Brokerages predict that FARO Technologies, Inc. (NASDAQ:FARO) will report sales of $119.27 million for the current quarter, according to Zacks Investment Research. Two analysts have provided estimates for FARO Technologies’ earnings, with the lowest sales estimate coming in at $118.04 million and the highest estimate coming in at $120.50 million. FARO Technologies reported sales of $106.42 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 12.1%. The business is scheduled to issue its next earnings report on Wednesday, February 20th.
According to Zacks, analysts expect that FARO Technologies will report full year sales of $410.31 million for the current fiscal year, with estimates ranging from $408.00 million to $414.10 million. For the next fiscal year, analysts anticipate that the firm will report sales of $462.78 million, with estimates ranging from $449.00 million to $477.00 million. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that follow FARO Technologies.
FARO Technologies (NASDAQ:FARO) last posted its quarterly earnings data on Wednesday, October 31st. The scientific and technical instruments company reported $0.09 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.15 by ($0.06). The firm had revenue of $99.71 million during the quarter, compared to analyst estimates of $102.53 million. FARO Technologies had a negative net margin of 2.99% and a positive return on equity of 3.18%. FARO Technologies’s revenue was up 10.5% compared to the same quarter last year. During the same period in the previous year, the company posted $0.10 earnings per share.
FARO has been the subject of several research analyst reports. Zacks Investment Research downgraded FARO Technologies from a “hold” rating to a “sell” rating in a report on Tuesday, November 6th. ValuEngine downgraded FARO Technologies from a “hold” rating to a “sell” rating in a report on Thursday, November 1st. Needham & Company LLC reissued a “buy” rating and issued a $60.00 price objective on shares of FARO Technologies in a report on Friday, November 2nd. BidaskClub downgraded FARO Technologies from a “buy” rating to a “hold” rating in a report on Friday, September 7th. Finally, Berenberg Bank initiated coverage on FARO Technologies in a report on Wednesday, November 14th. They issued a “buy” rating for the company. Three research analysts have rated the stock with a sell rating, one has assigned a hold rating and five have given a buy rating to the company. FARO Technologies presently has a consensus rating of “Hold” and a consensus target price of $64.40.
In other news, CEO Simon Raab sold 2,711 shares of the company’s stock in a transaction that occurred on Friday, September 21st. The stock was sold at an average price of $65.27, for a total transaction of $176,946.97. Following the completion of the sale, the chief executive officer now owns 32,758 shares in the company, valued at $2,138,114.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 7,402 shares of company stock valued at $483,234 in the last 90 days. Company insiders own 3.10% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the company. BlackRock Inc. raised its stake in shares of FARO Technologies by 5.2% during the third quarter. BlackRock Inc. now owns 2,468,667 shares of the scientific and technical instruments company’s stock worth $158,858,000 after purchasing an additional 121,854 shares during the last quarter. Vanguard Group Inc. raised its stake in shares of FARO Technologies by 2.6% during the third quarter. Vanguard Group Inc. now owns 1,728,790 shares of the scientific and technical instruments company’s stock worth $111,248,000 after purchasing an additional 43,084 shares during the last quarter. Royce & Associates LP raised its stake in shares of FARO Technologies by 8.0% during the second 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 last quarter. Vident Investment Advisory LLC raised its stake in shares of FARO Technologies by 1.8% during the third quarter. Vident Investment Advisory LLC now owns 451,760 shares of the scientific and technical instruments company’s stock worth $29,071,000 after purchasing an additional 7,898 shares during the last quarter. Finally, Mirae Asset Global Investments Co. Ltd. raised its stake in shares of FARO Technologies by 3,247.5% during the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 431,827 shares of the scientific and technical instruments company’s stock worth $27,787,000 after purchasing an additional 418,927 shares during the last quarter. Institutional investors and hedge funds own 94.63% of the company’s stock.
Shares of FARO stock traded down $3.07 during trading hours on Wednesday, hitting $47.07. The stock had a trading volume of 57,542 shares, compared to its average volume of 67,688. The company has a market capitalization of $857.82 million, a P/E ratio of 162.31 and a beta of 1.62. FARO Technologies has a twelve month low of $43.26 and a twelve month high of $70.20.
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 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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