Fabrinet (NYSE:FN) Coverage Initiated at Jefferies Financial Group

Jefferies Financial Group assumed coverage on shares of Fabrinet (NYSE:FN) in a research note published on Wednesday, Marketbeat Ratings reports. The firm issued a hold rating and a $230.00 price target on the technology company’s stock.

A number of other equities analysts have also weighed in on FN. JPMorgan Chase & Co. upped their price objective on Fabrinet from $210.00 to $212.00 and gave the stock a neutral rating in a research note on Thursday, April 11th. Needham & Company LLC reaffirmed a buy rating and issued a $220.00 price objective on shares of Fabrinet in a research note on Tuesday, May 7th. B. Riley dropped their price objective on Fabrinet from $173.00 to $171.00 and set a neutral rating for the company in a research note on Tuesday, May 7th. Finally, Northland Securities raised Fabrinet from a market perform rating to an outperform rating and upped their price objective for the stock from $200.00 to $220.00 in a research note on Thursday, March 21st. Five equities research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Fabrinet has a consensus rating of Moderate Buy and an average target price of $168.67.

Fabrinet Stock Down 0.7 %

Shares of FN opened at $244.79 on Wednesday. The business has a 50-day simple moving average of $223.56 and a two-hundred day simple moving average of $205.21. The stock has a market cap of $8.85 billion, a price-to-earnings ratio of 32.51 and a beta of 0.99. Fabrinet has a 52 week low of $114.83 and a 52 week high of $257.04.

Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, May 6th. The technology company reported $2.21 EPS for the quarter, topping analysts’ consensus estimates of $1.93 by $0.28. The business had revenue of $731.54 million during the quarter, compared to analysts’ expectations of $718.94 million. Fabrinet had a return on equity of 17.67% and a net margin of 9.90%. On average, equities analysts anticipate that Fabrinet will post 7.95 earnings per share for the current fiscal year.

Insider Activity at Fabrinet

In other news, Director Frank H. Levinson sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $241.71, for a total value of $1,450,260.00. Following the completion of the sale, the director now directly owns 5,709 shares of the company’s stock, valued at approximately $1,379,922.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.51% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fabrinet

Several institutional investors have recently modified their holdings of FN. Janney Montgomery Scott LLC purchased a new stake in shares of Fabrinet in the third quarter worth approximately $241,000. Envestnet Portfolio Solutions Inc. purchased a new stake in shares of Fabrinet in the third quarter worth approximately $242,000. Envestnet Asset Management Inc. raised its holdings in shares of Fabrinet by 25.3% in the third quarter. Envestnet Asset Management Inc. now owns 41,073 shares of the technology company’s stock worth $6,844,000 after buying an additional 8,302 shares during the period. Mariner LLC raised its holdings in shares of Fabrinet by 2.1% in the third quarter. Mariner LLC now owns 4,103 shares of the technology company’s stock worth $684,000 after buying an additional 85 shares during the period. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Fabrinet in the third quarter worth approximately $2,228,000. 97.38% of the stock is owned by institutional investors.

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.