Needham & Company LLC Reaffirms “Buy” Rating for Fabrinet (NYSE:FN)

Fabrinet (NYSE:FN)‘s stock had its “buy” rating reissued by research analysts at Needham & Company LLC in a report released on Tuesday,Benzinga reports. They presently have a $280.00 price objective on the technology company’s stock. Needham & Company LLC’s target price would indicate a potential upside of 30.79% from the company’s current price.

Other research analysts also recently issued reports about the company. B. Riley downgraded Fabrinet from a “neutral” rating to a “sell” rating and cut their price target for the company from $194.00 to $178.00 in a report on Wednesday, November 20th. Barclays cut 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. Finally, Rosenblatt Securities increased their price target on shares of Fabrinet from $280.00 to $285.00 and gave the company a “buy” rating in a research report on Tuesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $243.29.

Fabrinet Price Performance

NYSE:FN opened at $214.08 on Tuesday. Fabrinet has a 1-year low of $159.69 and a 1-year high of $281.79. The company has a 50-day moving average of $230.44 and a 200 day moving average of $234.17. The firm has a market cap of $7.76 billion, a PE ratio of 25.33 and a beta of 0.92.

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 return on equity of 18.08% and a net margin of 10.28%. Sell-side analysts anticipate that Fabrinet will post 9.1 EPS for the current fiscal year.

Institutional Trading of Fabrinet

A number of institutional investors have recently bought and sold shares of FN. Wellington Management Group LLP boosted its holdings in shares of Fabrinet by 1.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company’s stock valued at $276,437,000 after acquiring an additional 19,677 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Fabrinet by 7.6% in the third quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company’s stock worth $233,359,000 after acquiring an additional 69,554 shares during the period. Whale Rock Capital Management LLC grew its position in shares of Fabrinet by 25.8% during the 3rd quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock valued at $202,338,000 after acquiring an additional 175,684 shares during the period. JPMorgan Chase & Co. increased its stake in shares of Fabrinet by 3.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 660,401 shares of the technology company’s stock valued at $156,145,000 after purchasing an additional 24,439 shares in the last quarter. Finally, Baillie Gifford & Co. raised its holdings in Fabrinet by 10.7% in the 4th quarter. Baillie Gifford & Co. now owns 553,038 shares of the technology company’s stock worth $121,602,000 after purchasing an additional 53,250 shares during the period. 97.38% of the stock is currently owned by institutional investors and hedge funds.

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.