Needham Maintains Faro Technologies (FARO) Buy Recommendation

Fintel reports that on May 8, 2023, Needham maintained coverage of Faro Technologies (NASDAQ:FARO) with a Buy recommendation.

Analyst Price Forecast Suggests 183.75% Upside

As of April 24, 2023, the average one-year price target for Faro Technologies is 39.02. The forecasts range from a low of 30.30 to a high of $58.80. The average price target represents an increase of 183.75% from its latest reported closing price of 13.75.

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The projected annual revenue for Faro Technologies is 382MM, an increase of 7.86%. The projected annual non-GAAP EPS is 0.61.

What is the Fund Sentiment?

There are 389 funds or institutions reporting positions in Faro Technologies. This is a decrease of 11 owner(s) or 2.75% in the last quarter. Average portfolio weight of all funds dedicated to FARO is 0.11%, a decrease of 6.20%. Total shares owned by institutions decreased in the last three months by 3.32% to 21,990K shares. The put/call ratio of FARO is 1.92, indicating a bearish outlook.

What are Other Shareholders Doing?

IJR - iShares Core S&P Small-Cap ETF holds 1,392K shares representing 6.86% ownership of the company. In it's prior filing, the firm reported owning 1,337K shares, representing an increase of 3.91%. The firm increased its portfolio allocation in FARO by 1.47% over the last quarter.

Royce & Associates holds 820K shares representing 4.04% ownership of the company. In it's prior filing, the firm reported owning 876K shares, representing a decrease of 6.92%. The firm decreased its portfolio allocation in FARO by 25.05% over the last quarter.

Paradice Investment Management holds 737K shares representing 3.64% ownership of the company. In it's prior filing, the firm reported owning 735K shares, representing an increase of 0.31%. The firm decreased its portfolio allocation in FARO by 99.90% over the last quarter.

Segall Bryant & Hamill holds 737K shares representing 3.63% ownership of the company. In it's prior filing, the firm reported owning 804K shares, representing a decrease of 9.05%. The firm decreased its portfolio allocation in FARO by 7.92% over the last quarter.

Wellington Management Group Llp holds 656K shares representing 3.23% ownership of the company. No change in the last quarter.

Faro Technologies Background Information
(This description is provided by the company.)

For 40 years, FARO has provided industry-leading technology solutions that enable customers to quickly and easily measure their world, and then use that data to make smarter decisions faster. FARO continues to be a pioneer in bridging the digital and physical worlds through data-driven reliable accuracy, precision and immediacy.

This story originally appeared on Fintel.