Fabrinet (NYSE:FN) Given Average Recommendation of “Moderate Buy” by Brokerages

Shares of Fabrinet (NYSE:FN) have received a consensus rating of “Moderate Buy” from the nine brokerages that are currently covering the firm, MarketBeat.com reports. Four investment analysts have rated the stock with a hold recommendation and five have given a buy recommendation to the company. The average 12-month price objective among brokerages that have issued ratings on the stock in the last year is $171.78.

Several research analysts have commented on FN shares. Needham & Company LLC reissued a “buy” rating and issued a $220.00 price target on shares of Fabrinet in a report on Tuesday, May 7th. Jefferies Financial Group started coverage on shares of Fabrinet in a report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 price target for the company. JPMorgan Chase & Co. raised their price target on shares of Fabrinet from $230.00 to $240.00 and gave the company a “neutral” rating in a report on Monday. Finally, B. Riley cut their price target on shares of Fabrinet from $173.00 to $171.00 and set a “neutral” rating for the company in a report on Tuesday, May 7th.

Fabrinet Trading Up 0.0 %

FN opened at $217.77 on Friday. The company has a 50 day moving average of $233.33 and a 200 day moving average of $213.57. The company has a market cap of $7.87 billion, a PE ratio of 28.92 and a beta of 0.96. Fabrinet has a 12 month low of $114.83 and a 12 month high of $266.39.

Insider Activity

In other news, Director Frank H. Levinson sold 6,000 shares of the firm’s stock in a transaction on Friday, May 24th. The shares were sold at an average price of $241.71, for a total transaction of $1,450,260.00. Following the sale, the director now owns 5,709 shares in the company, valued at approximately $1,379,922.39. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.51% of the company’s stock.

Hedge Funds Weigh In On Fabrinet

A number of large investors have recently added to or reduced their stakes in FN. New York State Teachers Retirement System raised its position in Fabrinet by 4.1% in the 4th quarter. New York State Teachers Retirement System now owns 29,850 shares of the technology company’s stock worth $5,681,000 after purchasing an additional 1,183 shares during the period. Mirae Asset Global Investments Co. Ltd. grew its holdings in Fabrinet by 2.4% in the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 16,735 shares of the technology company’s stock worth $3,185,000 after acquiring an additional 400 shares during the last quarter. Allspring Global Investments Holdings LLC grew its holdings in Fabrinet by 214.0% in the 4th quarter. Allspring Global Investments Holdings LLC now owns 56,788 shares of the technology company’s stock worth $10,809,000 after acquiring an additional 38,704 shares during the last quarter. Sequoia Financial Advisors LLC grew its holdings in Fabrinet by 6.4% in the 4th quarter. Sequoia Financial Advisors LLC now owns 2,549 shares of the technology company’s stock worth $485,000 after acquiring an additional 153 shares during the last quarter. Finally, Louisiana State Employees Retirement System bought a new stake in Fabrinet in the 4th quarter worth $3,464,000. 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.