FARO Technologies (NASDAQ:FARO) Hits New 12-Month High After Analyst Upgrade

FARO Technologies, Inc. (NASDAQ:FARO) reached a new 52-week high during mid-day trading 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 traded. The stock had previously closed at $18.83.

Separately, Needham & Company LLC boosted their target price on FARO Technologies from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday.

Insider Activity

In related news, CEO Peter James Lau sold 5,435 shares of the business’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 sale, the chief executive officer now owns 133,975 shares of the company’s stock, valued at $2,233,363.25. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 2.10% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Divisar Capital Management LLC raised its holdings in FARO Technologies by 5.1% during the 2nd quarter. Divisar Capital Management LLC now owns 1,838,777 shares of the scientific and technical instruments company’s stock worth $29,420,000 after purchasing an additional 90,000 shares during the last quarter. Vanguard Group Inc. increased its position in shares of FARO Technologies by 4.2% in the first quarter. Vanguard Group Inc. now owns 1,589,519 shares of the scientific and technical instruments company’s stock valued at $34,191,000 after acquiring an additional 64,095 shares during the last quarter. Royce & Associates LP raised its stake in shares of FARO Technologies by 20.0% during the 3rd quarter. Royce & Associates LP now owns 1,409,031 shares of the scientific and technical instruments company’s stock worth $26,969,000 after purchasing an additional 234,650 shares in the last quarter. Dimensional Fund Advisors LP lifted its stake in FARO Technologies by 10.8% in the second quarter. Dimensional Fund Advisors LP now owns 604,432 shares of the scientific and technical instruments company’s stock valued at $9,671,000 after acquiring an additional 59,142 shares during the last quarter. Finally, Kennedy Capital Management LLC lifted its stake in FARO Technologies by 105.1% in the 1st quarter. Kennedy Capital Management LLC now owns 437,589 shares of the scientific and technical instruments company’s stock valued at $9,413,000 after purchasing an additional 224,273 shares during the last quarter. Institutional investors and hedge funds own 97.19% of the company’s stock.

FARO Technologies Price Performance

The company has a 50 day moving average price of $18.09 and a 200 day moving average price of $17.58. The company has a current ratio of 2.33, a quick ratio of 2.01 and a debt-to-equity ratio of 0.27. The company has a market capitalization of $501.15 million, a P/E ratio of -32.53 and a beta of 1.26.

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

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.