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

Fabrinet (NYSE:FN)‘s stock had its “buy” rating reissued by Needham & Company LLC in a research report issued to clients and investors on Monday,Benzinga reports. They currently have a $280.00 target price on the technology company’s stock. Needham & Company LLC’s target price would indicate a potential upside of 26.78% from the company’s current price.

Several other equities research analysts also recently issued reports on FN. Fox Advisors assumed coverage on Fabrinet in a report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price target for the company. Rosenblatt Securities reiterated a “buy” rating and issued a $285.00 target price on shares of Fabrinet in a research note on Friday. Barclays dropped their price target on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research report 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 note on Tuesday, February 4th. Finally, B. Riley downgraded 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 note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, Fabrinet has a consensus rating of “Hold” and an average target price of $246.63.

Fabrinet Trading Down 1.3 %

FN opened at $220.85 on Monday. The company has a market cap of $8.01 billion, a price-to-earnings ratio of 24.70 and a beta of 0.89. The company’s fifty day moving average price is $219.44 and its two-hundred day moving average price is $230.79. Fabrinet has a 1-year low of $159.69 and a 1-year high of $281.79.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. As a group, equities analysts forecast that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fabrinet

Institutional investors have recently bought and sold shares of the company. Cynosure Group LLC boosted its position in Fabrinet by 3.4% during 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. boosted its holdings in Fabrinet by 12.0% in the 4th quarter. Assetmark Inc. now owns 484 shares of the technology company’s stock worth $106,000 after buying an additional 52 shares during the period. Huntington National Bank boosted its holdings in Fabrinet by 70.4% in the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after buying an additional 57 shares during the period. CIBC Asset Management Inc grew its stake in Fabrinet by 5.7% in the 4th quarter. CIBC Asset Management Inc now owns 1,113 shares of the technology company’s stock valued at $245,000 after buying an additional 60 shares in the last quarter. Finally, Nations Financial Group Inc. IA ADV raised its holdings in Fabrinet by 2.4% during the 4th quarter. Nations Financial Group Inc. IA ADV now owns 2,941 shares of the technology company’s stock valued at $647,000 after acquiring an additional 68 shares during the period. 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.