Fabrinet’s (FN) “Buy” Rating Reiterated at Rosenblatt Securities

Fabrinet (NYSE:FN)‘s stock had its “buy” rating reiterated by investment analysts at Rosenblatt Securities in a note issued to investors on Tuesday,Benzinga reports. They presently have a $360.00 target price on the technology company’s stock. Rosenblatt Securities’ price objective indicates a potential upside of 10.27% from the stock’s current price.

FN has been the subject of several other reports. Needham & Company LLC reiterated a “buy” rating and set a $280.00 price objective on shares of Fabrinet in a research report on Tuesday, May 6th. Barclays set a $329.00 target price on shares of Fabrinet in a research note on Tuesday. JPMorgan Chase & Co. increased their target price on shares of Fabrinet from $235.00 to $318.00 and gave the stock a “neutral” rating in a research note on Thursday, July 17th. Finally, Wolfe Research assumed coverage on shares of Fabrinet in a research note on Tuesday, July 8th. They set a “peer perform” rating on the stock. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $288.83.

Fabrinet Stock Performance

Shares of NYSE FN opened at $326.47 on Tuesday. Fabrinet has a 52-week low of $148.55 and a 52-week high of $356.55. The firm has a 50 day moving average price of $298.58 and a two-hundred day moving average price of $241.11. The stock has a market cap of $11.70 billion, a P/E ratio of 36.36 and a beta of 1.02.

Fabrinet (NYSE:FN) last posted 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. Fabrinet had a net margin of 10.00% and a return on equity of 17.99%. The company had revenue of $909.69 million during the quarter, compared to analysts’ expectations of $880.19 million. During the same period in the prior year, the company posted $2.41 earnings per share. Fabrinet’s revenue for the quarter was up 20.8% compared to the same quarter last year. Analysts predict that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Fabrinet

In other Fabrinet news, COO Harpal Gill sold 18,675 shares of Fabrinet stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total transaction of $4,482,000.00. Following the completion of the transaction, the chief operating officer owned 18,068 shares in the company, valued at approximately $4,336,320. The trade was a 50.83% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On Fabrinet

A number of hedge funds have recently added to or reduced their stakes in the stock. Castleark Management LLC boosted its stake in Fabrinet by 55.0% during the 2nd quarter. Castleark Management LLC now owns 31,920 shares of the technology company’s stock valued at $9,406,000 after purchasing an additional 11,330 shares during the last quarter. Rexford Capital Inc. acquired a new position in Fabrinet during the 2nd quarter valued at about $269,000. Evergreen Capital Management LLC boosted its stake in Fabrinet by 1.0% during the 2nd quarter. Evergreen Capital Management LLC now owns 3,032 shares of the technology company’s stock valued at $893,000 after purchasing an additional 31 shares during the last quarter. Tower Research Capital LLC TRC boosted its stake in Fabrinet by 241.8% during the 2nd quarter. Tower Research Capital LLC TRC now owns 6,815 shares of the technology company’s stock valued at $2,008,000 after purchasing an additional 4,821 shares during the last quarter. Finally, Captrust Financial Advisors lifted its position in shares of Fabrinet by 16.8% during the second quarter. Captrust Financial Advisors now owns 2,492 shares of the technology company’s stock valued at $734,000 after purchasing an additional 358 shares in the last quarter. 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.