FARO Technologies (NASDAQ:FARO) Hits New 12-Month High - What's Next?

FARO Technologies, Inc. (NASDAQ:FARO - Get Free Report)'s share price reached a new 52-week high during trading on Tuesday . The company traded as high as $44.06 and last traded at $43.99, with a volume of 418114 shares. The stock had previously closed at $43.91.

Wall Street Analysts Forecast Growth

Several research analysts have commented on FARO shares. Wall Street Zen initiated coverage on FARO Technologies in a research report on Friday, May 16th. They issued a "buy" rating on the stock. Needham & Company LLC cut shares of FARO Technologies from a "buy" rating to a "hold" rating in a research note on Wednesday, May 7th. Finally, Craig Hallum lowered shares of FARO Technologies from a "buy" rating to a "hold" rating in a research report on Tuesday, May 6th.

FARO Technologies Stock Up 0.1%

The company has a market capitalization of $849.31 million, a P/E ratio of -879.20 and a beta of 1.63. The business's fifty day moving average price is $41.59 and its 200 day moving average price is $32.84. The company has a current ratio of 2.31, a quick ratio of 2.01 and a debt-to-equity ratio of 0.27.

Hedge Funds Weigh In On FARO Technologies

A number of hedge funds have recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. grew its position in FARO Technologies by 237.2% in the first quarter. T. Rowe Price Investment Management Inc. now owns 1,442,512 shares of the scientific and technical instruments company's stock valued at $39,381,000 after acquiring an additional 1,014,731 shares during the period. Driehaus Capital Management LLC grew its holdings in shares of FARO Technologies by 107.4% in the 1st quarter. Driehaus Capital Management LLC now owns 735,269 shares of the scientific and technical instruments company's stock worth $20,073,000 after purchasing an additional 380,779 shares during the last quarter. Bastion Asset Management Inc. acquired a new stake in shares of FARO Technologies during the 4th quarter worth about $5,892,000. Arrowstreet Capital Limited Partnership lifted its holdings in FARO Technologies by 244.0% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 213,423 shares of the scientific and technical instruments company's stock valued at $5,412,000 after purchasing an additional 151,382 shares during the last quarter. Finally, Hillsdale Investment Management Inc. acquired a new position in FARO Technologies in the fourth quarter valued at about $3,562,000. 97.19% of the stock is owned by institutional investors and hedge funds.

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.

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