Shares of FARO Technologies, Inc. (NASDAQ:FARO) have been assigned a consensus recommendation of “Buy” from the six analysts that are covering the stock, Marketbeat reports. Two research analysts have rated the stock with a hold recommendation and four have given a buy recommendation to the company. The average 1 year price target among analysts that have issued ratings on the stock in the last year is $42.00.

Several brokerages recently commented on FARO. Noble Financial restated a “buy” rating on shares of FARO Technologies in a report on Saturday, May 13th. Needham & Company LLC reduced their target price on shares of FARO Technologies from $38.00 to $37.00 and set a “buy” rating for the company in a report on Thursday, May 11th. Canaccord Genuity restated a “buy” rating on shares of FARO Technologies in a report on Thursday, May 11th. ValuEngine upgraded shares of FARO Technologies from a “sell” rating to a “hold” rating in a report on Friday, June 9th. Finally, Craig Hallum began coverage on shares of FARO Technologies in a report on Tuesday, June 27th. They set a “buy” rating and a $45.00 target price for the company.

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Shares of FARO Technologies (NASDAQ:FARO) traded up 0.51% during midday trading on Monday, hitting $39.60. 47,363 shares of the company’s stock were exchanged. The company has a 50-day moving average of $37.73 and a 200-day moving average of $36.21. The firm has a market cap of $661.00 million, a price-to-earnings ratio of 101.54 and a beta of 1.30. FARO Technologies has a 52 week low of $29.00 and a 52 week high of $40.15.

FARO Technologies (NASDAQ:FARO) last released its quarterly earnings results on Tuesday, May 9th. The scientific and technical instruments company reported ($0.09) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.05 by $0.14. FARO Technologies had a net margin of 1.98% and a return on equity of 1.92%. The company had revenue of $81.60 million during the quarter, compared to analyst estimates of $77.74 million. During the same quarter last year, the company earned $0.19 EPS. The firm’s quarterly revenue was up 7.8% compared to the same quarter last year. Equities research analysts expect that FARO Technologies will post $0.51 EPS for the current fiscal year.

A number of hedge funds have recently made changes to their positions in FARO. Karp Capital Management Corp purchased a new stake in shares of FARO Technologies during the first quarter worth approximately $207,000. Comerica Bank raised its position in shares of FARO Technologies by 3.7% in the first 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 last quarter. Bank of New York Mellon Corp raised its position in shares of FARO Technologies by 9.3% in the first quarter. Bank of New York Mellon Corp now owns 521,458 shares of the scientific and technical instruments company’s stock valued at $18,642,000 after buying an additional 44,526 shares during the last quarter. Thompson Investment Management Inc. raised its position in shares of FARO Technologies by 7.8% in the first quarter. Thompson Investment Management Inc. now owns 6,250 shares of the scientific and technical instruments company’s stock valued at $223,000 after buying an additional 450 shares during the last quarter. Finally, Great West Life Assurance Co. Can raised its position in shares of FARO Technologies by 6.6% in the first quarter. Great West Life Assurance Co. Can now owns 23,154 shares of the scientific and technical instruments company’s stock valued at $827,000 after buying an additional 1,429 shares during the last quarter. 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 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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