of the stock is owned by company insiders.

A number of large investors have recently modified their holdings of FARO. BlackRock Inc. boosted its stake in FARO Technologies by 8.1% during the 2nd quarter. BlackRock Inc. now owns 2,346,813 shares of the scientific and technical instruments company’s stock worth $127,551,000 after purchasing an additional 175,276 shares during the period. WINTON GROUP Ltd acquired a new stake in FARO Technologies during the 3rd quarter worth $8,920,000. Paradice Investment Management LLC boosted its stake in FARO Technologies by 19.8% during the 2nd quarter. Paradice Investment Management LLC now owns 818,070 shares of the scientific and technical instruments company’s stock worth $44,462,000 after purchasing an additional 135,425 shares during the period. Cortina Asset Management LLC acquired a new stake in FARO Technologies during the 2nd quarter worth $5,810,000. Finally, Royce & Associates LP boosted its stake in FARO Technologies by 8.0% during the 2nd quarter. Royce & Associates LP now owns 620,243 shares of the scientific and technical instruments company’s stock worth $33,710,000 after purchasing an additional 46,200 shares during the period. Hedge funds and other institutional investors own 93.85% 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 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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