Needham & Company LLC Cuts Fabrinet (NYSE:FN) Price Target to $650.00

Fabrinet (NYSE:FN) had its price objective trimmed by Needham & Company LLC from $800.00 to $650.00 in a report released on Wednesday morning,Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

A number of other research analysts have also weighed in on the company. Barclays lifted their target price on Fabrinet from $548.00 to $702.00 and gave the company an “overweight” rating in a report on Tuesday, May 5th. Rosenblatt Securities raised their price target on shares of Fabrinet from $715.00 to $750.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Zacks Research cut shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Fox Advisors lowered Fabrinet from a “strong-buy” rating to an “equal weight” rating in a research note on Tuesday, May 5th. Finally, JPMorgan Chase & Co. reduced their target price on Fabrinet from $700.00 to $680.00 and set a “neutral” rating for the company in a research report on Tuesday, May 5th. Six analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $643.00.

Fabrinet Stock Down 8.2%

Shares of NYSE:FN opened at $475.48 on Wednesday. The firm has a market capitalization of $17.04 billion, a PE ratio of 40.85 and a beta of 1.20. The company has a 50-day moving average price of $579.66 and a two-hundred day moving average price of $564.64. Fabrinet has a twelve month low of $272.49 and a twelve month high of $748.89.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, May 4th. The technology company reported $3.72 EPS for the quarter, beating analysts’ consensus estimates of $3.58 by $0.14. Fabrinet had a net margin of 9.94% and a return on equity of 19.83%. The company had revenue of $1.21 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same period in the prior year, the company posted $2.52 EPS. Fabrinet’s revenue was up 39.3% compared to the same quarter last year. Fabrinet has set its Q4 2026 guidance at 3.720-3.870 EPS. Analysts anticipate that Fabrinet will post 12.97 earnings per share for the current fiscal year.

Insider Activity at Fabrinet

In related news, Director Homa Bahrami sold 2,500 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $711.91, for a total transaction of $1,779,775.00. Following the transaction, the director directly owned 16,233 shares of the company’s stock, valued at approximately $11,556,435.03. This trade represents a 13.35% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 0.24% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Swedbank AB bought a new stake in Fabrinet in the fourth quarter worth $5,372,000. M&T Bank Corp grew its stake in shares of Fabrinet by 196.5% during the fourth quarter. M&T Bank Corp now owns 2,345 shares of the technology company’s stock valued at $1,068,000 after buying an additional 1,554 shares during the last quarter. JSF Financial LLC bought a new position in shares of Fabrinet during the fourth quarter valued at about $957,000. Principal Financial Group Inc. increased its holdings in shares of Fabrinet by 4.0% in the fourth quarter. Principal Financial Group Inc. now owns 187,883 shares of the technology company’s stock worth $85,539,000 after buying an additional 7,233 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Fabrinet by 117.7% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 7,979 shares of the technology company’s stock worth $3,633,000 after buying an additional 4,314 shares during the period. 97.38% of the stock is currently owned by institutional investors.

Fabrinet Company Profile

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.