FARO Technologies (NASDAQ:FARO) Price Target Cut to $50.00 by Analysts at Needham & Company LLC

FARO Technologies (NASDAQ:FAROGet Rating) had its target price dropped by equities research analysts at Needham & Company LLC from $72.00 to $50.00 in a research report issued to clients and investors on Thursday, The Fly reports. Needham & Company LLC’s price objective would indicate a potential upside of 15.21% from the stock’s previous close.

A number of other research analysts also recently commented on the stock. Craig Hallum downgraded shares of FARO Technologies from a “buy” rating to a “hold” rating and dropped their price objective for the company from $74.00 to $40.00 in a research note on Thursday. StockNews.com initiated coverage on FARO Technologies in a report on Thursday, March 31st. They issued a “hold” rating for the company. Robert W. Baird reduced their target price on FARO Technologies from $62.00 to $50.00 in a research note on Thursday. Finally, TheStreet cut FARO Technologies from a “c” rating to a “d+” rating in a research note on Friday, February 18th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat.com, FARO Technologies presently has a consensus rating of “Hold” and a consensus price target of $46.67.

Shares of NASDAQ FARO opened at $43.40 on Thursday. The firm has a market capitalization of $792.53 million, a P/E ratio of -19.82 and a beta of 1.40. FARO Technologies has a one year low of $42.68 and a one year high of $89.36. The company’s fifty day moving average is $51.26 and its two-hundred day moving average is $61.37.

FARO Technologies (NASDAQ:FAROGet Rating) last issued its earnings results on Wednesday, April 27th. The scientific and technical instruments company reported ($0.14) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.16). FARO Technologies had a negative return on equity of 11.49% and a negative net margin of 11.83%. During the same quarter in the previous year, the business earned ($0.18) EPS. As a group, equities research analysts forecast that FARO Technologies will post -0.1 earnings per share for the current year.

Institutional investors and hedge funds have recently made changes to their positions in the stock. Advisor Group Holdings Inc. lifted its stake in FARO Technologies by 40.1% during the fourth quarter. Advisor Group Holdings Inc. now owns 702 shares of the scientific and technical instruments company’s stock worth $49,000 after purchasing an additional 201 shares during the last quarter. Royal Bank of Canada lifted its stake in FARO Technologies by 1,246.0% during the second quarter. Royal Bank of Canada now owns 1,346 shares of the scientific and technical instruments company’s stock worth $105,000 after purchasing an additional 1,246 shares during the last quarter. Susquehanna International Group LLP bought a new position in FARO Technologies during the fourth quarter worth $205,000. Handelsbanken Fonder AB lifted its stake in FARO Technologies by 30.8% during the third quarter. Handelsbanken Fonder AB now owns 3,400 shares of the scientific and technical instruments company’s stock worth $224,000 after purchasing an additional 800 shares during the last quarter. Finally, Inspire Investing LLC bought a new position in FARO Technologies during the third quarter worth $226,000. Hedge funds and other institutional investors own 96.66% of the company’s stock.

FARO Technologies Company Profile (Get Rating)

FARO Technologies, Inc designs, develops, manufactures, markets, and supports software driven three-dimensional measurement, imaging, and realization solutions in North America, South America, Europe, the Middle East, Africa, and the Asia-Pacific. 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 quickly and accurate position components; and FARO Laser Scanning Portfolio to measure and collect a cloud of data points.

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