Fabrinet (NYSE:FN) Rating Increased to Neutral at B. Riley

B. Riley upgraded shares of Fabrinet (NYSE:FN) from a sell rating to a neutral rating in a research note published on Friday, MarketBeat Ratings reports. B. Riley currently has $176.00 price target on the technology company’s stock, down from their previous price target of $178.00.

FN has been the topic of a number of other research reports. Barclays reduced their price objective on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. Fox Advisors assumed coverage on shares of Fabrinet in a report on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price objective for the company. JPMorgan Chase & Co. reduced their target price on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 4th. Rosenblatt Securities reissued a “buy” rating and issued a $285.00 price target on shares of Fabrinet in a research note on Friday, March 14th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $280.00 price target on shares of Fabrinet in a research report on Monday, March 17th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Fabrinet currently has an average rating of “Hold” and an average target price of $250.14.

Fabrinet Stock Down 0.8 %

Shares of NYSE FN opened at $171.11 on Friday. The firm has a 50-day simple moving average of $209.73 and a 200-day simple moving average of $228.95. The stock has a market capitalization of $6.21 billion, a price-to-earnings ratio of 19.14 and a beta of 0.89. Fabrinet has a 52 week low of $148.55 and a 52 week 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 the consensus estimate of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. As a group, equities research analysts expect that Fabrinet will post 9.4 EPS for the current year.

Hedge Funds Weigh In On Fabrinet

Large investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in Fabrinet in the fourth quarter valued at approximately $95,084,000. Capital Research Global Investors raised its holdings in shares of Fabrinet by 675.2% in the 4th quarter. Capital Research Global Investors now owns 417,020 shares of the technology company’s stock valued at $91,694,000 after buying an additional 363,228 shares during the period. Wasatch Advisors LP lifted its stake in Fabrinet by 47.0% during the 4th quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company’s stock worth $249,044,000 after acquiring an additional 362,064 shares in the last quarter. Wedge Capital Management L L P NC purchased a new position in Fabrinet during the 4th quarter valued at about $63,222,000. Finally, FMR LLC grew its position in Fabrinet by 13.1% in the 4th quarter. FMR LLC now owns 2,213,887 shares of the technology company’s stock valued at $486,789,000 after acquiring an additional 257,164 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.