Fabrinet’s (FN) “Buy” Rating Reaffirmed at Needham & Company LLC

Fabrinet (NYSE:FN)‘s stock had its “buy” rating reiterated by Needham & Company LLC in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $280.00 price target on the technology company’s stock. Needham & Company LLC’s price target points to a potential upside of 26.78% from the company’s previous close.

Several other analysts have also recently weighed in on FN. B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and dropped their price target for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. Rosenblatt Securities restated a “buy” rating and issued a $285.00 price target on shares of Fabrinet in a research note on Friday. JPMorgan Chase & Co. dropped their price objective on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a research note on Tuesday, February 4th. Fox Advisors started coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 target price on the stock. Finally, Barclays dropped their price target on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat, Fabrinet has a consensus rating of “Hold” and an average price target of $246.63.

Fabrinet Price Performance

Shares of FN stock opened at $220.85 on Monday. The stock has a market cap of $8.01 billion, a P/E ratio of 24.70 and a beta of 0.89. The company has a fifty day moving average price of $219.44 and a two-hundred day moving average price of $230.79. Fabrinet has a one year low of $159.69 and a one year high of $281.79.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. As a group, equities research analysts anticipate that Fabrinet will post 9.4 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Norges Bank acquired a new position in shares of Fabrinet during the fourth quarter worth $95,084,000. Capital Research Global Investors boosted its stake in shares of Fabrinet by 675.2% in the 4th quarter. Capital Research Global Investors now owns 417,020 shares of the technology company’s stock valued at $91,694,000 after purchasing an additional 363,228 shares during the last quarter. Wasatch Advisors LP grew its holdings in Fabrinet by 47.0% during the 4th quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company’s stock worth $249,044,000 after acquiring an additional 362,064 shares during the period. Wedge Capital Management L L P NC acquired a new stake in Fabrinet during the fourth quarter worth approximately $63,222,000. Finally, FMR LLC grew its position in shares of Fabrinet by 13.1% during the 4th quarter. FMR LLC now owns 2,213,887 shares of the technology company’s stock worth $486,789,000 after buying an additional 257,164 shares during the period. Institutional investors own 97.38% of the company’s stock.

Fabrinet Company Profile

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.