Brokerages Set Fabrinet (NYSE:FN) Target Price at $246.63

Shares of Fabrinet (NYSE:FN) have been assigned an average recommendation of “Hold” from the eight brokerages that are covering the stock, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell recommendation, three have assigned a hold recommendation and four have given a buy recommendation to the company. The average 1 year price objective among brokerages that have covered the stock in the last year is $246.63.

A number of research analysts have weighed in on FN shares. Fox Advisors started coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price target on the stock. Needham & Company LLC restated a “buy” rating and set a $280.00 target price on shares of Fabrinet in a report on Tuesday, February 4th. Barclays lowered their price target on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. Finally, Rosenblatt Securities upped their target price on Fabrinet from $280.00 to $285.00 and gave the stock a “buy” rating in a research report on Tuesday, February 4th.

Hedge Funds Weigh In On Fabrinet

Several institutional investors and hedge funds have recently made changes to their positions in FN. Huntington National Bank boosted its stake in shares of Fabrinet by 70.4% during 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. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Fabrinet during the 3rd quarter valued at approximately $52,000. Quarry LP boosted its stake in shares of Fabrinet by 315.8% during the 4th quarter. Quarry LP now owns 237 shares of the technology company’s stock valued at $52,000 after buying an additional 180 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Fabrinet during the 3rd quarter valued at approximately $61,000. Finally, Orion Capital Management LLC bought a new position in Fabrinet during the fourth quarter worth $62,000. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Fabrinet Stock Up 2.0 %

FN stock opened at $199.19 on Wednesday. Fabrinet has a 52 week low of $159.69 and a 52 week high of $281.79. The company has a market cap of $7.22 billion, a price-to-earnings ratio of 22.28 and a beta of 0.92. The business has a fifty day simple moving average of $223.90 and a 200-day simple moving average of $234.20.

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

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.