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

FARO Technologies (NASDAQ:FARO - Get Free Report) had its price target increased by stock analysts at Needham & Company LLC from $26.00 to $34.00 in a note issued to investors on Thursday,Benzinga reports. The brokerage presently has a "buy" rating on the scientific and technical instruments company's stock. Needham & Company LLC's target price points to a potential upside of 6.82% from the stock's current price.

A number of other research analysts have also recently issued reports on FARO. StockNews.com raised shares of FARO Technologies from a "buy" rating to a "strong-buy" rating in a research note on Tuesday, November 12th. Craig Hallum lifted their price objective on shares of FARO Technologies from $30.00 to $33.00 and gave the company a "buy" rating in a research note on Thursday, December 12th.

FARO Technologies Price Performance

Shares of NASDAQ FARO traded up $2.63 during midday trading on Thursday, reaching $31.83. The company's stock had a trading volume of 521,128 shares, compared to its average volume of 220,982. 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 $32.07. The business's 50 day moving average price is $26.42 and its two-hundred day moving average price is $20.44. The company has a market cap of $602.22 million, a P/E ratio of -90.94 and a beta of 1.38.

Institutional Trading of FARO Technologies

A number of hedge funds and other institutional investors have recently modified their holdings of FARO. Quarry LP grew its stake in shares of 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 buying an additional 1,651 shares during the last quarter. CWM LLC grew its stake in shares of FARO Technologies by 41.0% during the third quarter. CWM LLC now owns 3,328 shares of the scientific and technical instruments company's stock worth $64,000 after buying an additional 968 shares during the last quarter. SG Americas Securities LLC bought a new stake in shares of FARO Technologies during the third quarter worth $141,000. Dynamic Technology Lab Private Ltd bought a new stake in shares of FARO Technologies in the third quarter worth $213,000. Finally, American Century Companies Inc. grew its stake in shares of 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 purchasing an additional 2,993 shares during the last quarter. 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.