Barclays Lowers Fabrinet (NYSE:FN) Price Target to $245.00

Fabrinet (NYSE:FN) had its price target lowered by Barclays from $292.00 to $245.00 in a research report sent to investors on Tuesday,Benzinga reports. Barclays currently has an equal weight rating on the technology company’s stock.

Other equities analysts have also recently issued research reports about the stock. Needham & Company LLC began coverage on shares of Fabrinet in a research report on Tuesday, November 5th. They set a “buy” rating and a $280.00 target price for the company. B. Riley downgraded Fabrinet from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $243.29.

Fabrinet Price Performance

FN opened at $220.83 on Tuesday. Fabrinet has a 1-year low of $159.69 and a 1-year high of $281.79. The stock has a market cap of $8.01 billion, a P/E ratio of 26.13 and a beta of 0.92. The stock’s 50 day simple moving average is $230.21 and its 200 day simple moving average is $234.03.

Fabrinet (NYSE:FN) last posted its earnings results 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 net margin of 10.28% and a return on equity of 18.08%. Research analysts expect that Fabrinet will post 9.1 EPS for the current fiscal year.

Institutional Trading of Fabrinet

Several hedge funds and other institutional investors have recently bought and sold shares of FN. Truist Financial Corp lifted its stake in shares of Fabrinet by 14.9% during the 2nd quarter. Truist Financial Corp now owns 5,871 shares of the technology company’s stock worth $1,437,000 after purchasing an additional 761 shares during the period. Cetera Investment Advisers lifted its position in Fabrinet by 41.1% during the second quarter. Cetera Investment Advisers now owns 11,166 shares of the technology company’s stock worth $2,733,000 after buying an additional 3,254 shares during the period. Sanctuary Advisors LLC acquired a new stake in Fabrinet in the 2nd quarter worth about $482,000. SG Americas Securities LLC grew its holdings in Fabrinet by 93.9% in the 3rd quarter. SG Americas Securities LLC now owns 3,249 shares of the technology company’s stock valued at $768,000 after buying an additional 1,573 shares during the period. Finally, Park Avenue Securities LLC increased its stake in shares of Fabrinet by 2.3% during the 3rd quarter. Park Avenue Securities LLC now owns 6,681 shares of the technology company’s stock valued at $1,580,000 after acquiring an additional 148 shares during the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.

About Fabrinet

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.