FARO Technologies (NASDAQ:FARO) Hits New 52-Week High Following Analyst Upgrade

FARO Technologies, Inc. (NASDAQ:FARO) shares hit a new 52-week high on Wednesday after Needham & Company LLC raised their price target on the stock from $34.00 to $37.00. Needham & Company LLC currently has a buy rating on the stock. FARO Technologies traded as high as $32.95 and last traded at $32.91, with a volume of 89978 shares. The stock had previously closed at $31.76.

Other analysts have also issued research reports about the stock. StockNews.com raised shares of FARO Technologies from a “buy” rating to a “strong-buy” rating in a report on Tuesday, November 12th. Craig Hallum raised their price objective on FARO Technologies from $30.00 to $33.00 and gave the company a “buy” rating in a report on Thursday, December 12th.

Insider Transactions at FARO Technologies

In other FARO Technologies news, Director Yuval Wasserman sold 5,658 shares of the firm’s stock in a transaction on Wednesday, February 5th. The stock was sold at an average price of $31.35, for a total transaction of $177,378.30. Following the completion of the transaction, the director now owns 153,512 shares of the company’s stock, valued at approximately $4,812,601.20. This trade represents a 3.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in FARO. Harvey Partners LLC increased its position in shares of FARO Technologies by 17.8% during the 3rd quarter. Harvey Partners LLC now owns 1,006,000 shares of the scientific and technical instruments company’s stock valued at $19,255,000 after purchasing an additional 152,000 shares during the last quarter. Quest Partners LLC raised its stake in shares of FARO Technologies by 196.7% in the third quarter. Quest Partners LLC now owns 31,622 shares of the scientific and technical instruments company’s stock worth $605,000 after buying an additional 20,963 shares during the period. Barclays PLC raised its stake in FARO Technologies by 41.4% during the 3rd quarter. Barclays PLC now owns 61,125 shares of the scientific and technical instruments company’s stock worth $1,171,000 after acquiring an additional 17,892 shares during the period. Geode Capital Management LLC lifted its stake in shares of FARO Technologies by 4.4% during the 3rd quarter. Geode Capital Management LLC now owns 450,899 shares of the scientific and technical instruments company’s stock valued at $8,633,000 after buying an additional 19,005 shares in the last quarter. Finally, Royce & Associates LP grew its position in shares of FARO Technologies by 20.0% during the third quarter. Royce & Associates LP now owns 1,409,031 shares of the scientific and technical instruments company’s stock worth $26,969,000 after purchasing an additional 234,650 shares in the last quarter. Hedge funds and other institutional investors own 97.19% of the company’s stock.

FARO Technologies Trading Up 3.9 %

The company has a market capitalization of $624.17 million, a PE ratio of -94.25 and a beta of 1.40. The stock has a fifty day moving average of $28.46 and a 200 day moving average of $23.28. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.83 and a current ratio of 2.17.

FARO Technologies (NASDAQ:FARO) last announced its earnings results on Monday, February 24th. The scientific and technical instruments company reported $0.50 EPS for the quarter, topping analysts’ consensus estimates of $0.40 by $0.10. The firm had revenue of $93.54 million during the quarter, compared to analysts’ expectations of $91.40 million. FARO Technologies had a negative return on equity of 2.49% and a negative net margin of 1.87%. During the same quarter in the previous year, the business earned $0.36 EPS.

FARO Technologies Company Profile

FARO Technologies, Inc designs, develops, manufactures, markets, and supports software driven three-dimensional measurement, imaging, and realization solutions worldwide. 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 position components; FARO Laser Scanning Portfolio to measure and collect a cloud of data points for 3D rendering of an object or area; and FARO Mobile Laser Portfolio provides 3D scanning while attached to other mobile devices, such as drones for metrology, reverse engineering, factory automation, building information modeling, public safety, and other applications.