Needham & Company LLC Boosts FARO Technologies (NASDAQ:FARO) Price Target to $37.00

FARO Technologies (NASDAQ:FARO) had its price target raised by stock analysts at Needham & Company LLC from $34.00 to $37.00 in a note issued to investors on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the scientific and technical instruments company’s stock. Needham & Company LLC’s price objective would indicate a potential upside of 36.68% from the company’s current price.

Several other research analysts have also recently weighed in on the company. Craig Hallum upped their price objective on 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 raised shares of FARO Technologies from a “buy” rating to a “strong-buy” rating in a research note on Tuesday, November 12th.

FARO Technologies Stock Up 1.5 %

FARO Technologies stock opened at $27.07 on Tuesday. The company has a 50 day moving average of $28.38 and a 200-day moving average of $23.16. The company has a quick ratio of 1.83, a current ratio of 2.17 and a debt-to-equity ratio of 0.27. FARO Technologies has a twelve month low of $13.52 and a twelve month high of $32.90. The stock has a market capitalization of $512.08 million, a PE ratio of -77.34 and a beta of 1.40.

Insider Activity at FARO Technologies

In related news, Director Yuval Wasserman sold 5,658 shares of the business’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $31.35, for a total transaction of $177,378.30. Following the transaction, the director now directly owns 153,512 shares in the company, valued at approximately $4,812,601.20. The trade was a 3.55 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 2.10% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Millennium Management LLC lifted its stake in FARO Technologies by 0.8% in the 4th quarter. Millennium Management LLC now owns 54,069 shares of the scientific and technical instruments company’s stock valued at $1,371,000 after purchasing an additional 439 shares during the last quarter. SG Americas Securities LLC lifted its position in shares of FARO Technologies by 13.1% in the fourth quarter. SG Americas Securities LLC now owns 8,345 shares of the scientific and technical instruments company’s stock valued at $212,000 after buying an additional 966 shares during the last quarter. Quarry LP acquired a new position in shares of FARO Technologies during the 4th quarter worth approximately $25,000. Price T Rowe Associates Inc. MD raised its stake in FARO Technologies by 3.7% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 37,129 shares of the scientific and technical instruments company’s stock valued at $942,000 after acquiring an additional 1,314 shares during the period. Finally, Rhumbline Advisers raised its stake in FARO Technologies by 4.5% in the 4th quarter. Rhumbline Advisers now owns 31,279 shares of the scientific and technical instruments company’s stock valued at $793,000 after acquiring an additional 1,333 shares during the period. 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.