Fabrinet (NYSE:FN) Upgraded to “Neutral” at B. Riley

B. Riley upgraded shares of Fabrinet (NYSE:FN) from a sell rating to a neutral rating in a report released on Friday morning, MarketBeat.com reports. They currently have $176.00 target price on the technology company’s stock, down from their prior target price of $178.00.

Several other analysts also recently weighed in on the company. Fox Advisors assumed coverage on Fabrinet in a research report on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price objective for the company. JPMorgan Chase & Co. lowered their price target on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a report on Tuesday, February 4th. Barclays dropped 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. Rosenblatt Securities restated a “buy” rating and issued a $285.00 price objective on shares of Fabrinet in a research report on Friday, March 14th. Finally, Needham & Company LLC reiterated a “buy” rating and set a $280.00 target price on shares of Fabrinet in a report on Monday, March 17th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $250.14.

Fabrinet Stock Down 0.8 %

Shares of NYSE:FN opened at $171.11 on Friday. The stock has a market cap of $6.21 billion, a PE ratio of 19.14 and a beta of 0.97. The company’s fifty day moving average is $209.73 and its 200 day moving average is $228.93. Fabrinet has a 52 week low of $148.55 and a 52 week high of $281.79.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. Sell-side analysts anticipate that Fabrinet will post 9.4 EPS for the current year.

Institutional Investors Weigh In On Fabrinet

Institutional investors and hedge funds have recently modified their holdings of the stock. Cerity Partners LLC raised its stake in Fabrinet by 41.4% in the third quarter. Cerity Partners LLC now owns 2,144 shares of the technology company’s stock worth $507,000 after buying an additional 628 shares in the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in Fabrinet by 85.0% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,492 shares of the technology company’s stock valued at $15,248,000 after acquiring an additional 29,639 shares in the last quarter. Captrust Financial Advisors grew its holdings in shares of Fabrinet by 23.5% during the 3rd quarter. Captrust Financial Advisors now owns 1,060 shares of the technology company’s stock worth $251,000 after acquiring an additional 202 shares during the period. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Fabrinet in the 3rd quarter worth approximately $52,000. Finally, Benjamin Edwards Inc. lifted its stake in shares of Fabrinet by 34.6% in the 3rd quarter. Benjamin Edwards Inc. now owns 2,656 shares of the technology company’s stock valued at $628,000 after purchasing an additional 683 shares during the period. 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.