Fabrinet’s (FN) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC restated their buy rating on shares of Fabrinet (NYSE:FN) in a research note issued to investors on Monday morning,Benzinga reports. They currently have a $280.00 price objective on the technology company’s stock.

Several other brokerages have also commented on FN. Fox Advisors initiated coverage on Fabrinet in a research note on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price target on the stock. JPMorgan Chase & Co. dropped their price objective on Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a report on Tuesday, February 4th. B. Riley downgraded Fabrinet from a “neutral” rating to a “sell” rating and dropped 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 report on Tuesday, February 4th. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $285.00 price objective on shares of Fabrinet in a research report on Friday. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and a consensus price target of $246.63.

Fabrinet Stock Up 0.5 %

Shares of FN stock opened at $221.13 on Monday. The stock has a market capitalization of $8.02 billion, a PE ratio of 24.74 and a beta of 0.89. Fabrinet has a 52-week low of $159.69 and a 52-week high of $281.79. The stock’s 50-day moving average price is $219.21 and its 200 day moving average price is $230.63.

Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. Analysts expect that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fabrinet

Several institutional investors and hedge funds have recently modified their holdings of FN. Norges Bank bought a new stake in Fabrinet in the fourth quarter valued at about $95,084,000. Capital Research Global Investors increased its stake in Fabrinet by 675.2% in the fourth quarter. Capital Research Global Investors now owns 417,020 shares of the technology company’s stock valued at $91,694,000 after acquiring an additional 363,228 shares during the period. Wasatch Advisors LP grew its stake in Fabrinet by 47.0% during the fourth quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company’s stock worth $249,044,000 after buying an additional 362,064 shares during the last quarter. Wedge Capital Management L L P NC bought a new stake in Fabrinet during the fourth quarter worth about $63,222,000. Finally, FMR LLC grew its stake in Fabrinet by 13.1% during the fourth quarter. FMR LLC now owns 2,213,887 shares of the technology company’s stock worth $486,789,000 after buying an additional 257,164 shares during the last quarter. 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.