Fabrinet’s (FN) Buy Rating Reiterated at Needham & Company LLC

Needham & Company LLC reaffirmed their buy rating on shares of Fabrinet (NYSE:FN) in a research report sent to investors on Tuesday morning,Benzinga reports. The brokerage currently has a $280.00 price objective on the technology company’s stock.

A number of other analysts have also recently commented on FN. B. Riley cut shares of Fabrinet from a “neutral” rating to a “sell” rating and cut their target price for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. Barclays cut their price objective on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research note on Tuesday. Finally, Rosenblatt Securities lifted their price target on Fabrinet from $280.00 to $285.00 and gave the stock a “buy” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, Fabrinet has an average rating of “Hold” and a consensus price target of $243.29.

Fabrinet Trading Up 3.3 %

NYSE FN opened at $220.83 on Tuesday. The stock has a market capitalization of $8.01 billion, a price-to-earnings ratio of 26.13 and a beta of 0.92. The stock has a 50-day moving average of $230.21 and a 200 day moving average of $234.03. Fabrinet has a twelve month low of $159.69 and a twelve month high of $281.79.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.10). Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. Equities analysts predict that Fabrinet will post 9.1 EPS for the current fiscal year.

Institutional Investors Weigh In On Fabrinet

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Huntington National Bank grew its holdings in Fabrinet by 70.4% in the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after buying an additional 57 shares in the last quarter. NBC Securities Inc. grew its holdings in shares of Fabrinet by 732.0% in the third quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock valued at $49,000 after purchasing an additional 183 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Fabrinet during the third quarter worth about $52,000. UMB Bank n.a. raised its stake in Fabrinet by 252.9% during the third quarter. UMB Bank n.a. now owns 240 shares of the technology company’s stock worth $57,000 after purchasing an additional 172 shares during the period. Finally, Eastern Bank acquired a new position in Fabrinet in the 3rd quarter valued at about $59,000. 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.