FARO Technologies (NASDAQ:FARO) Price Target Raised to $37.00

FARO Technologies (NASDAQ:FARO) had its price target increased by Needham & Company LLC from $34.00 to $37.00 in a research report report published on Tuesday,Benzinga reports. Needham & Company LLC currently has a buy rating on the scientific and technical instruments company’s stock.

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

FARO Technologies Stock Down 3.3 %

FARO stock opened at $31.40 on Tuesday. The stock’s 50 day simple moving average is $28.69 and its 200 day simple moving average is $23.40. The company has a market cap of $596.03 million, a P/E ratio of -89.71 and a beta of 1.40. 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 has a fifty-two week low of $13.52 and a fifty-two week high of $33.13.

FARO Technologies (NASDAQ:FARO) last issued its earnings results on Monday, February 24th. The scientific and technical instruments company reported $0.50 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.10. The company had revenue of $93.54 million for the quarter, compared to analyst estimates 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 period in the prior year, the firm earned $0.36 earnings per share.

Insider Transactions at FARO Technologies

In other news, Director Yuval Wasserman sold 5,658 shares of the business’s stock in a transaction that occurred on Wednesday, February 5th. The stock was sold at an average price of $31.35, for a total value of $177,378.30. Following the transaction, the director now owns 153,512 shares in the company, valued at $4,812,601.20. The trade was a 3.55 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On FARO Technologies

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP grew its position in shares of FARO Technologies by 27.6% during the 3rd quarter. GSA Capital Partners LLP now owns 78,277 shares of the scientific and technical instruments company’s stock valued at $1,498,000 after acquiring an additional 16,944 shares during the period. Royce & Associates LP grew its stake in FARO Technologies by 20.0% in the 3rd quarter. Royce & Associates LP now owns 1,409,031 shares of the scientific and technical instruments company’s stock valued at $26,969,000 after buying an additional 234,650 shares in the last quarter. Quest Partners LLC raised its holdings in FARO Technologies by 196.7% during the 3rd quarter. Quest Partners LLC now owns 31,622 shares of the scientific and technical instruments company’s stock valued at $605,000 after acquiring an additional 20,963 shares during the period. Charles Schwab Investment Management Inc. raised its stake in shares of FARO Technologies by 4.8% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 222,559 shares of the scientific and technical instruments company’s stock valued at $4,260,000 after purchasing an additional 10,228 shares during the period. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in shares of FARO Technologies in the third quarter worth about $213,000. 97.19% of the stock is owned by hedge funds and other institutional investors.

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.