Fabrinet (NYSE:FN) Earns Buy Rating from Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Fabrinet (NYSE:FN) in a report published on Tuesday,Benzinga reports. They currently have a $280.00 price objective on the technology company’s stock.

A number of other analysts also recently issued reports on the stock. B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. Barclays decreased 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 note on Tuesday. Finally, Rosenblatt Securities increased their price objective on Fabrinet from $280.00 to $285.00 and gave the company a “buy” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $243.29.

Fabrinet Stock Down 8.0 %

Fabrinet stock opened at $207.51 on Tuesday. The stock has a market cap of $7.53 billion, a P/E ratio of 24.56 and a beta of 0.92. The company’s 50 day moving average price is $231.00 and its two-hundred day moving average price is $234.38. Fabrinet has a 52 week low of $159.69 and a 52 week high of $281.79.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. On average, equities analysts anticipate that Fabrinet will post 9.1 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of FN. Huntington National Bank boosted its holdings in shares of Fabrinet by 70.4% in the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after acquiring an additional 57 shares during the period. NBC Securities Inc. lifted its holdings in Fabrinet by 732.0% during the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock worth $49,000 after purchasing an additional 183 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in Fabrinet in the 3rd quarter worth about $52,000. UMB Bank n.a. grew its holdings in Fabrinet by 252.9% during the 3rd quarter. UMB Bank n.a. now owns 240 shares of the technology company’s stock valued at $57,000 after buying an additional 172 shares in the last quarter. Finally, Eastern Bank bought a new stake in shares of Fabrinet during the third quarter valued at about $59,000. 97.38% of the stock is currently owned by hedge funds and other 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.