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

FARO Technologies (NASDAQ:FARO) had its target price boosted by Needham & Company LLC from $26.00 to $34.00 in a report published on Thursday morning,Benzinga reports. They currently have a buy rating on the scientific and technical instruments company’s stock.

Several other research firms have also issued reports on FARO. Craig Hallum raised their price target on shares of FARO Technologies from $30.00 to $33.00 and gave the stock a “buy” rating in a report on Thursday, December 12th. StockNews.com raised shares of FARO Technologies from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 12th.

FARO Technologies Price Performance

Shares of FARO opened at $31.83 on Thursday. The business has a 50-day moving average of $26.55 and a 200-day moving average of $20.52. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.17 and a quick ratio of 1.83. The company has a market capitalization of $602.22 million, a price-to-earnings ratio of -90.94 and a beta of 1.38. FARO Technologies has a 1 year low of $13.52 and a 1 year high of $32.07.

Institutional Investors Weigh In On FARO Technologies

Large investors have recently added to or reduced their stakes in the business. Divisar Capital Management LLC boosted its holdings in shares of FARO Technologies by 5.1% during the 2nd 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 in the last quarter. Royce & Associates LP lifted its position in shares of FARO Technologies by 20.0% during the 3rd quarter. Royce & Associates LP now owns 1,409,031 shares of the scientific and technical instruments company’s stock valued at $26,969,000 after acquiring an additional 234,650 shares during the period. Needham Investment Management LLC lifted its position in shares of FARO Technologies by 20.0% during the 3rd quarter. Needham Investment Management LLC now owns 1,029,250 shares of the scientific and technical instruments company’s stock valued at $19,700,000 after acquiring an additional 171,300 shares during the period. Harvey Partners LLC boosted its stake in 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 acquiring an additional 152,000 shares in the last quarter. Finally, Polar Asset Management Partners Inc. grew its holdings in FARO Technologies by 0.4% in the third quarter. Polar Asset Management Partners Inc. now owns 676,796 shares of the scientific and technical instruments company’s stock worth $12,954,000 after purchasing an additional 2,700 shares during the period. Institutional investors and hedge funds own 97.19% of the company’s stock.

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.