Craig Hallum Forecasts Strong Price Appreciation for FARO Technologies (NASDAQ:FARO) Stock

FARO Technologies (NASDAQ:FARO) had its target price increased by analysts at Craig Hallum from $30.00 to $33.00 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. Craig Hallum’s price objective suggests a potential upside of 20.66% from the company’s current price.

FARO has been the topic of several other research reports. StockNews.com raised FARO Technologies from a “buy” rating to a “strong-buy” rating in a report on Tuesday, November 12th. Needham & Company LLC boosted their price objective on FARO Technologies from $24.00 to $26.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th.

FARO Technologies Stock Down 3.0 %

FARO Technologies stock opened at $27.35 on Thursday. FARO Technologies has a 52 week low of $13.52 and a 52 week high of $29.30. The stock has a market cap of $517.46 million, a price-to-earnings ratio of -78.14 and a beta of 1.38. The company’s 50-day moving average price is $22.67 and its two-hundred day moving average price is $18.99. The company has a current ratio of 2.17, a quick ratio of 1.83 and a debt-to-equity ratio of 0.27.

Institutional Trading of FARO Technologies

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Divisar Capital Management LLC grew its position in FARO Technologies by 5.1% in the second quarter. Divisar Capital Management LLC now owns 1,838,777 shares of the scientific and technical instruments company’s stock worth $29,420,000 after buying an additional 90,000 shares during the last quarter. Acadian Asset Management LLC grew its holdings in shares of FARO Technologies by 23.5% in the 2nd quarter. Acadian Asset Management LLC now owns 209,787 shares of the scientific and technical instruments company’s stock worth $3,354,000 after acquiring an additional 39,905 shares during the last quarter. Harvey Partners LLC raised its position in shares of FARO Technologies by 17.8% during the third quarter. Harvey Partners LLC now owns 1,006,000 shares of the scientific and technical instruments company’s stock worth $19,255,000 after purchasing an additional 152,000 shares during the period. Assenagon Asset Management S.A. lifted its holdings in shares of FARO Technologies by 20.4% during the second quarter. Assenagon Asset Management S.A. now owns 339,506 shares of the scientific and technical instruments company’s stock valued at $5,432,000 after purchasing an additional 57,493 shares during the last quarter. Finally, Renaissance Technologies LLC boosted its position in shares of FARO Technologies by 32.2% in the 2nd quarter. Renaissance Technologies LLC now owns 225,307 shares of the scientific and technical instruments company’s stock valued at $3,605,000 after purchasing an additional 54,865 shares during the period. 97.19% of the stock is owned by institutional investors and hedge funds.

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.