Northland Securities set a $50.00 price target on Fabrinet (NYSE:FN) in a research note issued to investors on Tuesday. The brokerage currently has a buy rating on the technology company’s stock.

A number of other equities research analysts also recently weighed in on the company. B. Riley reaffirmed a buy rating and issued a $44.75 target price on shares of Fabrinet in a report on Monday, May 15th. ValuEngine downgraded Fabrinet from a buy rating to a hold rating in a report on Monday, August 14th. J P Morgan Chase & Co set a $57.00 target price on Fabrinet and gave the company a buy rating in a report on Thursday, June 1st. Stifel Nicolaus reaffirmed a buy rating and issued a $48.00 target price on shares of Fabrinet in a report on Friday, July 14th. Finally, BidaskClub raised Fabrinet from a sell rating to a hold rating in a report on Sunday, July 16th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. Fabrinet has a consensus rating of Buy and an average target price of $50.68.

Fabrinet (FN) opened at 36.94 on Tuesday. The firm has a market capitalization of $1.38 billion, a price-to-earnings ratio of 15.53 and a beta of 1.08. The firm has a 50 day moving average price of $43.55 and a 200-day moving average price of $40.78. Fabrinet has a 12 month low of $31.97 and a 12 month high of $49.63.

Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, August 21st. The technology company reported $0.72 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.83 by $0.11. The company had revenue of $370.50 million for the quarter, compared to analyst estimates of $363.41 million. Fabrinet had a return on equity of 14.95% and a net margin of 6.74%. The company’s quarterly revenue was up 34.0% compared to the same quarter last year. During the same period in the prior year, the company earned $0.60 EPS. On average, equities analysts forecast that Fabrinet will post $3.68 EPS for the current year.

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Fabrinet declared that its Board of Directors has approved a share buyback plan on Monday, August 21st that permits the company to repurchase $30.00 million in shares. This repurchase authorization permits the technology company to purchase up to 21% of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s board believes its shares are undervalued.

In other news, CEO David T. Mitchell sold 52,500 shares of the stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $37.02, for a total value of $1,943,550.00. Following the completion of the transaction, the chief executive officer now directly owns 102,114 shares in the company, valued at approximately $3,780,260.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.30% of the stock is currently owned by corporate insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank bought a new position in shares of Fabrinet during the fourth quarter valued at about $1,008,000. Teachers Advisors LLC raised its position in shares of Fabrinet by 37.0% in the fourth quarter. Teachers Advisors LLC now owns 86,413 shares of the technology company’s stock valued at $3,482,000 after buying an additional 23,356 shares in the last quarter. Bank of Montreal Can raised its position in shares of Fabrinet by 19,846.8% in the first quarter. Bank of Montreal Can now owns 159,574 shares of the technology company’s stock valued at $6,707,000 after buying an additional 158,774 shares in the last quarter. Louisiana State Employees Retirement System raised its position in shares of Fabrinet by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 15,100 shares of the technology company’s stock valued at $635,000 after buying an additional 300 shares in the last quarter. Finally, State of Alaska Department of Revenue raised its position in shares of Fabrinet by 2.0% in the first quarter. State of Alaska Department of Revenue now owns 4,080 shares of the technology company’s stock valued at $171,000 after buying an additional 80 shares in the last quarter. 95.10% of the stock is 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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