FARO Technologies (NASDAQ:FARO) Price Target Raised to $38.00 at Needham & Company LLC

FARO Technologies (NASDAQ:FARO - Free Report) had its target price hoisted by Needham & Company LLC from $37.00 to $38.00 in a research note released on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the scientific and technical instruments company's stock.

Separately, StockNews.com cut shares of FARO Technologies from a "strong-buy" rating to a "buy" rating in a research report on Sunday, March 16th.

FARO Technologies Stock Performance

FARO Technologies stock traded down $0.69 during trading hours on Friday, hitting $29.38. The company had a trading volume of 93,802 shares, compared to its average volume of 186,488. The firm has a market cap of $564.86 million, a PE ratio of -83.94 and a beta of 1.55. The company has a debt-to-equity ratio of 0.27, a current ratio of 2.17 and a quick ratio of 1.83. FARO Technologies has a one year low of $13.52 and a one year high of $33.13. The firm has a 50-day moving average of $27.75 and a 200 day moving average of $26.56.

FARO Technologies (NASDAQ:FARO - Get Free Report) last released its quarterly earnings results on Monday, February 24th. The scientific and technical instruments company reported $0.50 earnings per share for the quarter, beating analysts' consensus estimates of $0.40 by $0.10. The company had revenue of $93.54 million during the quarter, compared to the consensus estimate of $91.40 million. FARO Technologies had a negative net margin of 1.87% and a negative return on equity of 2.49%. During the same period in the previous year, the business earned $0.36 earnings per share.

Insider Buying and Selling at FARO Technologies

In other news, Director Yuval Wasserman sold 5,658 shares of the firm's stock in a transaction on Wednesday, February 5th. The shares were sold at an average price of $31.35, for a total transaction of $177,378.30. Following the completion of the transaction, the director now owns 153,512 shares of the company's stock, valued at approximately $4,812,601.20. This trade represents a 3.55 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Matthew Horwath sold 1,480 shares of the firm's stock in a transaction on Friday, March 7th. The shares were sold at an average price of $29.30, for a total transaction of $43,364.00. Following the transaction, the chief financial officer now directly owns 39,430 shares of the company's stock, valued at $1,155,299. The trade was a 3.62 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 11,755 shares of company stock worth $356,020 over the last quarter. Corporate insiders own 2.10% of the company's stock.

Hedge Funds Weigh In On FARO Technologies

Hedge funds have recently bought and sold shares of the company. Quarry LP bought a new position in FARO Technologies during the fourth quarter worth $25,000. National Bank of Canada FI bought a new position in FARO Technologies during the fourth quarter worth $55,000. Lazard Asset Management LLC bought a new position in FARO Technologies during the fourth quarter worth $78,000. Covestor Ltd bought a new position in FARO Technologies during the fourth quarter worth $111,000. Finally, Aquatic Capital Management LLC bought a new position in FARO Technologies during the fourth quarter worth $155,000. Institutional investors own 97.19% of the company's stock.

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.