Rosenblatt Securities Increases Fabrinet (NYSE:FN) Price Target to $280.00

Fabrinet (NYSE:FN) had its price target lifted by Rosenblatt Securities from $260.00 to $280.00 in a report released on Tuesday, Benzinga reports. Rosenblatt Securities currently has a buy rating on the technology company’s stock.

A number of other equities research analysts also recently weighed in on FN. Needham & Company LLC reiterated a buy rating and issued a $220.00 target price on shares of Fabrinet in a report on Tuesday, May 7th. JPMorgan Chase & Co. lifted their target price on Fabrinet from $230.00 to $240.00 and gave the stock a neutral rating in a report on Monday, August 12th. B. Riley lowered their target price on Fabrinet from $173.00 to $171.00 and set a neutral rating for the company in a report on Tuesday, May 7th. Finally, Jefferies Financial Group began coverage on Fabrinet in a report on Wednesday, June 26th. They issued a hold rating and a $230.00 target price for the company. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, Fabrinet presently has an average rating of Hold and a consensus target price of $219.00.

Fabrinet Price Performance

Shares of FN opened at $267.35 on Tuesday. Fabrinet has a 1 year low of $146.65 and a 1 year high of $278.38. The company has a market capitalization of $9.66 billion, a price-to-earnings ratio of 35.50 and a beta of 0.96. The business has a 50-day moving average of $235.36 and a 200-day moving average of $215.21.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, August 19th. The technology company reported $2.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.06 by $0.35. The company had revenue of $753.26 million during the quarter, compared to the consensus estimate of $732.63 million. Fabrinet had a return on equity of 17.67% and a net margin of 9.90%. The firm’s revenue was up 14.8% compared to the same quarter last year. During the same period last year, the company earned $1.68 earnings per share. As a group, sell-side analysts anticipate that Fabrinet will post 7.95 EPS for the current year.

Insider Activity

In other news, CFO Csaba Sverha sold 9,288 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the completion of the sale, the chief financial officer now owns 19,768 shares in the company, valued at $5,338,941.44. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.51% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the stock. First Eagle Investment Management LLC boosted its position in shares of Fabrinet by 0.8% during the fourth quarter. First Eagle Investment Management LLC now owns 7,508 shares of the technology company’s stock valued at $1,429,000 after buying an additional 60 shares during the last quarter. Parallel Advisors LLC boosted its position in Fabrinet by 59.7% in the fourth quarter. Parallel Advisors LLC now owns 206 shares of the technology company’s stock worth $39,000 after purchasing an additional 77 shares during the last quarter. Xponance Inc. boosted its position in Fabrinet by 3.5% in the second quarter. Xponance Inc. now owns 2,308 shares of the technology company’s stock worth $565,000 after purchasing an additional 78 shares during the last quarter. Vanguard Personalized Indexing Management LLC boosted its position in Fabrinet by 1.6% in the fourth quarter. Vanguard Personalized Indexing Management LLC now owns 6,117 shares of the technology company’s stock worth $1,164,000 after purchasing an additional 96 shares during the last quarter. Finally, New York State Teachers Retirement System boosted its position in Fabrinet by 0.3% in the first quarter. New York State Teachers Retirement System now owns 29,950 shares of the technology company’s stock worth $5,661,000 after purchasing an additional 100 shares during the last quarter. 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.