Fabrinet (NYSE:FN) Now Covered by Analysts at Fox Advisors

Fox Advisors initiated coverage on shares of Fabrinet (NYSE:FN) in a research report released on Tuesday, Marketbeat reports. The brokerage issued an overweight rating and a $270.00 price objective on the technology company’s stock.

Several other research firms also recently issued reports on FN. Barclays dropped their price target on shares of 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 research note on Tuesday, February 4th. Rosenblatt Securities raised their price target on shares of Fabrinet from $280.00 to $285.00 and gave the company a “buy” rating in a research note on Tuesday, February 4th. JPMorgan Chase & Co. decreased their price objective 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, B. Riley cut shares of Fabrinet from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to MarketBeat, Fabrinet currently has a consensus rating of “Hold” and an average target price of $246.63.

Fabrinet Price Performance

Shares of NYSE:FN opened at $240.37 on Tuesday. The company has a market cap of $8.72 billion, a price-to-earnings ratio of 26.89 and a beta of 0.92. The firm has a 50 day simple moving average of $226.93 and a 200 day simple moving average of $233.63. Fabrinet has a one year low of $159.69 and a one year high of $281.79.

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

Institutional Investors Weigh In On Fabrinet

Several large investors have recently modified their holdings of FN. Legacy Wealth Asset Management LLC grew its holdings in Fabrinet by 3.2% in the third 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 period. Cynosure Group LLC grew its holdings in Fabrinet by 3.4% in the third quarter. Cynosure Group LLC now owns 1,560 shares of the technology company’s stock worth $369,000 after purchasing an additional 51 shares during the period. Assetmark Inc. grew its holdings in Fabrinet by 12.0% in the fourth quarter. Assetmark Inc. now owns 484 shares of the technology company’s stock worth $106,000 after purchasing an additional 52 shares during the period. Huntington National Bank grew its holdings in 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 purchasing an additional 57 shares during the period. Finally, CIBC Asset Management Inc grew its holdings in Fabrinet by 5.7% in the fourth quarter. CIBC Asset Management Inc now owns 1,113 shares of the technology company’s stock worth $245,000 after purchasing an additional 60 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.