Craig Hallum Forecasts Strong Price Appreciation for FARO Technologies (NASDAQ:FARO) Stock

by · The Markets Daily

FARO Technologies (NASDAQ:FARO – Get Free Report) had its price target upped by investment analysts at Craig Hallum from $25.00 to $30.00 in a report issued on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the scientific and technical instruments company’s stock. Craig Hallum’s price target would indicate a potential upside of 19.09% from the stock’s previous close.

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

View Our Latest Stock Analysis on FARO

FARO Technologies Stock Performance

NASDAQ:FARO traded up $6.36 during midday trading on Thursday, reaching $25.19. The stock had a trading volume of 338,852 shares, compared to its average volume of 169,725. The firm has a fifty day simple moving average of $17.93 and a two-hundred day simple moving average of $17.53. The stock has a market cap of $491.21 million, a P/E ratio of -32.01 and a beta of 1.26. The company has a quick ratio of 2.01, a current ratio of 2.33 and a debt-to-equity ratio of 0.27. FARO Technologies has a 12-month low of $13.52 and a 12-month high of $26.32.

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

Insider Buying and Selling

In other 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 transaction of $90,601.45. Following the completion of the sale, the chief executive officer now directly owns 133,975 shares in the company, valued at $2,233,363.25. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this link. 2.10% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FARO. Quarry LP lifted its stake in shares of 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 worth $29,000 after acquiring an additional 1,651 shares in the last quarter. CWM LLC boosted its stake in FARO Technologies by 343.6% during the 2nd quarter. CWM LLC now owns 2,360 shares of the scientific and technical instruments company’s stock valued at $38,000 after purchasing an additional 1,828 shares during the period. SG Americas Securities LLC acquired a new position in shares of FARO Technologies during the third quarter worth approximately $141,000. American Century Companies Inc. boosted its position in FARO Technologies by 16.7% during the 2nd quarter. American Century Companies Inc. now owns 20,903 shares of the scientific and technical instruments company’s stock worth $334,000 after acquiring an additional 2,993 shares during the period. Finally, Price T Rowe Associates Inc. MD grew its position in FARO Technologies by 3.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 29,806 shares of the scientific and technical instruments company’s stock valued at $642,000 after buying an additional 897 shares in the last quarter. Institutional investors and hedge funds own 97.19% of the company’s stock.

About FARO Technologies

(Get Free Report)

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.

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