FARO Technologies (NASDAQ:FARO) Issues Quarterly Earnings Results, Misses Expectations By $0.16 EPS

FARO Technologies (NASDAQ:FAROGet Rating) issued its earnings results on Wednesday. The scientific and technical instruments company reported ($0.14) earnings per share (EPS) for the quarter, missing the consensus estimate of $0.02 by ($0.16), MarketWatch Earnings reports. FARO Technologies had a negative net margin of 13.73% and a negative return on equity of 13.39%. During the same period in the prior year, the company posted ($0.18) EPS. FARO Technologies updated its Q2 guidance to $(0.17)-$0.04 EPS.

NASDAQ FARO traded down $0.02 during trading on Friday, hitting $34.29. 277,033 shares of the stock traded hands, compared to its average volume of 96,146. The company has a market capitalization of $626.14 million, a P/E ratio of -13.50 and a beta of 1.40. The firm has a 50-day simple moving average of $50.49 and a 200-day simple moving average of $60.97. FARO Technologies has a 12-month low of $32.52 and a 12-month high of $83.39.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FARO. Royal Bank of Canada increased its position in shares of FARO Technologies by 1,246.0% during the 2nd quarter. Royal Bank of Canada now owns 1,346 shares of the scientific and technical instruments company’s stock valued at $105,000 after purchasing an additional 1,246 shares during the last quarter. Susquehanna International Group LLP bought a new position in shares of FARO Technologies during the 4th quarter valued at approximately $205,000. Cubist Systematic Strategies LLC bought a new position in shares of FARO Technologies during the 4th quarter valued at approximately $466,000. Barclays PLC increased its position in shares of FARO Technologies by 63.6% during the 4th quarter. Barclays PLC now owns 23,753 shares of the scientific and technical instruments company’s stock valued at $1,663,000 after purchasing an additional 9,230 shares during the last quarter. Finally, California State Teachers Retirement System increased its position in shares of FARO Technologies by 2.2% during the 4th quarter. California State Teachers Retirement System now owns 25,169 shares of the scientific and technical instruments company’s stock valued at $1,762,000 after purchasing an additional 532 shares during the last quarter. 96.66% of the stock is currently owned by hedge funds and other institutional investors.

Several analysts recently issued reports on FARO shares. TheStreet downgraded FARO Technologies from a “c” rating to a “d+” rating in a research note on Friday, February 18th. Craig Hallum cut FARO Technologies from a “buy” rating to a “hold” rating and cut their price target for the company from $74.00 to $40.00 in a report on Thursday. StockNews.com began coverage on FARO Technologies in a report on Thursday, March 31st. They set a “hold” rating for the company. Needham & Company LLC cut their price target on FARO Technologies from $72.00 to $50.00 in a report on Thursday. Finally, Robert W. Baird cut their price target on FARO Technologies from $62.00 to $50.00 in a report on Thursday. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $46.67.

About FARO Technologies (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.

See Also

Earnings History for FARO Technologies (NASDAQ:FARO)

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