FARO Technologies (NASDAQ:FARO) Given New $40.00 Price Target at DA Davidson

FARO Technologies (NASDAQ:FARO – Get Rating) had its target price dropped by stock analysts at DA Davidson from $50.00 to $40.00 in a report released on Thursday, The Fly reports. DA Davidson’s target price indicates a potential upside of 10.53% from the stock’s current price.

A number of other equities research analysts have also recently weighed in on FARO. Craig Hallum cut FARO Technologies from a “buy” rating to a “hold” rating and cut their price target for the company from $74.00 to $40.00 in a report on Thursday, April 28th. Robert W. Baird cut their price target on FARO Technologies from $62.00 to $50.00 in a report on Thursday, April 28th. Finally, Needham & Company LLC cut their price target on FARO Technologies from $50.00 to $40.00 and set a “buy” rating on the stock in a report on Thursday.

FARO Technologies Stock Up 1.1 %

Shares of NASDAQ FARO opened at $36.19 on Thursday. The firm’s 50-day moving average price is $31.23 and its two-hundred day moving average price is $42.04. FARO Technologies has a 52-week low of $27.84 and a 52-week high of $83.39. The stock has a market capitalization of $660.87 million, a P/E ratio of -12.27 and a beta of 1.46.

Institutional Investors Weigh In On FARO Technologies

A number of hedge funds have recently made changes to their positions in the business. Quadrant Capital Group LLC increased its stake in shares of FARO Technologies by 1,191.9% during the first quarter. Quadrant Capital Group LLC now owns 478 shares of the scientific and technical instruments company’s stock valued at $25,000 after acquiring an additional 441 shares during the period. KBC Group NV acquired a new position in shares of FARO Technologies during the second quarter valued at approximately $48,000. Advisor Group Holdings Inc. increased its stake in shares of FARO Technologies by 40.1% during the fourth quarter. Advisor Group Holdings Inc. now owns 702 shares of the scientific and technical instruments company’s stock valued at $49,000 after acquiring an additional 201 shares during the period. Moisand Fitzgerald Tamayo LLC acquired a new position in shares of FARO Technologies during the second quarter valued at approximately $92,000. Finally, US Bancorp DE increased its stake in shares of FARO Technologies by 89.3% during the second quarter. US Bancorp DE now owns 3,108 shares of the scientific and technical instruments company’s stock valued at $95,000 after acquiring an additional 1,466 shares during the period. Institutional investors own 97.29% of the company’s stock.

About FARO Technologies

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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.