Fabrinet (NYSE:FN – Get Free Report) was upgraded by investment analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday, Zacks reports.
Several other research analysts have also recently commented on the company. Rosenblatt Securities reaffirmed a “buy” rating and issued a $750.00 target price on shares of Fabrinet in a research report on Tuesday, August 18th. Needham & Company LLC reiterated a “buy” rating and set a $650.00 price objective on shares of Fabrinet in a research note on Tuesday, August 18th. JPMorgan Chase & Co. lifted their target price on shares of Fabrinet from $680.00 to $695.00 and gave the company a “neutral” rating in a research note on Tuesday, August 18th. Barclays lifted their price target on Fabrinet from $702.00 to $739.00 and gave the company an “overweight” rating in a report on Tuesday, August 18th. Finally, Wall Street Zen cut Fabrinet from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $649.50.
View Our Latest Stock Analysis on Fabrinet
Fabrinet Price Performance
Fabrinet (NYSE:FN – Get Free Report) last announced its quarterly earnings data on Tuesday, August 18th. The technology company reported $4.10 EPS for the quarter, beating analysts’ consensus estimates of $3.81 by $0.29. Fabrinet had a net margin of 10.19% and a return on equity of 21.23%. The business had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the business earned $2.65 earnings per share. The firm’s revenue for the quarter was up 44.6% on a year-over-year basis. As a group, sell-side analysts expect that Fabrinet will post 17.5 earnings per share for the current fiscal year.
Insider Activity at Fabrinet
In related news, EVP Edward Archer sold 2,500 shares of the firm’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total transaction of $964,775.00. Following the sale, the executive vice president owned 7,007 shares of the company’s stock, valued at approximately $2,704,071.37. This trade represents a 26.30% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.24% of the stock is currently owned by corporate insiders.
Hedge Funds Weigh In On Fabrinet
Institutional investors have recently modified their holdings of the business. Great Lakes Advisors LLC bought a new position in Fabrinet in the second quarter valued at $3,024,000. Sei Investments Co. increased its position in shares of Fabrinet by 22.0% in the first quarter. Sei Investments Co. now owns 89,843 shares of the technology company’s stock valued at $46,854,000 after acquiring an additional 16,218 shares during the last quarter. California State Teachers Retirement System raised its holdings in Fabrinet by 23.0% during the first quarter. California State Teachers Retirement System now owns 41,747 shares of the technology company’s stock worth $21,772,000 after acquiring an additional 7,819 shares in the last quarter. Engineers Gate Manager LP acquired a new position in Fabrinet during the second quarter valued at approximately $2,491,000. Finally, Quantitative Investment Management LLC acquired a new position in Fabrinet during the second quarter valued at approximately $1,865,000. Institutional investors own 97.38% of the company’s stock.
About Fabrinet
Fabrinet (NYSE: FN) provides advanced manufacturing services for companies that develop optical, electro-optical, and precision-engineered products. The company supports customers from product design and engineering through manufacturing, assembly, testing, and supply-chain management.
Its products and manufacturing capabilities include optical communications components, modules, and assemblies; precision optical and optoelectronic systems; industrial lasers; and other complex products used in communications, industrial, automotive, medical, and other technology markets.
Recommended Stories
- Five stocks we like better than Fabrinet
- Rivian Escapes the EV Graveyard—But Can It Stay Alive?
- Allient’s Data Center and Defense Momentum Is Raising the Stakes
- Constellation Energy’s Google Deal Shows Why Nuclear Uprates Matter for AI
- Lamb Weston’s Turnaround Is Starting to Look Real
Receive News & Ratings for Fabrinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fabrinet and related companies with MarketBeat.com's FREE daily email newsletter.