Needham & Company LLC Reiterates "Buy" Rating for Fabrinet (NYSE:FN)

Fabrinet (NYSE:FN - Get Free Report)'s stock had its "buy" rating reissued by research analysts at Needham & Company LLC in a report released on Tuesday,Benzinga reports. They currently have a $280.00 price objective on the technology company's stock. Needham & Company LLC's target price indicates a potential upside of 38.92% from the stock's current price.

Several other analysts have also recently commented on FN. Fox Advisors assumed coverage on Fabrinet in a report on Tuesday, February 18th. They set an "overweight" rating and a $270.00 target price on the stock. Barclays dropped their target price on Fabrinet from $292.00 to $245.00 and set an "equal weight" rating for the company in a research report on Tuesday, February 4th. JPMorgan Chase & Co. decreased their price target on Fabrinet from $265.00 to $220.00 and set a "neutral" rating on the stock in a report on Thursday, April 17th. B. Riley raised Fabrinet from a "sell" rating to a "neutral" rating and dropped their price objective for the stock from $178.00 to $176.00 in a report on Friday, April 4th. Finally, Rosenblatt Securities reduced their target price on shares of Fabrinet from $280.00 to $230.00 and set a "buy" rating on the stock in a research note on Tuesday, April 22nd. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $239.29.

Fabrinet Price Performance

Shares of NYSE FN traded down $6.55 during trading hours on Tuesday, reaching $201.55. The stock had a trading volume of 575,554 shares, compared to its average volume of 620,840. Fabrinet has a twelve month low of $148.55 and a twelve month high of $281.79. The business's fifty day moving average is $199.79 and its two-hundred day moving average is $219.91. The company has a market cap of $7.22 billion, a price-to-earnings ratio of 22.54 and a beta of 0.95.

Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.47 by $0.05. The company had revenue of $871.80 million during the quarter, compared to analysts' expectations of $857.12 million. Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. The business's revenue was up 19.2% on a year-over-year basis. During the same quarter in the prior year, the company posted $2.39 EPS. Sell-side analysts forecast that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Institutional Trading of Fabrinet

Hedge funds have recently bought and sold shares of the stock. Barclays PLC boosted its stake in Fabrinet by 304.6% in the 3rd quarter. Barclays PLC now owns 69,128 shares of the technology company's stock worth $16,345,000 after purchasing an additional 52,042 shares during the period. Wilmington Savings Fund Society FSB acquired a new stake in Fabrinet in the 3rd quarter valued at approximately $70,000. Tidal Investments LLC boosted its position in Fabrinet by 46.3% during the 3rd quarter. Tidal Investments LLC now owns 3,089 shares of the technology company's stock worth $730,000 after acquiring an additional 978 shares during the last quarter. Franklin Resources Inc. grew its stake in shares of Fabrinet by 41.3% during the 3rd quarter. Franklin Resources Inc. now owns 133,791 shares of the technology company's stock worth $31,634,000 after acquiring an additional 39,076 shares in the last quarter. Finally, Principal Financial Group Inc. raised its holdings in shares of Fabrinet by 18.5% in the third quarter. Principal Financial Group Inc. now owns 227,300 shares of the technology company's stock valued at $53,743,000 after purchasing an additional 35,504 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

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.