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

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

Several other equities research analysts have also recently issued reports on FN. B. Riley upgraded shares of Fabrinet from a “sell” rating to a “neutral” rating and dropped their target price for the stock from $178.00 to $176.00 in a report on Friday, April 4th. JPMorgan Chase & Co. cut their price objective on Fabrinet from $265.00 to $220.00 and set a “neutral” rating for the company in a report on Thursday, April 17th. Rosenblatt Securities reduced their price objective on Fabrinet from $280.00 to $230.00 and set a “buy” rating for the company in a research report on Tuesday, April 22nd. Barclays cut their price target 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, Fox Advisors assumed coverage on shares of Fabrinet in a research note on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price objective on the stock. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Fabrinet has an average rating of “Hold” and a consensus target price of $239.29.

Fabrinet Price Performance

FN stock opened at $207.85 on Tuesday. The stock has a market capitalization of $7.45 billion, a P/E ratio of 23.25 and a beta of 0.95. Fabrinet has a 1-year low of $148.55 and a 1-year high of $281.79. The business has a fifty day moving average price of $199.57 and a 200-day moving average price of $220.41.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.05. The business had revenue of $871.80 million during the quarter, compared to analyst estimates of $857.12 million. Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. Fabrinet’s revenue was up 19.2% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.39 EPS. As a group, analysts anticipate that Fabrinet will post 9.4 earnings per share for the current year.

Institutional Investors Weigh In On Fabrinet

A number of institutional investors and hedge funds have recently added to or reduced their stakes in FN. Barclays PLC increased its stake in shares of Fabrinet by 304.6% in the third 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 in the last quarter. Salem Investment Counselors Inc. bought a new position in Fabrinet in the 4th quarter worth $518,000. Janney Montgomery Scott LLC increased its stake in Fabrinet by 2.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 3,279 shares of the technology company’s stock worth $721,000 after buying an additional 82 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in Fabrinet during the fourth quarter valued at about $1,945,000. Finally, Harbor Capital Advisors Inc. lifted its position in shares of Fabrinet by 33.2% in the fourth quarter. Harbor Capital Advisors Inc. now owns 13,901 shares of the technology company’s stock valued at $3,057,000 after acquiring an additional 3,468 shares in the last quarter. Institutional investors 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.