Stifel Nicolaus reaffirmed their buy rating on shares of Fabrinet (NYSE:FN) in a report published on Friday morning. The brokerage currently has a $48.00 target price on the technology company’s stock.

A number of other research analysts have also recently commented on the company. Zacks Investment Research cut Fabrinet from a hold rating to a sell rating in a report on Tuesday, May 2nd. Needham & Company LLC reissued a strong-buy rating and issued a $56.00 price target on shares of Fabrinet in a report on Tuesday, May 9th. Piper Jaffray Companies reissued an overweight rating on shares of Fabrinet in a report on Wednesday, May 10th. ValuEngine cut Fabrinet from a buy rating to a hold rating in a report on Friday, June 2nd. Finally, J P Morgan Chase & Co set a $57.00 price target on Fabrinet and gave the stock a buy rating in a report on Thursday, June 1st. Three equities research analysts have rated the stock with a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of Buy and an average price target of $52.46.

Shares of Fabrinet (NYSE:FN) traded up 0.18% during midday trading on Friday, hitting $44.85. 215,865 shares of the stock were exchanged. The stock has a market cap of $1.67 billion, a P/E ratio of 18.85 and a beta of 1.07. Fabrinet has a 52-week low of $31.97 and a 52-week high of $49.63. The firm’s 50 day moving average price is $40.65 and its 200-day moving average price is $39.94.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, May 8th. The technology company reported $0.57 EPS for the quarter, missing the Zacks’ consensus estimate of $0.74 by $0.17. Fabrinet had a return on equity of 14.95% and a net margin of 6.74%. The business had revenue of $366.80 million during the quarter, compared to analysts’ expectations of $362.07 million. During the same period in the prior year, the firm posted $0.56 earnings per share. The firm’s revenue for the quarter was up 46.1% on a year-over-year basis. On average, equities research analysts expect that Fabrinet will post $3.36 earnings per share for the current fiscal year.

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In other news, CEO David T. Mitchell sold 52,500 shares of the company’s stock in a transaction that occurred on Thursday, June 1st. The stock was sold at an average price of $37.02, for a total transaction of $1,943,550.00. Following the sale, the chief executive officer now directly owns 102,114 shares of the company’s stock, valued at approximately $3,780,260.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO David T. Mitchell sold 75,000 shares of the company’s stock in a transaction that occurred on Monday, May 1st. The stock was sold at an average price of $34.73, for a total value of $2,604,750.00. The disclosure for this sale can be found here. Insiders have sold a total of 180,000 shares of company stock worth $6,712,350 over the last ninety days. Insiders own 4.30% of the company’s stock.

Several hedge funds have recently modified their holdings of FN. BlackRock Inc. boosted its stake in shares of Fabrinet by 60,498.5% in the first quarter. BlackRock Inc. now owns 4,311,581 shares of the technology company’s stock valued at $181,218,000 after buying an additional 4,304,466 shares during the period. Congress Asset Management Co. MA purchased a new stake in shares of Fabrinet during the first quarter valued at about $58,716,000. Royce & Associates LP boosted its stake in shares of Fabrinet by 372.7% in the first quarter. Royce & Associates LP now owns 997,915 shares of the technology company’s stock valued at $41,942,000 after buying an additional 786,799 shares during the period. Whale Rock Capital Management LLC boosted its stake in shares of Fabrinet by 48.7% in the first quarter. Whale Rock Capital Management LLC now owns 915,836 shares of the technology company’s stock valued at $38,493,000 after buying an additional 300,081 shares during the period. Finally, Teachers Advisors LLC boosted its stake in shares of Fabrinet by 325.2% in the first quarter. Teachers Advisors LLC now owns 367,403 shares of the technology company’s stock valued at $15,442,000 after buying an additional 280,990 shares during the period. 94.22% of the stock is currently owned by institutional investors and hedge funds.

About Fabrinet

Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of products, such as optical communication components, modules and sub-systems, industrial lasers, medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test.

Analyst Recommendations for Fabrinet (NYSE:FN)

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