Needham & Company LLC Boosts Fabrinet (NYSE:FN) Price Target to $280.00

Fabrinet (NYSE:FN) had its price target upped by Needham & Company LLC from $270.00 to $280.00 in a research note published on Tuesday morning, Benzinga reports. They currently have a buy rating on the technology company’s stock.

Several other research analysts have also issued reports on the stock. Rosenblatt Securities lifted their price target on shares of Fabrinet from $260.00 to $280.00 and gave the stock a buy rating in a research report on Tuesday. B. Riley cut their target price on Fabrinet from $173.00 to $171.00 and set a neutral rating on the stock in a research report on Tuesday, May 7th. Jefferies Financial Group began coverage on Fabrinet in a report on Wednesday, June 26th. They set a hold rating and a $230.00 target price for the company. Finally, JPMorgan Chase & Co. lifted their price target on Fabrinet from $230.00 to $240.00 and gave the stock a neutral rating in a research note on Monday, August 12th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of Hold and a consensus price target of $219.00.

Fabrinet Stock Down 4.3 %

Shares of FN stock opened at $261.84 on Tuesday. The stock has a 50-day simple moving average of $234.83 and a 200 day simple moving average of $214.90. The stock has a market capitalization of $9.46 billion, a P/E ratio of 34.77 and a beta of 0.96. Fabrinet has a fifty-two week low of $146.65 and a fifty-two week high of $278.38.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, August 19th. The technology company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.06 by $0.35. Fabrinet had a net margin of 9.90% and a return on equity of 17.67%. The company had revenue of $753.26 million during the quarter, compared to analyst estimates of $732.63 million. During the same quarter last year, the firm posted $1.68 EPS. The business’s revenue for the quarter was up 14.8% on a year-over-year basis. On average, sell-side analysts anticipate that Fabrinet will post 7.95 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of FN. Vanguard Group Inc. lifted its stake in Fabrinet by 0.9% in the 1st quarter. Vanguard Group Inc. now owns 4,348,671 shares of the technology company’s stock worth $821,986,000 after acquiring an additional 38,999 shares in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Fabrinet by 1.7% in the fourth quarter. Dimensional Fund Advisors LP now owns 977,459 shares of the technology company’s stock worth $186,051,000 after purchasing an additional 16,551 shares in the last quarter. Congress Asset Management Co. MA boosted its holdings in shares of Fabrinet by 0.7% during the first quarter. Congress Asset Management Co. MA now owns 524,068 shares of the technology company’s stock worth $99,059,000 after purchasing an additional 3,684 shares during the period. Charles Schwab Investment Management Inc. grew its position in Fabrinet by 1.7% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 427,946 shares of the technology company’s stock valued at $81,451,000 after purchasing an additional 7,156 shares in the last quarter. Finally, TD Asset Management Inc increased its stake in Fabrinet by 216.1% in the 1st quarter. TD Asset Management Inc now owns 409,761 shares of the technology company’s stock valued at $77,453,000 after buying an additional 280,145 shares during the period. Hedge funds and other institutional investors own 97.38% of the company’s stock.

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.