Fabrinet (NYSE:FN) Stock Gets Price Target Trim from Needham & Company LLC

Fabrinet (NYSE:FN) had its target price trimmed by Needham & Company LLC from $650.00 to $500.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has a buy rating on the technology company’s stock.

A number of other analysts have also recently weighed in on the stock. Fox Advisors upgraded shares of Fabrinet from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, August 19th. Susquehanna dropped their price objective on shares of Fabrinet from $850.00 to $600.00 and set a “positive” rating on the stock in a research note on Wednesday, October 21st. Zacks Research upgraded shares of Fabrinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $750.00 target price on shares of Fabrinet in a report on Tuesday, August 18th. Finally, Wall Street Zen downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $631.88.

Fabrinet Stock Down 4.9%

FN opened at $349.15 on Tuesday. Fabrinet has a 52 week low of $305.63 and a 52 week high of $748.89. The business’s 50 day moving average is $406.88 and its two-hundred day moving average is $523.00. The firm has a market cap of $12.51 billion, a price-to-earnings ratio of 27.85 and a beta of 1.23.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Tuesday, August 18th. The technology company reported $4.10 earnings per share for the quarter, beating the consensus estimate of $3.81 by $0.29. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fabrinet had a return on equity of 21.23% and a net margin of 10.19%. The company’s revenue was up 44.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.65 earnings per share. Equities analysts expect that Fabrinet will post 17.50 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, EVP Edward Archer sold 2,500 shares of Fabrinet stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total value of $964,775.00. Following the transaction, the executive vice president directly owned 7,007 shares in the company, valued at $2,704,071.37. This trade represents a 26.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.22% of the stock is currently owned by company insiders.

Institutional Trading of Fabrinet

Hedge funds have recently made changes to their positions in the company. Continuum Advisory LLC acquired a new position in shares of Fabrinet during the second quarter worth about $25,000. Cassaday & Co Wealth Management LLC acquired a new stake in Fabrinet in the first quarter valued at about $31,000. Byrne Asset Management LLC acquired a new stake in Fabrinet in the third quarter valued at about $27,000. Root Financial Partners LLC purchased a new stake in Fabrinet in the 3rd quarter valued at approximately $40,000. Finally, Reyes Financial Architecture Inc. purchased a new stake in Fabrinet in the 3rd quarter valued at approximately $52,000. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Company Profile

Fabrinet (NYSE: FN) is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.

Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.