B. Riley Boosts Fabrinet (NYSE:FN) Price Target to $79.00

Fabrinet (NYSE:FN) had its target price hoisted by investment analysts at B. Riley from $75.00 to $79.00 in a report released on Tuesday, The Fly reports. The brokerage presently has a “neutral” rating on the technology company’s stock. B. Riley’s price objective would indicate a potential downside of 7.03% from the stock’s current price. The analysts noted that the move was a valuation call.

A number of other brokerages have also issued reports on FN. Scotiabank reiterated a “hold” rating and set a $38.00 price target on shares of Fabrinet in a research note on Wednesday, February 3rd. Needham & Company LLC boosted their price objective on shares of Fabrinet from $85.00 to $100.00 and gave the stock a “buy” rating in a report on Tuesday, February 2nd. Zacks Investment Research downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a report on Tuesday, April 6th. Stifel Nicolaus upped their price objective on shares of Fabrinet from $82.00 to $94.00 and gave the company a “buy” rating in a research note on Tuesday, February 2nd. Finally, Royal Bank of Canada upped their price objective on shares of Fabrinet from $50.00 to $53.00 and gave the company a “sector perform” rating in a research note on Tuesday. Five investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company has an average rating of “Buy” and an average price target of $72.10.

NYSE:FN traded down $1.14 during midday trading on Tuesday, hitting $84.97. 8,039 shares of the company were exchanged, compared to its average volume of 159,783. The company has a fifty day simple moving average of $89.77 and a 200 day simple moving average of $80.17. Fabrinet has a fifty-two week low of $54.38 and a fifty-two week high of $94.25. The company has a current ratio of 3.32, a quick ratio of 2.37 and a debt-to-equity ratio of 0.04. The company has a market capitalization of $3.13 billion, a PE ratio of 26.46 and a beta of 1.01.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Sunday, May 2nd. The technology company reported $1.21 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $1.14 by $0.07. Fabrinet had a net margin of 7.18% and a return on equity of 13.37%. The firm had revenue of $479.32 million for the quarter, compared to analyst estimates of $467.24 million. Fabrinet’s revenue for the quarter was up 16.6% compared to the same quarter last year. During the same period last year, the business earned $0.92 EPS. As a group, equities research analysts expect that Fabrinet will post 3.65 EPS for the current year.

In other news, Director Rollance E. Olson sold 7,000 shares of the company’s stock in a transaction on Thursday, February 4th. The shares were sold at an average price of $86.33, for a total value of $604,310.00. Following the completion of the transaction, the director now directly owns 41,540 shares in the company, valued at $3,586,148.20. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Edward T. Archer sold 2,260 shares of the company’s stock in a transaction on Thursday, February 4th. The shares were sold at an average price of $86.85, for a total transaction of $196,281.00. Following the completion of the transaction, the executive vice president now owns 26,211 shares of the company’s stock, valued at $2,276,425.35. The disclosure for this sale can be found here. Insiders have sold 28,836 shares of company stock valued at $2,524,905 in the last ninety days. 0.67% of the stock is currently owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the business. Chartwell Investment Partners LLC acquired a new position in Fabrinet during the 1st quarter valued at about $12,453,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Fabrinet by 40.0% in the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 98,292 shares of the technology company’s stock worth $8,885,000 after purchasing an additional 28,085 shares during the last quarter. EULAV Asset Management grew its stake in shares of Fabrinet by 15.0% in the 1st quarter. EULAV Asset Management now owns 23,000 shares of the technology company’s stock worth $2,079,000 after purchasing an additional 3,000 shares during the last quarter. Analog Century Management LP grew its stake in shares of Fabrinet by 74.4% in the 1st quarter. Analog Century Management LP now owns 103,676 shares of the technology company’s stock worth $9,371,000 after purchasing an additional 44,240 shares during the last quarter. Finally, Handelsbanken Fonder AB grew its stake in shares of Fabrinet by 27.4% in the 1st quarter. Handelsbanken Fonder AB now owns 9,300 shares of the technology company’s stock worth $841,000 after purchasing an additional 2,000 shares during the last quarter. 94.47% 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.

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