FARO Technologies (NASDAQ:FARO) Given New $37.00 Price Target at Needham & Company LLC

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

A number of other analysts also recently weighed in on FARO. Craig Hallum upped their target price on shares of FARO Technologies from $30.00 to $33.00 and gave the stock a “buy” rating in a research report on Thursday, December 12th. StockNews.com raised FARO Technologies from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, November 12th.

FARO Technologies Price Performance

Shares of NASDAQ FARO opened at $31.40 on Tuesday. FARO Technologies has a 1 year low of $13.52 and a 1 year high of $33.13. The stock has a market capitalization of $596.03 million, a P/E ratio of -89.71 and a beta of 1.40. The company’s 50-day moving average is $28.69 and its 200 day moving average is $23.40. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.17 and a quick ratio of 1.83.

FARO Technologies (NASDAQ:FARO) last posted 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 firm had revenue of $93.54 million for the quarter, compared to the consensus estimate 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 prior year, the business earned $0.36 EPS.

Insider Transactions at FARO Technologies

In other FARO Technologies news, Director Yuval Wasserman sold 5,658 shares of the stock in a transaction dated 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 of the company’s stock, valued at approximately $4,812,601.20. This represents a 3.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On FARO Technologies

Institutional investors have recently made changes to their positions in the business. Millennium Management LLC increased its holdings in FARO Technologies by 0.8% during the fourth quarter. Millennium Management LLC now owns 54,069 shares of the scientific and technical instruments company’s stock valued at $1,371,000 after buying an additional 439 shares during the last quarter. Lazard Asset Management LLC purchased a new stake in FARO Technologies in the fourth quarter worth about $78,000. Graham Capital Management L.P. purchased a new position in shares of FARO Technologies during the 4th quarter valued at about $386,000. Deutsche Bank AG grew its stake in shares of FARO Technologies by 84.9% during the 4th quarter. Deutsche Bank AG now owns 17,430 shares of the scientific and technical instruments company’s stock valued at $442,000 after acquiring an additional 8,001 shares during the period. Finally, Driehaus Capital Management LLC purchased a new stake in FARO Technologies in the 4th quarter worth approximately $8,990,000. Institutional investors own 97.19% of the company’s stock.

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.