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

Fabrinet (NYSE:FN)‘s stock had its “buy” rating reaffirmed by analysts at Needham & Company LLC in a research report issued to clients and investors on Tuesday, Benzinga reports. They presently have a $220.00 price objective on the technology company’s stock. Needham & Company LLC’s target price indicates a potential upside of 4.05% from the company’s previous close.

A number of other brokerages also recently commented on FN. Northland Securities raised shares of Fabrinet from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $200.00 to $220.00 in a research report on Thursday, March 21st. Rosenblatt Securities restated a “buy” rating and set a $230.00 target price on shares of Fabrinet in a research note on Tuesday, February 6th. Finally, JPMorgan Chase & Co. raised their target price on shares of Fabrinet from $210.00 to $212.00 and gave the stock a “neutral” rating in a research note on Thursday, April 11th. Four investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Fabrinet currently has a consensus rating of “Moderate Buy” and an average price target of $161.00.

Fabrinet Price Performance

Shares of FN stock opened at $211.44 on Tuesday. The company has a fifty day moving average price of $189.91 and a two-hundred day moving average price of $185.95. Fabrinet has a one year low of $90.19 and a one year high of $229.02. The stock has a market cap of $7.68 billion, a P/E ratio of 30.55 and a beta of 1.04.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, February 5th. The technology company reported $1.89 EPS for the quarter, beating analysts’ consensus estimates of $1.84 by $0.05. Fabrinet had a net margin of 9.35% and a return on equity of 17.27%. The company had revenue of $712.69 million during the quarter, compared to the consensus estimate of $699.76 million. As a group, equities research analysts anticipate that Fabrinet will post 7.59 EPS for the current fiscal year.

Insiders Place Their Bets

In other Fabrinet news, Director Rollance E. Olson sold 10,000 shares of Fabrinet stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $205.52, for a total value of $2,055,200.00. Following the completion of the sale, the director now owns 25,981 shares in the company, valued at approximately $5,339,615.12. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.51% of the company’s stock.

Hedge Funds Weigh In On Fabrinet

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Vanguard Group Inc. raised its position in shares of Fabrinet by 0.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,333,317 shares of the technology company’s stock valued at $722,017,000 after buying an additional 16,228 shares in the last quarter. FMR LLC raised its position in shares of Fabrinet by 9.7% in the 3rd quarter. FMR LLC now owns 1,987,726 shares of the technology company’s stock valued at $331,195,000 after buying an additional 174,945 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Fabrinet by 1.7% in the 4th quarter. Dimensional Fund Advisors LP now owns 977,459 shares of the technology company’s stock valued at $186,051,000 after buying an additional 16,551 shares in the last quarter. Wellington Management Group LLP raised its position in shares of Fabrinet by 21.3% in the 3rd quarter. Wellington Management Group LLP now owns 904,505 shares of the technology company’s stock valued at $150,709,000 after buying an additional 159,037 shares in the last quarter. Finally, Baillie Gifford & Co. raised its position in shares of Fabrinet by 190.0% in the 4th quarter. Baillie Gifford & Co. now owns 563,805 shares of the technology company’s stock valued at $107,309,000 after buying an additional 369,389 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.