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

FARO Technologies (NASDAQ:FARO) had its price target upped by research analysts at Needham & Company LLC from $26.00 to $34.00 in a research report issued to clients and 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 price target indicates a potential upside of 10.25% from the company’s current price.

A number of other research analysts also recently weighed in on FARO. Craig Hallum upped their target price on FARO Technologies from $30.00 to $33.00 and gave the stock a “buy” rating in a 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 Trading Down 3.1 %

NASDAQ:FARO opened at $30.84 on Thursday. FARO Technologies has a 12 month low of $13.52 and a 12 month high of $32.50. 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 company has a 50-day moving average price of $26.63 and a 200-day moving average price of $20.62. The stock has a market cap of $583.49 million, a price-to-earnings ratio of -88.11 and a beta of 1.38.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the stock. Quarry LP increased its holdings 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 valued at $29,000 after acquiring an additional 1,651 shares in the last quarter. CWM LLC increased its stake in FARO Technologies by 41.0% during the 3rd quarter. CWM LLC now owns 3,328 shares of the scientific and technical instruments company’s stock valued at $64,000 after purchasing an additional 968 shares in the last quarter. SG Americas Securities LLC purchased a new position in FARO Technologies in the third quarter worth about $141,000. Dynamic Technology Lab Private Ltd bought a new position in shares of FARO Technologies in the third quarter worth approximately $213,000. Finally, American Century Companies Inc. grew its holdings in shares of 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 buying an additional 2,993 shares during the last quarter. Hedge funds and other institutional investors 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.