FARO Technologies (NASDAQ:FARO) Hits New 1-Year High on Analyst Upgrade

FARO Technologies, Inc. (NASDAQ:FARO) shares hit a new 52-week high during mid-day trading on Thursday after Craig Hallum raised their price target on the stock from $30.00 to $33.00. Craig Hallum currently has a buy rating on the stock. FARO Technologies traded as high as $28.67 and last traded at $28.45, with a volume of 20120 shares. The stock had previously closed at $27.36.

A number of other brokerages have also recently commented on FARO. Needham & Company LLC increased their target price on FARO Technologies from $24.00 to $26.00 and gave the company a “buy” rating in a report on Thursday, November 7th. StockNews.com raised shares of FARO Technologies from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, November 12th.

Institutional Investors Weigh In On FARO Technologies

Several large investors have recently made changes to their positions in FARO. Divisar Capital Management LLC raised its position in FARO Technologies by 5.1% in the second quarter. Divisar Capital Management LLC now owns 1,838,777 shares of the scientific and technical instruments company’s stock valued at $29,420,000 after purchasing an additional 90,000 shares during the period. Acadian Asset Management LLC raised its holdings in shares of FARO Technologies by 23.5% during the 2nd quarter. Acadian Asset Management LLC now owns 209,787 shares of the scientific and technical instruments company’s stock valued at $3,354,000 after buying an additional 39,905 shares during the period. Harvey Partners LLC lifted its position in FARO Technologies by 17.8% during the 3rd quarter. Harvey Partners LLC now owns 1,006,000 shares of the scientific and technical instruments company’s stock worth $19,255,000 after acquiring an additional 152,000 shares in the last quarter. Assenagon Asset Management S.A. boosted its holdings in FARO Technologies by 20.4% in the 2nd quarter. Assenagon Asset Management S.A. now owns 339,506 shares of the scientific and technical instruments company’s stock worth $5,432,000 after acquiring an additional 57,493 shares during the period. Finally, Renaissance Technologies LLC grew its position in FARO Technologies by 32.2% in the second quarter. Renaissance Technologies LLC now owns 225,307 shares of the scientific and technical instruments company’s stock valued at $3,605,000 after acquiring an additional 54,865 shares in the last quarter. Institutional investors and hedge funds own 97.19% of the company’s stock.

FARO Technologies Price Performance

The business’s 50 day moving average price is $22.67 and its 200-day moving average price is $18.99. 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 company has a market cap of $517.46 million, a PE ratio of -78.14 and a beta of 1.38.

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.