FARO Technologies (NASDAQ:FARO) Hits New 52-Week High Following Analyst Upgrade

Shares of FARO Technologies, Inc. (NASDAQ:FARO) hit a new 52-week high during trading on Wednesday after Needham & Company LLC raised their price target on the stock from $34.00 to $37.00. Needham & Company LLC currently has a buy rating on the stock. FARO Technologies traded as high as $32.95 and last traded at $32.91, with a volume of 89978 shares traded. The stock had previously closed at $31.76.

A number of other equities analysts also recently commented on FARO. Craig Hallum boosted their target price on shares of FARO Technologies from $30.00 to $33.00 and gave the stock a “buy” rating in a research note 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.

Insider Buying and Selling at FARO Technologies

In other FARO Technologies news, Director Yuval Wasserman sold 5,658 shares of the company’s stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $31.35, for a total value of $177,378.30. Following the completion of the transaction, the director now owns 153,512 shares in the company, valued at $4,812,601.20. This represents a 3.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 2.10% of the stock is currently owned by insiders.

Hedge Funds Weigh In On FARO Technologies

Several large investors have recently bought and sold shares of the stock. Royce & Associates LP boosted its stake in FARO Technologies by 20.0% in the third 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 in the last quarter. Needham Investment Management LLC raised its holdings in shares of FARO Technologies by 20.0% in the third 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 buying an additional 171,300 shares during the last quarter. Harvey Partners LLC raised its holdings in shares of FARO Technologies by 17.8% in the third quarter. Harvey Partners LLC now owns 1,006,000 shares of the scientific and technical instruments company’s stock valued at $19,255,000 after buying an additional 152,000 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of FARO Technologies by 9.1% in the fourth quarter. Dimensional Fund Advisors LP now owns 744,222 shares of the scientific and technical instruments company’s stock valued at $18,874,000 after buying an additional 62,305 shares during the last quarter. Finally, Polar Asset Management Partners Inc. raised its holdings in shares of 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 valued at $12,954,000 after buying an additional 2,700 shares during the last quarter. Institutional investors and hedge funds own 97.19% of the company’s stock.

FARO Technologies Stock Up 2.3 %

The business’s fifty day moving average price is $28.58 and its 200 day moving average price is $23.34. The company has a quick ratio of 1.83, a current ratio of 2.17 and a debt-to-equity ratio of 0.27. The firm has a market capitalization of $614.42 million, a PE ratio of -92.80 and a beta of 1.40.

FARO Technologies (NASDAQ:FARO) last announced its earnings results on Monday, February 24th. The scientific and technical instruments company reported $0.50 EPS for the quarter, beating analysts’ consensus estimates of $0.40 by $0.10. FARO Technologies had a negative net margin of 1.87% and a negative return on equity of 2.49%. The business had revenue of $93.54 million during the quarter, compared to analysts’ expectations of $91.40 million. During the same period in the prior year, the company earned $0.36 earnings per share.

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.