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

FARO Technologies, Inc. (NASDAQ:FARO) hit a new 52-week high on Thursday after Craig Hallum raised their price target on the stock from $25.00 to $30.00. Craig Hallum currently has a buy rating on the stock. FARO Technologies traded as high as $26.32 and last traded at $25.69, with a volume of 591030 shares changing hands. The stock had previously closed at $18.83.

Separately, Needham & Company LLC raised their price objective on FARO Technologies from $24.00 to $26.00 and gave the company a “buy” rating in a research note on Thursday.

Insiders Place Their Bets

In other FARO Technologies news, CEO Peter James Lau sold 5,435 shares of the company’s stock in a transaction on Friday, September 6th. The stock was sold at an average price of $16.67, for a total value of $90,601.45. Following the transaction, the chief executive officer now owns 133,975 shares of the company’s stock, valued at $2,233,363.25. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 2.10% of the company’s stock.

Hedge Funds Weigh In On FARO Technologies

A number of large investors have recently added to or reduced their stakes in FARO. Price T Rowe Associates Inc. MD grew its holdings in shares of FARO Technologies by 3.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 29,806 shares of the scientific and technical instruments company’s stock worth $642,000 after buying an additional 897 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 worth $64,000 after buying an additional 968 shares during the period. Quarry LP increased its stake in FARO Technologies by 912.2% in the second quarter. Quarry LP now owns 1,832 shares of the scientific and technical instruments company’s stock valued at $29,000 after purchasing an additional 1,651 shares during the last quarter. American Century Companies Inc. boosted its stake 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 worth $334,000 after buying an additional 2,993 shares during the period. Finally, Bank of New York Mellon Corp increased 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 during the period. 97.19% of the stock is currently owned by institutional investors.

FARO Technologies Stock Up 36.5 %

The company has a quick ratio of 2.01, a current ratio of 2.33 and a debt-to-equity ratio of 0.27. The firm’s fifty day moving average is $17.93 and its 200-day moving average is $17.53. The stock has a market capitalization of $501.15 million, a PE ratio of -32.01 and a beta of 1.26.

FARO Technologies (NASDAQ:FARO) last issued its quarterly earnings data on Thursday, August 8th. The scientific and technical instruments company reported ($0.03) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.17) by $0.14. FARO Technologies had a negative net margin of 4.25% and a negative return on equity of 5.72%. The business had revenue of $82.09 million during the quarter.

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.