Rosenblatt Securities Issues Pessimistic Forecast for Fabrinet (NYSE:FN) Stock Price

Fabrinet (NYSE:FN - Get Free Report) had its price target lowered by stock analysts at Rosenblatt Securities from $280.00 to $230.00 in a note issued to investors on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Rosenblatt Securities' target price points to a potential upside of 14.69% from the company's previous close.

Several other research firms also recently issued reports on FN. Needham & Company LLC reaffirmed a "buy" rating and set a $280.00 price objective on shares of Fabrinet in a report on Monday, March 17th. Fox Advisors initiated coverage on Fabrinet in a research report on Tuesday, February 18th. They issued an "overweight" rating and a $270.00 price target on the stock. B. Riley raised Fabrinet from a "sell" rating to a "neutral" rating and cut their price objective for the stock from $178.00 to $176.00 in a research report on Friday, April 4th. Barclays decreased their target price on Fabrinet from $292.00 to $245.00 and set an "equal weight" rating for the company in a research note on Tuesday, February 4th. Finally, JPMorgan Chase & Co. dropped their price target on Fabrinet from $265.00 to $220.00 and set a "neutral" rating on the stock in a research report on Thursday, April 17th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Hold" and an average price target of $235.86.

Fabrinet Price Performance

NYSE:FN traded up $1.54 during trading hours on Tuesday, reaching $200.54. The company's stock had a trading volume of 399,025 shares, compared to its average volume of 614,359. The company has a market cap of $7.19 billion, a price-to-earnings ratio of 22.43 and a beta of 0.97. Fabrinet has a one year low of $148.55 and a one year high of $281.79. The business's 50-day moving average is $199.99 and its 200-day moving average is $223.12.

Fabrinet (NYSE:FN - Get Free Report) last released its quarterly earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. On average, sell-side analysts predict that Fabrinet will post 9.4 EPS for the current fiscal year.

Hedge Funds Weigh In On Fabrinet

Large investors have recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its position in shares of Fabrinet by 353.7% during the first quarter. Versant Capital Management Inc now owns 186 shares of the technology company's stock valued at $37,000 after purchasing an additional 145 shares during the period. Huntington National Bank boosted its stake in Fabrinet by 66.7% during the fourth quarter. Huntington National Bank now owns 230 shares of the technology company's stock worth $51,000 after buying an additional 92 shares in the last quarter. Quarry LP increased its holdings in Fabrinet by 315.8% in the 4th quarter. Quarry LP now owns 237 shares of the technology company's stock valued at $52,000 after buying an additional 180 shares during the period. Orion Capital Management LLC acquired a new position in shares of Fabrinet in the 4th quarter valued at $62,000. Finally, IFP Advisors Inc lifted its holdings in shares of Fabrinet by 576.2% during the 4th quarter. IFP Advisors Inc now owns 284 shares of the technology company's stock worth $63,000 after acquiring an additional 242 shares during the period. 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.