Fabrinet (NYSE:FN) Given Buy Rating at Needham & Company LLC

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

Several other analysts also recently commented on FN. B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. Rosenblatt Securities raised their price target on shares of Fabrinet from $280.00 to $285.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, Barclays dropped their price objective on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a report on Tuesday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $243.29.

Fabrinet Stock Down 8.0 %

FN stock opened at $207.51 on Tuesday. The firm has a market cap of $7.53 billion, a price-to-earnings ratio of 24.56 and a beta of 0.92. The company’s fifty day simple moving average is $231.00 and its 200 day simple moving average is $234.38. Fabrinet has a 12-month low of $159.69 and a 12-month high of $281.79.

Fabrinet (NYSE:FN) last announced its quarterly earnings data 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 net margin of 10.28% and a return on equity of 18.08%. Research analysts expect that Fabrinet will post 9.1 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the business. Wellington Management Group LLP lifted its position in Fabrinet by 1.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company’s stock valued at $276,437,000 after acquiring an additional 19,677 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Fabrinet by 7.6% in the third quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company’s stock worth $233,359,000 after purchasing an additional 69,554 shares during the last quarter. Whale Rock Capital Management LLC lifted its holdings in shares of Fabrinet by 25.8% in the third quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock valued at $202,338,000 after purchasing an additional 175,684 shares in the last quarter. JPMorgan Chase & Co. boosted its position in shares of Fabrinet by 3.8% during the third quarter. JPMorgan Chase & Co. now owns 660,401 shares of the technology company’s stock valued at $156,145,000 after buying an additional 24,439 shares during the last quarter. Finally, Baillie Gifford & Co. grew its holdings in Fabrinet by 10.7% during the fourth quarter. Baillie Gifford & Co. now owns 553,038 shares of the technology company’s stock worth $121,602,000 after buying an additional 53,250 shares in 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.