Fabrinet (NYSE:FN) Price Target Raised to $470.00

Fabrinet (NYSE:FN) had its target price boosted by JPMorgan Chase & Co. from $465.00 to $470.00 in a research report released on Tuesday morning,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the technology company’s stock.

Other equities analysts have also issued research reports about the stock. Needham & Company LLC reaffirmed a “buy” rating and set a $500.00 price objective on shares of Fabrinet in a research report on Tuesday. Susquehanna reduced their target price on shares of Fabrinet from $850.00 to $600.00 and set a “positive” rating for the company in a research note on Wednesday, October 21st. Fox Advisors raised shares of Fabrinet from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, August 19th. Weiss Ratings downgraded shares of Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, September 9th. Finally, Wall Street Zen lowered shares of 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 given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $548.88.

Fabrinet Stock Performance

Shares of FN stock opened at $293.62 on Tuesday. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.04 and a quick ratio of 1.52. Fabrinet has a fifty-two week low of $286.07 and a fifty-two week high of $748.89. The stock’s 50-day moving average is $396.23 and its two-hundred day moving average is $519.09. The firm has a market cap of $10.49 billion, a P/E ratio of 23.48 and a beta of 1.35.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, November 2nd. The technology company reported $4.34 earnings per share for the quarter, topping analysts’ consensus estimates of $4.21 by $0.13. The company had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.42 billion. Fabrinet had a return on equity of 22.32% and a net margin of 9.35%. The business’s quarterly revenue was up 50.7% on a year-over-year basis. During the same period last year, the business earned $2.92 EPS. Analysts predict that Fabrinet will post 17.57 earnings per share for the current fiscal year.

Insider Buying and Selling at Fabrinet

In other news, EVP Edward Archer sold 2,500 shares of the company’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total transaction of $964,775.00. Following the completion of the sale, the executive vice president owned 7,007 shares in the company, valued at approximately $2,704,071.37. This represents a 26.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.22% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the stock. Paradigm Capital Management Inc. NY bought a new stake in Fabrinet during the second quarter valued at about $298,183,000. Janus Henderson Group PLC grew its position in shares of Fabrinet by 15.9% in the first quarter. Janus Henderson Group PLC now owns 291,659 shares of the technology company’s stock valued at $152,071,000 after purchasing an additional 40,090 shares during the last quarter. Principal Financial Group Inc. increased its stake in shares of Fabrinet by 15.0% in the first quarter. Principal Financial Group Inc. now owns 216,049 shares of the technology company’s stock worth $112,674,000 after purchasing an additional 28,166 shares during the period. Allspring Global Investments Holdings LLC increased its stake in shares of Fabrinet by 108.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 165,146 shares of the technology company’s stock worth $88,350,000 after purchasing an additional 85,780 shares during the period. Finally, Wedge Capital Management L L P NC lifted its position in shares of Fabrinet by 11.5% during the 2nd quarter. Wedge Capital Management L L P NC now owns 128,795 shares of the technology company’s stock worth $72,393,000 after purchasing an additional 13,245 shares during the last quarter. 97.38% of the stock is owned by 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.