Fabrinet (NYSE:FN) Now Covered by Analysts at Needham & Company LLC

Needham & Company LLC initiated coverage on shares of Fabrinet (NYSE:FN) in a research note issued to investors on Tuesday, MarketBeat.com reports. The firm issued a buy rating and a $280.00 price objective on the technology company’s stock.

Several other brokerages also recently issued reports on FN. JPMorgan Chase & Co. raised their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Rosenblatt Securities boosted their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Finally, B. Riley upped their price objective on shares of Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $248.17.

Fabrinet Price Performance

FN stock opened at $271.10 on Tuesday. The stock has a market capitalization of $9.83 billion, a price-to-earnings ratio of 32.08 and a beta of 0.95. The company has a 50-day moving average of $239.49 and a two-hundred day moving average of $232.77. Fabrinet has a 52-week low of $159.30 and a 52-week high of $278.38.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.01. The firm had revenue of $804.20 million during the quarter, compared to the consensus estimate of $771.24 million. Fabrinet had a return on equity of 18.50% and a net margin of 10.28%. The firm’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.78 EPS. Equities analysts expect that Fabrinet will post 9.11 EPS for the current fiscal year.

Insider Transactions at Fabrinet

In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the sale, the executive vice president now directly owns 8,333 shares in the company, valued at $1,835,426.58. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Fabrinet news, CEO Seamus Grady sold 26,650 shares of Fabrinet stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $270.00, for a total value of $7,195,500.00. Following the completion of the transaction, the chief executive officer now owns 37,643 shares in the company, valued at approximately $10,163,610. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Edward T. Archer sold 8,690 shares of the firm’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the sale, the executive vice president now owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 44,728 shares of company stock valued at $11,645,062. Corporate insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On Fabrinet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in FN. Opal Wealth Advisors LLC bought a new stake in shares of Fabrinet during the second quarter valued at approximately $28,000. Huntington National Bank boosted its position in Fabrinet by 70.4% in the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after buying an additional 57 shares during the last quarter. Banque Cantonale Vaudoise acquired a new stake in shares of Fabrinet in the 2nd quarter valued at $35,000. Kimelman & Baird LLC bought a new stake in shares of Fabrinet during the second quarter worth $49,000. Finally, NBC Securities Inc. lifted its stake in shares of Fabrinet by 732.0% during the third quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock valued at $49,000 after acquiring an additional 183 shares during the period. Institutional investors and hedge funds 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.