Zacks: Brokerages Expect FARO Technologies, Inc. (FARO) Will Announce Quarterly Sales of $90.81 Million
Analysts expect that FARO Technologies, Inc. (NASDAQ:FARO) will report sales of $90.81 million for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for FARO Technologies’ earnings. The highest sales estimate is $93.00 million and the lowest is $88.00 million. FARO Technologies posted sales of $79.60 million during the same quarter last year, which suggests a positive year-over-year growth rate of 14.1%. The business is expected to issue its next earnings report on Tuesday, November 7th.
According to Zacks, analysts expect that FARO Technologies will report full-year sales of $90.81 million for the current year, with estimates ranging from $346.00 million to $360.00 million. For the next financial year, analysts forecast that the company will post sales of $388.84 million per share, with estimates ranging from $365.00 million to $406.35 million. Zacks’ sales calculations are a mean average based on a survey of analysts that cover FARO Technologies.
FARO Technologies (NASDAQ:FARO) last posted its quarterly earnings results on Tuesday, August 1st. The scientific and technical instruments company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of $0.12 by ($0.34). FARO Technologies had a negative net margin of 0.13% and a negative return on equity of 0.13%. The company had revenue of $82.68 million during the quarter, compared to analyst estimates of $87.65 million. During the same quarter in the previous year, the business posted $0.20 earnings per share. The company’s revenue for the quarter was up 5.3% on a year-over-year basis.
Several research analysts have recently commented on FARO shares. ValuEngine raised FARO Technologies from a “sell” rating to a “hold” rating in a report on Friday, September 1st. BidaskClub lowered FARO Technologies from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Craig Hallum started coverage on FARO Technologies in a report on Tuesday, June 27th. They set a “buy” rating and a $45.00 price objective for the company. Needham & Company LLC boosted their price objective on FARO Technologies from $37.00 to $39.00 and gave the stock a “buy” rating in a report on Tuesday, May 30th. Finally, Canaccord Genuity boosted their price objective on FARO Technologies from $38.00 to $42.00 and gave the stock a “buy” rating in a report on Thursday, August 3rd. Two analysts have rated the stock with a sell rating, two have given a hold rating and four have given a buy rating to the stock. The company currently has an average rating of “Hold” and an average target price of $40.60.
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Institutional investors and hedge funds have recently modified their holdings of the business. Schwab Charles Investment Management Inc. boosted its stake in FARO Technologies by 5.8% in the first quarter. Schwab Charles Investment Management Inc. now owns 71,705 shares of the scientific and technical instruments company’s stock worth $2,564,000 after buying an additional 3,915 shares in the last quarter. State of Tennessee Treasury Department boosted its stake in FARO Technologies by 17.8% in the first quarter. State of Tennessee Treasury Department now owns 16,283 shares of the scientific and technical instruments company’s stock worth $582,000 after buying an additional 2,457 shares in the last quarter. Comerica Bank boosted its stake in FARO Technologies by 3.7% in the first quarter. Comerica Bank now owns 18,419 shares of the scientific and technical instruments company’s stock worth $689,000 after buying an additional 664 shares in the last quarter. Royce & Associates LP boosted its stake in FARO Technologies by 1.7% in the second quarter. Royce & Associates LP now owns 701,900 shares of the scientific and technical instruments company’s stock worth $26,532,000 after buying an additional 11,500 shares in the last quarter. Finally, Bank of America Corp DE boosted its stake in FARO Technologies by 93.7% in the first quarter. Bank of America Corp DE now owns 26,241 shares of the scientific and technical instruments company’s stock worth $938,000 after buying an additional 12,696 shares in the last quarter. 94.64% of the stock is owned by institutional investors and hedge funds.
Shares of FARO Technologies (FARO) opened at 37.20 on Friday. The firm’s market capitalization is $621.54 million. FARO Technologies has a 1-year low of $29.00 and a 1-year high of $40.60. The stock has a 50 day moving average of $34.45 and a 200-day moving average of $35.61.
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 operates in three segments: Factory Metrology, Construction BIM-CIM and Other. It sells its products through a direct sales force across customers in a range of manufacturing, industrial, architecture, surveying, building construction and law enforcement applications.
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