FARO Technologies (NASDAQ:FARO) Price Target Cut to $40.00

FARO Technologies (NASDAQ:FAROGet Rating) had its price target lowered by Needham & Company LLC from $50.00 to $40.00 in a report issued on Thursday, MarketBeat.com reports. The firm currently has a “buy” rating on the scientific and technical instruments company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 10.53% from the stock’s current price.

Several other equities analysts also recently issued reports on FARO. Robert W. Baird decreased their price objective on shares of FARO Technologies from $62.00 to $50.00 in a research note on Thursday, April 28th. Craig Hallum downgraded shares of FARO Technologies from a “buy” rating to a “hold” rating and decreased their price objective for the company from $74.00 to $40.00 in a research note on Thursday, April 28th.

FARO Technologies Price Performance

NASDAQ:FARO opened at $36.19 on Thursday. The business’s fifty day moving average price is $31.23 and its 200 day moving average price is $42.04. FARO Technologies has a 12 month low of $27.84 and a 12 month high of $83.39.

Hedge Funds Weigh In On FARO Technologies

Several large investors have recently bought and sold shares of the stock. Royce & Associates LP boosted its stake in shares of FARO Technologies by 16.6% during the second quarter. Royce & Associates LP now owns 1,350,505 shares of the scientific and technical instruments company’s stock worth $41,636,000 after buying an additional 192,104 shares during the period. Allspring Global Investments Holdings LLC acquired a new stake in shares of FARO Technologies during the fourth quarter worth about $8,663,000. Daventry Group LP acquired a new stake in shares of FARO Technologies during the fourth quarter worth about $8,309,000. ARK Investment Management LLC boosted its stake in shares of FARO Technologies by 142.8% during the first quarter. ARK Investment Management LLC now owns 180,147 shares of the scientific and technical instruments company’s stock worth $9,353,000 after buying an additional 105,948 shares during the period. Finally, Paradice Investment Management LLC boosted its stake in shares of FARO Technologies by 14.6% during the second quarter. Paradice Investment Management LLC now owns 726,074 shares of the scientific and technical instruments company’s stock worth $22,385,000 after buying an additional 92,733 shares during the period. Institutional investors and hedge funds own 97.29% of the company’s stock.

About FARO Technologies

(Get Rating)

FARO Technologies, Inc designs, develops, manufactures, markets, and supports software driven three-dimensional measurement, imaging, and realization solutions in North America, South America, Europe, the Middle East, Africa, and the Asia-Pacific. 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 quickly and accurate position components; and FARO Laser Scanning Portfolio to measure and collect a cloud of data points.

Featured Articles

Receive News & Ratings for FARO Technologies Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for FARO Technologies and related companies with MarketBeat.com's FREE daily email newsletter.