FARO Technologies (NASDAQ:FARO) Shares Gap Up After Analyst Upgrade

Shares of FARO Technologies, Inc. (NASDAQ:FARO) gapped up prior to trading on Thursday after Needham & Company LLC raised their price target on the stock from $26.00 to $34.00. The stock had previously closed at $29.20, but opened at $30.27. Needham & Company LLC currently has a buy rating on the stock. FARO Technologies shares last traded at $30.58, with a volume of 63,102 shares.

Other equities analysts have also issued research reports about the stock. Craig Hallum upped their target price 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 shares of FARO Technologies from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 12th.

Institutional Trading of FARO Technologies

Large investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp grew its holdings in shares of FARO Technologies by 5.8% in the second quarter. Bank of New York Mellon Corp now owns 76,337 shares of the scientific and technical instruments company’s stock valued at $1,221,000 after purchasing an additional 4,174 shares in the last quarter. American Century Companies Inc. lifted its position in FARO Technologies by 16.7% during the second quarter. American Century Companies Inc. now owns 20,903 shares of the scientific and technical instruments company’s stock valued at $334,000 after purchasing an additional 2,993 shares during the last quarter. Dimensional Fund Advisors LP grew its stake in shares of FARO Technologies by 10.8% in the 2nd quarter. Dimensional Fund Advisors LP now owns 604,432 shares of the scientific and technical instruments company’s stock worth $9,671,000 after buying an additional 59,142 shares in the last quarter. Renaissance Technologies LLC increased its holdings 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 worth $3,605,000 after buying an additional 54,865 shares during the last quarter. Finally, 272 Capital LP raised its position in shares of FARO Technologies by 54.9% during the 2nd quarter. 272 Capital LP now owns 56,729 shares of the scientific and technical instruments company’s stock valued at $908,000 after buying an additional 20,100 shares in the last quarter. Institutional investors own 97.19% of the company’s stock.

FARO Technologies Price Performance

The company has a current ratio of 2.17, a quick ratio of 1.83 and a debt-to-equity ratio of 0.27. The firm’s 50-day moving average price is $26.55 and its 200-day moving average price is $20.52. The stock has a market capitalization of $602.22 million, a PE ratio of -90.94 and a beta of 1.38.

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.