Needham & Company LLC reaffirmed their buy rating on shares of Fabrinet (NYSE:FN – Free Report) in a report released on Tuesday morning,Benzinga reports. They currently have a $500.00 price objective on the technology company’s stock.
FN has been the subject of a number of other reports. Wall Street Zen downgraded Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, July 20th. JPMorgan Chase & Co. upped their price target on Fabrinet from $680.00 to $695.00 and gave the company a “neutral” rating in a research report on Tuesday, August 18th. Rosenblatt Securities cut their price target on Fabrinet from $750.00 to $600.00 and set a “buy” rating for the company in a research note on Tuesday. Fox Advisors raised Fabrinet from an “equal weight” rating to an “overweight” rating in a report on Wednesday, August 19th. Finally, B. Riley Financial lowered their price objective on Fabrinet from $431.00 to $385.00 and set a “neutral” rating on the stock in a research note on Friday, October 30th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $548.88.
Read Our Latest Stock Report on Fabrinet
Fabrinet Stock Down 14.1%
Fabrinet stock opened at $293.62 on Tuesday. The firm has a 50 day moving average price of $396.23 and a 200-day moving average price of $519.09. The company has a quick ratio of 1.52, a current ratio of 2.04 and a debt-to-equity ratio of 0.03. Fabrinet has a twelve month low of $286.07 and a twelve month high of $748.89. The company has a market capitalization of $10.49 billion, a P/E ratio of 23.48 and a beta of 1.35.
Fabrinet (NYSE:FN – Get Free Report) last posted its quarterly earnings results on Monday, November 2nd. The technology company reported $4.34 EPS for the quarter, topping analysts’ consensus estimates of $4.21 by $0.13. The company had revenue of $1.47 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Fabrinet had a net margin of 9.35% and a return on equity of 22.32%. Fabrinet’s revenue was up 50.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $2.92 EPS. As a group, equities analysts predict that Fabrinet will post 17.57 EPS for the current year.
Insider Buying and Selling
In other Fabrinet news, EVP Edward Archer sold 2,500 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total value of $964,775.00. Following the completion of the transaction, the executive vice president owned 7,007 shares in the company, valued at $2,704,071.37. This trade represents a 26.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.22% of the stock is currently owned by corporate insiders.
Institutional Investors Weigh In On Fabrinet
A number of institutional investors and hedge funds have recently modified their holdings of FN. B.A. Schrock Wealth Management Inc. bought a new position in shares of Fabrinet during the third quarter valued at about $1,305,000. Great Lakes Advisors LLC bought a new stake in shares of Fabrinet in the 2nd quarter valued at about $3,024,000. Engineers Gate Manager LP purchased a new stake in Fabrinet during the 2nd quarter valued at about $2,491,000. Sei Investments Co. boosted its holdings in Fabrinet by 22.0% during the 1st 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 period. Finally, California State Teachers Retirement System grew its position in Fabrinet by 23.0% during the 1st 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 during the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.
Fabrinet Company Profile
Fabrinet (NYSE: FN) is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.
Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.
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