Rosenblatt Securities Boosts Fabrinet (NYSE:FN) Price Target to $285.00

Fabrinet (NYSE:FN) had its price target lifted by equities researchers at Rosenblatt Securities from $280.00 to $285.00 in a report released on Tuesday,Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Rosenblatt Securities’ price target points to a potential upside of 33.13% from the company’s current price.

A number of other equities analysts have also recently weighed in on FN. Needham & Company LLC began coverage on shares of Fabrinet in a research report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price objective for the company. B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. Finally, Barclays dropped 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. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $243.29.

Fabrinet Price Performance

FN stock opened at $214.08 on Tuesday. Fabrinet has a 1 year low of $159.69 and a 1 year high of $281.79. The firm has a market capitalization of $7.76 billion, a PE ratio of 25.33 and a beta of 0.92. The business has a 50 day simple moving average of $230.44 and a 200-day simple moving average of $234.17.

Fabrinet (NYSE:FN) last announced its quarterly 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 return on equity of 18.08% and a net margin of 10.28%. On average, equities research analysts expect that Fabrinet will post 9.1 EPS for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FN. Huntington National Bank increased its holdings in Fabrinet by 70.4% during the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after purchasing an additional 57 shares during the period. NBC Securities Inc. grew its position in shares of Fabrinet by 732.0% during the third quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock worth $49,000 after buying an additional 183 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Fabrinet during the third quarter worth approximately $52,000. UMB Bank n.a. raised its holdings in Fabrinet by 252.9% in the third quarter. UMB Bank n.a. now owns 240 shares of the technology company’s stock valued at $57,000 after acquiring an additional 172 shares in the last quarter. Finally, Eastern Bank purchased a new position in Fabrinet in the third quarter worth approximately $59,000. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

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.