FARO Technologies (NASDAQ:FARO) Posts Earnings Results, Misses Estimates By $0.16 EPS

FARO Technologies (NASDAQ:FAROGet Rating) announced its earnings results on Wednesday. The scientific and technical instruments company reported ($0.14) EPS for the quarter, missing analysts’ consensus estimates 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.

Shares of NASDAQ FARO traded down $0.02 during trading on Friday, reaching $34.29. The company had a trading volume of 277,033 shares, compared to its average volume of 96,146. FARO Technologies has a 12-month low of $32.52 and a 12-month high of $83.39. The stock has a market cap of $626.14 million, a PE ratio of -13.50 and a beta of 1.40. The business’s 50-day moving average is $50.49 and its 200 day moving average is $60.97.

A number of equities analysts recently commented on the company. StockNews.com assumed coverage on FARO Technologies in a report on Thursday, March 31st. They set a “hold” rating for the company. Craig Hallum downgraded FARO Technologies from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $74.00 to $40.00 in a report on Thursday. TheStreet downgraded FARO Technologies from a “c” rating to a “d+” rating in a report on Friday, February 18th. Robert W. Baird decreased their price objective on FARO Technologies from $62.00 to $50.00 in a report on Thursday. Finally, Needham & Company LLC decreased their price objective on FARO Technologies from $72.00 to $50.00 in a report on Thursday. One analyst has rated the stock with a sell rating, two have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, FARO Technologies presently has an average rating of “Hold” and an average target price of $46.67.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. State Street Corp grew its stake in shares of FARO Technologies by 11.3% in the fourth quarter. State Street Corp now owns 673,325 shares of the scientific and technical instruments company’s stock worth $47,146,000 after acquiring an additional 68,522 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in shares of FARO Technologies by 2.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 555,456 shares of the scientific and technical instruments company’s stock worth $38,893,000 after acquiring an additional 14,195 shares during the last quarter. Legal & General Group Plc grew its stake in shares of FARO Technologies by 8.3% in the fourth quarter. Legal & General Group Plc now owns 338,098 shares of the scientific and technical instruments company’s stock worth $23,674,000 after acquiring an additional 25,908 shares during the last quarter. Geode Capital Management LLC grew its stake in shares of FARO Technologies by 0.9% in the fourth quarter. Geode Capital Management LLC now owns 321,066 shares of the scientific and technical instruments company’s stock worth $22,481,000 after acquiring an additional 2,868 shares during the last quarter. Finally, Bank of New York Mellon Corp grew its stake in shares of FARO Technologies by 2.1% in the third quarter. Bank of New York Mellon Corp now owns 165,120 shares of the scientific and technical instruments company’s stock worth $10,865,000 after acquiring an additional 3,407 shares during the last quarter. 96.66% of the stock is currently owned by hedge funds and other institutional investors.

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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