Equities analysts predict that Faro Technologies (NASDAQ:FARO) will post $96.22 million in sales for the current quarter, Zacks reports. Two analysts have made estimates for Faro Technologies’ earnings, with the lowest sales estimate coming in at $94.93 million and the highest estimate coming in at $97.51 million. Faro Technologies reported sales of $82.68 million in the same quarter last year, which would suggest a positive year over year growth rate of 16.4%. The company is scheduled to issue its next quarterly earnings results on Tuesday, August 7th.
According to Zacks, analysts expect that Faro Technologies will report full-year sales of $408.07 million for the current financial year, with estimates ranging from $406.00 million to $410.80 million. For the next financial year, analysts forecast that the firm will post sales of $464.51 million per share, with estimates ranging from $451.00 million to $477.00 million. Zacks’ sales calculations are an average based on a survey of analysts that that provide coverage for Faro Technologies.
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Faro Technologies (NASDAQ:FARO) last issued its quarterly earnings results on Wednesday, April 25th. The scientific and technical instruments company reported $0.03 EPS for the quarter, missing the consensus estimate of $0.08 by ($0.05). The firm had revenue of $92.83 million for the quarter, compared to the consensus estimate of $92.92 million. Faro Technologies had a negative net margin of 3.39% and a positive return on equity of 1.91%. The business’s revenue for the quarter was up 13.8% on a year-over-year basis. During the same quarter in the previous year, the company posted ($0.09) earnings per share.
FARO has been the topic of several analyst reports. BidaskClub upgraded shares of Faro Technologies from a “hold” rating to a “buy” rating in a report on Wednesday, March 14th. ValuEngine downgraded shares of Faro Technologies from a “buy” rating to a “hold” rating in a report on Friday, April 27th. Zacks Investment Research downgraded shares of Faro Technologies from a “strong-buy” rating to a “hold” rating in a report on Wednesday, April 25th. Noble Financial reiterated a “buy” rating on shares of Faro Technologies in a report on Friday, February 23rd. Finally, Canaccord Genuity reiterated a “buy” rating and set a $66.00 price target on shares of Faro Technologies in a report on Thursday, February 22nd. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Faro Technologies currently has a consensus rating of “Buy” and a consensus target price of $58.67.
Faro Technologies traded up $0.95, hitting $54.60, during mid-day trading on Friday, Marketbeat.com reports. 73,849 shares of the stock traded hands, compared to its average volume of 99,110. The company has a market capitalization of $922.68 million, a price-to-earnings ratio of 188.28 and a beta of 1.48. Faro Technologies has a 52 week low of $32.25 and a 52 week high of $65.35.
In other Faro Technologies news, SVP Jody Storm Gale sold 10,666 shares of the company’s stock in a transaction dated Friday, March 9th. The shares were sold at an average price of $59.77, for a total value of $637,506.82. The sale was disclosed in a filing with the SEC, which is available through this link. Also, insider Simon Raab sold 11,700 shares of the company’s stock in a transaction dated Friday, March 16th. The stock was sold at an average price of $59.93, for a total transaction of $701,181.00. Following the completion of the transaction, the insider now owns 38,478 shares in the company, valued at $2,305,986.54. The disclosure for this sale can be found here. 3.10% of the stock is owned by corporate insiders.
Hedge funds have recently modified their holdings of the business. OMERS ADMINISTRATION Corp bought a new position in Faro Technologies in the 1st quarter worth about $216,000. Teacher Retirement System of Texas bought a new position in Faro Technologies in the 4th quarter worth about $272,000. Russell Investments Group Ltd. grew its stake in Faro Technologies by 704.1% in the 1st quarter. Russell Investments Group Ltd. now owns 5,862 shares of the scientific and technical instruments company’s stock worth $342,000 after acquiring an additional 5,133 shares in the last quarter. Advisory Research Inc. bought a new position in Faro Technologies in the 4th quarter worth about $354,000. Finally, MetLife Investment Advisors LLC bought a new position in Faro Technologies in the 4th quarter worth about $402,000. Institutional investors and hedge funds own 90.71% 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 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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