Fabrinet (NYSE:FN) Rating Lowered to Market Perform at Northland Securities

Fabrinet (NYSE:FNGet Free Report) was downgraded by equities researchers at Northland Securities from an “outperform” rating to a “market perform” rating in a research report issued on Tuesday, Marketbeat.com reports. They currently have a $200.00 price target on the technology company’s stock. Northland Securities’ price objective suggests a potential upside of 9.54% from the stock’s previous close.

A number of other analysts have also recently commented on the company. JPMorgan Chase & Co. cut Fabrinet from an “overweight” rating to a “neutral” rating and boosted their price target for the stock from $185.00 to $210.00 in a research report on Monday, January 8th. Royal Bank of Canada boosted their target price on shares of Fabrinet from $40.00 to $42.00 and gave the company a “sector perform” rating in a research note on Wednesday, November 1st. Five analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, Fabrinet currently has an average rating of “Hold” and an average price target of $145.89.

View Our Latest Research Report on FN

Fabrinet Price Performance

Shares of NYSE:FN opened at $182.58 on Tuesday. Fabrinet has a 1 year low of $90.19 and a 1 year high of $229.02. The company has a market cap of $6.63 billion, a PE ratio of 27.09 and a beta of 1.06. The stock’s 50-day moving average is $189.92 and its 200 day moving average is $166.21.

Fabrinet (NYSE:FNGet Free Report) last posted its quarterly earnings data on Monday, November 6th. The technology company reported $1.78 earnings per share for the quarter, beating the consensus estimate of $1.64 by $0.14. Fabrinet had a return on equity of 17.54% and a net margin of 9.28%. The business had revenue of $685.48 million for the quarter, compared to analysts’ expectations of $659.33 million. Analysts expect that Fabrinet will post 7.52 EPS for the current fiscal year.

Insider Transactions at Fabrinet

In other news, Director Thomas F. Kelly sold 3,235 shares of the company’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $166.75, for a total value of $539,436.25. Following the completion of the sale, the director now directly owns 29,797 shares in the company, valued at approximately $4,968,649.75. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Thomas F. Kelly sold 3,000 shares of the company’s stock in a transaction on Monday, November 20th. The shares were sold at an average price of $171.31, for a total value of $513,930.00. Following the completion of the transaction, the director now owns 36,532 shares of the company’s stock, valued at approximately $6,258,296.92. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Thomas F. Kelly sold 3,235 shares of the company’s stock in a transaction on Wednesday, November 22nd. The stock was sold at an average price of $166.75, for a total transaction of $539,436.25. Following the completion of the transaction, the director now directly owns 29,797 shares of the company’s stock, valued at approximately $4,968,649.75. The disclosure for this sale can be found here. 0.51% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. BlackRock Inc. boosted its holdings in shares of Fabrinet by 1.7% during the 1st quarter. BlackRock Inc. now owns 5,776,976 shares of the technology company’s stock valued at $686,074,000 after purchasing an additional 93,882 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Fabrinet by 0.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,333,317 shares of the technology company’s stock valued at $722,017,000 after purchasing an additional 16,228 shares during the last quarter. FMR LLC boosted its holdings in shares of Fabrinet by 9.7% during the 3rd quarter. FMR LLC now owns 1,987,726 shares of the technology company’s stock valued at $331,195,000 after purchasing an additional 174,945 shares during the last quarter. Capital International Investors boosted its holdings in shares of Fabrinet by 9.4% during the 2nd quarter. Capital International Investors now owns 1,610,108 shares of the technology company’s stock valued at $209,121,000 after purchasing an additional 138,335 shares during the last quarter. Finally, State Street Corp boosted its holdings in shares of Fabrinet by 0.8% during the 2nd quarter. State Street Corp now owns 1,258,991 shares of the technology company’s stock valued at $163,518,000 after purchasing an additional 9,757 shares during the last quarter. Institutional investors own 97.38% of the company’s stock.

Fabrinet Company Profile

(Get Free Report)

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.

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Analyst Recommendations for Fabrinet (NYSE:FN)

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