Fabrinet (NYSE:FN) Coverage Initiated at Barclays

Stock analysts at Barclays began coverage on shares of Fabrinet (NYSE:FN) in a research note issued to investors on Thursday, Marketbeat reports. The brokerage set an “equal weight” rating and a $292.00 price target on the technology company’s stock. Barclays‘s price objective indicates a potential upside of 24.31% from the company’s previous close.

Several other brokerages have also recently issued reports on FN. Rosenblatt Securities increased their target price on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Needham & Company LLC assumed coverage on shares of Fabrinet in a research note on Tuesday, November 5th. They set a “buy” rating and a $280.00 price objective on the stock. B. Riley reduced their price objective on shares of Fabrinet from $196.00 to $194.00 and set a “neutral” rating for the company in a research note on Tuesday, November 5th. Finally, JPMorgan Chase & Co. upped their target price on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Fabrinet currently has a consensus rating of “Hold” and a consensus target price of $254.43.

Fabrinet Trading Down 6.8 %

Shares of FN opened at $234.90 on Thursday. The company’s fifty day simple moving average is $241.87 and its 200-day simple moving average is $235.18. The company has a market cap of $8.52 billion, a P/E ratio of 28.73 and a beta of 0.95. Fabrinet has a twelve month low of $159.30 and a twelve month high of $278.38.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, beating the consensus estimate of $2.38 by $0.01. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The company had revenue of $804.20 million for the quarter, compared to the consensus estimate of $771.24 million. During the same quarter in the prior year, the company posted $1.78 EPS. Fabrinet’s quarterly revenue was up 17.3% on a year-over-year basis. Analysts predict that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Insider Activity

In other news, CFO Csaba Sverha sold 9,288 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the sale, the chief financial officer now owns 19,768 shares of the company’s stock, valued at $5,338,941.44. This trade represents a 31.97 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, CEO Seamus Grady sold 26,650 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the completion of the transaction, the chief executive officer now owns 37,643 shares of the company’s stock, valued at approximately $10,163,610. This represents a 41.45 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 44,728 shares of company stock valued at $11,645,062 in the last ninety days. Insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On Fabrinet

Hedge funds have recently bought and sold shares of the business. Legacy Wealth Asset Management LLC raised its position in shares of Fabrinet by 3.2% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company’s stock worth $325,000 after purchasing an additional 43 shares during the last quarter. Wolff Wiese Magana LLC increased its stake in Fabrinet by 2.7% during the 3rd quarter. Wolff Wiese Magana LLC now owns 1,765 shares of the technology company’s stock worth $417,000 after buying an additional 47 shares in the last quarter. Cynosure Group LLC raised its holdings in shares of Fabrinet by 3.4% during the third quarter. Cynosure Group LLC now owns 1,560 shares of the technology company’s stock valued at $369,000 after acquiring an additional 51 shares during the last quarter. Trust Point Inc. lifted its position in shares of Fabrinet by 4.7% in the third quarter. Trust Point Inc. now owns 1,272 shares of the technology company’s stock valued at $301,000 after acquiring an additional 57 shares in the last quarter. Finally, Huntington National Bank boosted its stake in shares of Fabrinet by 70.4% in the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after acquiring an additional 57 shares during 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.