FARO Technologies (FARO) is Reiterated by Needham to Buy, Raises Price Target to $ 39

FARO Technologies (FARO) was Reiterated by Needham to “Buy” according to the research note released today. The brokerage firm has raised the Price Target to $ 39 from a previous price target of $37 . Needham advised their investors in a research report released on May 5, 2016.

On the company’s financial health, FARO Technologies reported $0.19 EPS for the quarter, beating the analyst consensus estimate by $ 0.13 according to the earnings call on May 3, 2016. Analyst had a consensus of $0.06. The company had revenue of $75.70 million for the quarter, compared to analysts expectations of $71.56 million. The company’s revenue was up 8.3% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.04 EPS.

FARO Technologies opened for trading at $30.77 and hit $34.79 on the upside on Wednesday, eventually ending the session at $33.13, with a gain of 18.11% or 5.08 points. The heightened volatility saw the trading volume jump to 5,09,289 shares. Company has a market cap of $550 M.

In a different news, on Nov 9, 2015, Marvin R Sambur (director) purchased 2,200 shares at $24.96 per share price. According to the SEC, on May 6, 2015, Stephen Cole (director) purchased 2,000 shares at $40.50 per share price. On Mar 2, 2015, Jay Freeland (President & CEO) sold 40,000 shares at $60.33 per share price, according to the Form-4 filing with the securities and exchange commission.

FARO Technologies Inc. designs develops manufactures markets and supports software driven three-dimensional (3-D) measurement imaging and realization systems. The Company operates in three segments: Americas Europe/Africa and Asia-Pacific. The Company sells its products through a direct sales force across a number of customers in a range of manufacturing industrial architecture surveying building construction and law enforcement applications. Its FaroArm FARO Laser ScanArm FARO Gage FARO Laser Tracker FARO 3D Imager AMP and their companion CAM2 software provide for Computer-Aided Design (CAD)-based inspection and/or factory-level statistical process control and surveying. Its FARO Focus3D and FARO Freestyle3D laser scanners and their companion SCENE and FARO forensic software are utilized for a variety of 3-D modeling documentation and surveying applications including in two of its vertical markets: architecture engineering and construction and law enforcement.

FARO Technologies

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