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

FARO Technologies (NASDAQ:FARO) had its price objective hoisted by equities research analysts at Needham & Company LLC from $26.00 to $34.00 in a research 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 would indicate a potential upside of 16.44% from the company’s current price.

Other analysts have also issued research reports about the company. Craig Hallum boosted their target price on FARO Technologies from $30.00 to $33.00 and gave the company 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 Price Performance

FARO Technologies stock opened at $29.20 on Thursday. The company’s 50 day simple moving average is $26.42 and its 200-day simple moving average is $20.44. 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 1 year low of $13.52 and a 1 year high of $30.10. The company has a market capitalization of $552.46 million, a price-to-earnings ratio of -83.43 and a beta of 1.38.

Institutional Investors Weigh In On FARO Technologies

A number of hedge funds have recently added to or reduced their stakes in FARO. CWM LLC grew its stake in shares of FARO Technologies by 41.0% in the third quarter. CWM LLC now owns 3,328 shares of the scientific and technical instruments company’s stock worth $64,000 after acquiring an additional 968 shares in the last quarter. Quarry LP increased its holdings in FARO Technologies by 912.2% during the 2nd 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. Polar Asset Management Partners Inc. raised its position in FARO Technologies by 0.4% in the 3rd quarter. Polar Asset Management Partners Inc. now owns 676,796 shares of the scientific and technical instruments company’s stock valued at $12,954,000 after purchasing an additional 2,700 shares in the last quarter. American Century Companies Inc. boosted its stake in shares of FARO Technologies by 16.7% in the 2nd quarter. American Century Companies Inc. now owns 20,903 shares of the scientific and technical instruments company’s stock valued at $334,000 after buying an additional 2,993 shares during the period. Finally, Bank of New York Mellon Corp grew its position in shares of FARO Technologies by 5.8% during the second quarter. Bank of New York Mellon Corp now owns 76,337 shares of the scientific and technical instruments company’s stock worth $1,221,000 after buying an additional 4,174 shares in the last quarter. 97.19% of the stock is currently owned by institutional investors and hedge funds.

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.