Fabrinet (NYSE:FN) Receives Buy Rating from Needham & Company LLC

Needham & Company LLC reissued their buy rating on shares of Fabrinet (NYSE:FN) in a report published on Monday,Benzinga reports. Needham & Company LLC currently has a $280.00 price target on the technology company’s stock.

A number of other research firms also recently commented on FN. Barclays cut their target price 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. Fox Advisors assumed coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 target price for the company. B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and cut their target price for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. JPMorgan Chase & Co. cut their target price on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a research report on Tuesday, February 4th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $285.00 target price on shares of Fabrinet in a research report on Friday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $246.63.

Fabrinet Stock Up 0.5 %

Shares of FN opened at $221.13 on Monday. The company has a market capitalization of $8.02 billion, a P/E ratio of 24.74 and a beta of 0.89. The firm has a 50 day moving average of $219.21 and a 200 day moving average of $230.63. Fabrinet has a twelve month low of $159.69 and a twelve month high of $281.79.

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 the consensus estimate of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. On average, sell-side analysts expect that Fabrinet will post 9.4 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the stock. Barclays PLC increased its holdings in shares of Fabrinet by 304.6% in the third quarter. Barclays PLC now owns 69,128 shares of the technology company’s stock valued at $16,345,000 after purchasing an additional 52,042 shares during the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Fabrinet by 14.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock worth $113,621,000 after buying an additional 61,491 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in shares of Fabrinet during the third quarter worth $2,398,000. Pathstone Holdings LLC boosted its holdings in Fabrinet by 40.7% in the third quarter. Pathstone Holdings LLC now owns 8,219 shares of the technology company’s stock valued at $1,943,000 after purchasing an additional 2,378 shares during the period. Finally, Freedom Investment Management Inc. boosted its holdings in Fabrinet by 106.2% in the third quarter. Freedom Investment Management Inc. now owns 4,969 shares of the technology company’s stock valued at $1,175,000 after purchasing an additional 2,559 shares during the period. Institutional investors and hedge funds own 97.38% of the company’s stock.

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.