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

Needham & Company LLC reaffirmed their buy rating on shares of Fabrinet (NYSE:FN) in a report issued on Tuesday,Benzinga reports. They currently have a $280.00 price objective on the technology company’s stock.

FN has been the topic of several other reports. Rosenblatt Securities cut their target price on Fabrinet from $280.00 to $230.00 and set a “buy” rating on the stock in a research note on Tuesday, April 22nd. Barclays reduced their target price on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Fox Advisors initiated coverage on Fabrinet in a research note on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price target for the company. JPMorgan Chase & Co. reduced their price objective on shares of Fabrinet from $265.00 to $220.00 and set a “neutral” rating on the stock in a research report on Thursday, April 17th. Finally, B. Riley raised shares of Fabrinet from a “sell” rating to a “neutral” rating and dropped their target price for the stock from $178.00 to $176.00 in a research report on Friday, April 4th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $239.29.

Fabrinet Trading Down 1.0 %

FN opened at $207.85 on Tuesday. The company has a market cap of $7.45 billion, a P/E ratio of 23.25 and a beta of 0.95. Fabrinet has a 12 month low of $148.55 and a 12 month high of $281.79. The business’s 50-day moving average price is $199.57 and its 200-day moving average price is $220.41.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.05. Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. The firm had revenue of $871.80 million for the quarter, compared to analysts’ expectations of $857.12 million. During the same quarter last year, the business earned $2.39 earnings per share. The business’s revenue was up 19.2% on a year-over-year basis. Equities research analysts forecast that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fabrinet

Hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its stake in shares of Fabrinet by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 4,137,579 shares of the technology company’s stock worth $909,771,000 after buying an additional 113,186 shares during the last quarter. FMR LLC grew its stake in shares of Fabrinet by 13.1% in the fourth quarter. FMR LLC now owns 2,213,887 shares of the technology company’s stock worth $486,789,000 after acquiring an additional 257,164 shares during the last quarter. Wasatch Advisors LP increased its holdings in shares of Fabrinet by 47.0% during the fourth quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company’s stock valued at $249,044,000 after acquiring an additional 362,064 shares in the last quarter. Geode Capital Management LLC raised its position in shares of Fabrinet by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 1,006,858 shares of the technology company’s stock worth $221,430,000 after purchasing an additional 20,045 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in Fabrinet by 1.4% in the 4th quarter. JPMorgan Chase & Co. now owns 669,459 shares of the technology company’s stock worth $147,201,000 after purchasing an additional 9,058 shares in the last quarter. Hedge funds and other institutional investors 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.