Needham & Company LLC Issues Positive Forecast for FARO Technologies (NASDAQ:FARO) Stock Price

FARO Technologies (NASDAQ:FARO) had its target price hoisted by equities research analysts at Needham & Company LLC from $26.00 to $34.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the scientific and technical instruments company’s stock. Needham & Company LLC’s price target suggests a potential upside of 16.44% from the company’s current price.

FARO has been the topic of a number of other reports. Craig Hallum boosted their price target 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 upgraded FARO Technologies from a “buy” rating to a “strong-buy” rating in a report on Tuesday, November 12th.

FARO Technologies Stock Up 1.9 %

NASDAQ FARO opened at $29.20 on Thursday. FARO Technologies has a one year low of $13.52 and a one year high of $30.10. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.83 and a current ratio of 2.17. The business has a fifty day moving average price of $26.42 and a 200 day moving average price of $20.44. The company has a market cap of $552.46 million, a P/E ratio of -83.43 and a beta of 1.38.

Institutional Investors Weigh In On FARO Technologies

A number of hedge funds have recently modified their holdings of the company. Quarry LP raised its stake in FARO Technologies by 912.2% during the second quarter. Quarry LP now owns 1,832 shares of the scientific and technical instruments company’s stock worth $29,000 after purchasing an additional 1,651 shares during the period. CWM LLC raised its position in shares of FARO Technologies by 41.0% during the 3rd quarter. CWM LLC now owns 3,328 shares of the scientific and technical instruments company’s stock valued at $64,000 after buying an additional 968 shares during the period. SG Americas Securities LLC acquired a new position in FARO Technologies in the third quarter valued at approximately $141,000. Dynamic Technology Lab Private Ltd acquired a new position in FARO Technologies in the third quarter valued at approximately $213,000. Finally, American Century Companies Inc. grew its position in FARO Technologies by 16.7% in the second quarter. American Century Companies Inc. now owns 20,903 shares of the scientific and technical instruments company’s stock worth $334,000 after acquiring an additional 2,993 shares during the period. Hedge funds and other institutional investors own 97.19% of the company’s stock.

About FARO Technologies

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.