FARO Technologies (NASDAQ:FARO) Sets New 12-Month High – Still a Buy?

Shares of FARO Technologies, Inc. (NASDAQ:FARO) reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $30.10 and last traded at $29.49, with a volume of 33771 shares traded. The stock had previously closed at $28.65.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on the stock. Craig Hallum increased their target price on shares of FARO Technologies from $30.00 to $33.00 and gave the stock a “buy” rating in a research note on Thursday, December 12th. Needham & Company LLC raised their price target on shares of FARO Technologies from $24.00 to $26.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. Finally, StockNews.com upgraded shares of FARO Technologies from a “buy” rating to a “strong-buy” rating in a report on Tuesday, November 12th.

FARO Technologies Price Performance

The company has a market cap of $540.84 million, a PE ratio of -81.68 and a beta of 1.38. The company’s 50-day simple moving average is $26.22 and its 200 day simple moving average is $20.38. The company has a debt-to-equity ratio of 0.27, a quick ratio of 1.83 and a current ratio of 2.17.

Institutional Investors Weigh In On FARO Technologies

Institutional investors have recently modified their holdings of the company. Quarry LP lifted its position in shares of FARO Technologies by 912.2% during the 2nd quarter. Quarry LP now owns 1,832 shares of the scientific and technical instruments company’s stock worth $29,000 after purchasing an additional 1,651 shares during the last quarter. CWM LLC lifted its position in FARO Technologies by 41.0% in the third quarter. CWM LLC now owns 3,328 shares of the scientific and technical instruments company’s stock valued at $64,000 after acquiring an additional 968 shares during the last quarter. SG Americas Securities LLC purchased a new stake in FARO Technologies in the third quarter valued at $141,000. Dynamic Technology Lab Private Ltd purchased a new stake in FARO Technologies in the third quarter valued at $213,000. Finally, Range Financial Group LLC purchased a new stake in FARO Technologies in the fourth quarter valued at $374,000. 97.19% of the stock is owned by hedge funds and other institutional investors.

About FARO Technologies

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.