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

Fabrinet (NYSE:FN)‘s stock had its “buy” rating restated by research analysts at Needham & Company LLC in a research note issued on Tuesday,Benzinga reports. They presently have a $350.00 price objective on the technology company’s stock. Needham & Company LLC’s target price would suggest a potential upside of 7.21% from the company’s previous close.

Several other analysts also recently weighed in on FN. Wolfe Research assumed coverage on shares of Fabrinet in a research report on Tuesday, July 8th. They set a “peer perform” rating for the company. JPMorgan Chase & Co. lifted their target price on shares of Fabrinet from $235.00 to $318.00 and gave the company a “neutral” rating in a report on Thursday, July 17th. Barclays set a $329.00 target price on shares of Fabrinet in a report on Tuesday. Finally, Rosenblatt Securities reaffirmed a “buy” rating and issued a $360.00 target price on shares of Fabrinet in a report on Tuesday. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Fabrinet presently has a consensus rating of “Hold” and an average target price of $300.50.

Fabrinet Stock Down 1.0%

Shares of Fabrinet stock opened at $326.47 on Tuesday. The company has a market capitalization of $11.70 billion, a P/E ratio of 36.36 and a beta of 1.02. Fabrinet has a 52-week low of $148.55 and a 52-week high of $356.55. The company has a 50 day moving average of $298.58 and a 200 day moving average of $241.11.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, August 18th. The technology company reported $2.65 earnings per share for the quarter, topping the consensus estimate of $2.63 by $0.02. The business had revenue of $909.69 million during the quarter, compared to the consensus estimate of $880.19 million. Fabrinet had a net margin of 10.00% and a return on equity of 17.99%. The company’s revenue was up 20.8% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.41 EPS. As a group, research analysts anticipate that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Insider Activity at Fabrinet

In other news, COO Harpal Gill sold 18,675 shares of the business’s stock in a transaction dated Wednesday, June 4th. The shares were sold at an average price of $240.00, for a total transaction of $4,482,000.00. Following the transaction, the chief operating officer directly owned 18,068 shares in the company, valued at $4,336,320. The trade was a 50.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Company insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On Fabrinet

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mariner LLC lifted its holdings in shares of Fabrinet by 129.3% in the 4th quarter. Mariner LLC now owns 9,010 shares of the technology company’s stock valued at $1,981,000 after buying an additional 5,081 shares during the period. Marshall Wace LLP raised its position in Fabrinet by 205.6% in the fourth quarter. Marshall Wace LLP now owns 30,627 shares of the technology company’s stock worth $6,734,000 after acquiring an additional 20,606 shares in the last quarter. Canada Pension Plan Investment Board lifted its holdings in Fabrinet by 70.6% in the fourth quarter. Canada Pension Plan Investment Board now owns 39,400 shares of the technology company’s stock valued at $8,663,000 after acquiring an additional 16,300 shares during the period. First Trust Advisors LP boosted its position in shares of Fabrinet by 96.0% during the 4th quarter. First Trust Advisors LP now owns 2,413 shares of the technology company’s stock worth $531,000 after purchasing an additional 1,182 shares in the last quarter. Finally, MetLife Investment Management LLC boosted its position in shares of Fabrinet by 7.8% during the 4th quarter. MetLife Investment Management LLC now owns 41,775 shares of the technology company’s stock worth $9,185,000 after purchasing an additional 3,016 shares in the last quarter. Institutional investors and hedge funds 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.