JPMorgan Chase & Co. Cuts Fabrinet (NYSE:FN) Price Target to $220.00

Fabrinet (NYSE:FN) had its target price reduced by JPMorgan Chase & Co. from $265.00 to $220.00 in a research note published on Thursday,Benzinga reports. JPMorgan Chase & Co. currently has a neutral rating on the technology company’s stock.

Several other research analysts also recently weighed in on FN. Fox Advisors initiated coverage on shares of Fabrinet in a research note on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 target price for the company. Rosenblatt Securities restated a “buy” rating and issued a $285.00 price target on shares of Fabrinet in a research report on Friday, March 14th. Barclays lowered their price objective on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $280.00 price target on shares of Fabrinet in a report on Monday, March 17th. Finally, B. Riley raised Fabrinet from a “sell” rating to a “neutral” rating and decreased their price objective for the stock from $178.00 to $176.00 in a report on Friday, April 4th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Fabrinet presently has an average rating of “Hold” and a consensus target price of $243.71.

Fabrinet Stock Down 1.6 %

Shares of Fabrinet stock opened at $183.63 on Thursday. The business’s fifty day moving average is $203.49 and its two-hundred day moving average is $225.06. Fabrinet has a fifty-two week low of $148.55 and a fifty-two week high of $281.79. The firm has a market cap of $6.58 billion, a PE ratio of 20.54 and a beta of 0.97.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share 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%. Equities research analysts anticipate that Fabrinet will post 9.4 EPS for the current year.

Institutional Trading of Fabrinet

Institutional investors have recently modified their holdings of the company. Versant Capital Management Inc raised its position in shares of Fabrinet by 353.7% during the first quarter. Versant Capital Management Inc now owns 186 shares of the technology company’s stock worth $37,000 after purchasing an additional 145 shares during the period. Huntington National Bank increased its position in Fabrinet by 66.7% in the 4th quarter. Huntington National Bank now owns 230 shares of the technology company’s stock worth $51,000 after purchasing an additional 92 shares during the last quarter. Quarry LP raised its position in Fabrinet by 315.8% during the fourth quarter. Quarry LP now owns 237 shares of the technology company’s stock valued at $52,000 after acquiring an additional 180 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Fabrinet in the 3rd quarter valued at $61,000. Finally, Orion Capital Management LLC bought a new stake in shares of Fabrinet during the 4th quarter worth about $62,000. 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.