Needham & Company LLC Forecasts Strong Price Appreciation for FARO Technologies (NASDAQ:FARO) Stock

FARO Technologies (NASDAQ:FARO) had its price objective hoisted by Needham & Company LLC from $24.00 to $26.00 in a report released on Thursday morning,Benzinga reports. The brokerage currently has a buy rating on the scientific and technical instruments company’s stock.

Separately, Craig Hallum reduced their price objective on shares of FARO Technologies from $29.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, August 9th.

FARO Technologies Price Performance

FARO stock traded up $0.20 during trading on Thursday, hitting $25.90. The company had a trading volume of 136,507 shares, compared to its average volume of 171,044. FARO Technologies has a fifty-two week low of $13.52 and a fifty-two week high of $26.32. The company has a current ratio of 2.33, a quick ratio of 2.01 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $505.05 million, a price-to-earnings ratio of -32.53 and a beta of 1.26. The business has a 50 day moving average of $18.09 and a 200 day moving average of $17.58.

FARO Technologies (NASDAQ:FARO) last issued its quarterly earnings results on Thursday, August 8th. The scientific and technical instruments company reported ($0.03) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.17) by $0.14. FARO Technologies had a negative net margin of 4.25% and a negative return on equity of 5.72%. The company had revenue of $82.09 million during the quarter.

Insider Activity

In other news, CEO Peter James Lau sold 5,435 shares of the company’s stock in a transaction dated Friday, September 6th. The stock was sold at an average price of $16.67, for a total value of $90,601.45. Following the transaction, the chief executive officer now owns 133,975 shares in the company, valued at $2,233,363.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 2.10% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On FARO Technologies

Several hedge funds have recently modified their holdings of FARO. BNP Paribas Financial Markets lifted its position in FARO Technologies by 8.4% in the first quarter. BNP Paribas Financial Markets now owns 65,061 shares of the scientific and technical instruments company’s stock worth $1,399,000 after purchasing an additional 5,035 shares during the period. Vanguard Group Inc. raised its stake in FARO Technologies by 4.2% during the first quarter. Vanguard Group Inc. now owns 1,589,519 shares of the scientific and technical instruments company’s stock worth $34,191,000 after acquiring an additional 64,095 shares in the last quarter. Acadian Asset Management LLC raised its stake in FARO Technologies by 136.2% during the first quarter. Acadian Asset Management LLC now owns 169,882 shares of the scientific and technical instruments company’s stock worth $3,653,000 after acquiring an additional 97,969 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in FARO Technologies by 3.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 29,806 shares of the scientific and technical instruments company’s stock worth $642,000 after acquiring an additional 897 shares in the last quarter. Finally, Kennedy Capital Management LLC raised its stake in FARO Technologies by 105.1% during the first quarter. Kennedy Capital Management LLC now owns 437,589 shares of the scientific and technical instruments company’s stock worth $9,413,000 after acquiring an additional 224,273 shares in the last quarter. 97.19% of the stock is owned by 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.