Needham & Company LLC Reaffirms “Strong-Buy” Rating for Fabrinet (FN)
Fabrinet (NYSE:FN)‘s stock had its “strong-buy” rating reaffirmed by Needham & Company LLC in a report released on Tuesday. They presently have a $60.00 target price on the technology company’s stock. Needham & Company LLC’s price objective suggests a potential upside of 50.68% from the stock’s previous close.
FN has been the topic of a number of other research reports. Zacks Investment Research cut Fabrinet from a “hold” rating to a “sell” rating in a report on Tuesday, May 2nd. BidaskClub cut Fabrinet from a “hold” rating to a “sell” rating in a report on Monday, July 31st. ValuEngine cut Fabrinet from a “buy” rating to a “hold” rating in a report on Monday, August 14th. Stifel Nicolaus restated a “buy” rating and set a $48.00 target price on shares of Fabrinet in a report on Friday, July 14th. Finally, Piper Jaffray Companies restated an “overweight” rating on shares of Fabrinet in a report on Wednesday, May 10th. One research analyst has rated the stock with a sell rating, two have assigned a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Fabrinet presently has a consensus rating of “Buy” and an average target price of $50.68.
Shares of Fabrinet (NYSE FN) opened at 39.82 on Tuesday. The firm’s 50-day moving average price is $43.55 and its 200 day moving average price is $40.78. Fabrinet has a 12-month low of $31.97 and a 12-month high of $49.63. The firm has a market cap of $1.49 billion, a P/E ratio of 16.74 and a beta of 1.08.
Fabrinet (NYSE:FN) last issued its earnings results on Monday, August 21st. The technology company reported $0.86 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.83 by $0.03. Fabrinet had a return on equity of 14.95% and a net margin of 6.74%. The firm had revenue of $370.50 million for the quarter, compared to analysts’ expectations of $363.41 million. During the same quarter last year, the business earned $0.60 earnings per share. The company’s revenue was up 34.0% compared to the same quarter last year. On average, equities analysts expect that Fabrinet will post $3.36 earnings per share for the current fiscal year.
In other news, CEO David T. Mitchell sold 52,500 shares of Fabrinet stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $41.22, for a total transaction of $2,164,050.00. Following the transaction, the chief executive officer now owns 42,631 shares in the company, valued at approximately $1,757,249.82. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 4.30% of the company’s stock.
Large investors have recently made changes to their positions in the stock. Tower Research Capital LLC TRC raised its stake in shares of Fabrinet by 1.9% in the first quarter. Tower Research Capital LLC TRC now owns 2,608 shares of the technology company’s stock worth $110,000 after buying an additional 48 shares in the last quarter. YorkBridge Wealth Partners LLC raised its stake in shares of Fabrinet by 14.1% in the second quarter. YorkBridge Wealth Partners LLC now owns 2,727 shares of the technology company’s stock worth $117,000 after buying an additional 338 shares in the last quarter. Quantbot Technologies LP raised its stake in shares of Fabrinet by 55.0% in the first quarter. Quantbot Technologies LP now owns 2,755 shares of the technology company’s stock worth $115,000 after buying an additional 978 shares in the last quarter. Riverhead Capital Management LLC raised its stake in shares of Fabrinet by 68.5% in the second quarter. Riverhead Capital Management LLC now owns 2,864 shares of the technology company’s stock worth $122,000 after buying an additional 1,164 shares in the last quarter. Finally, Ameritas Investment Partners Inc. purchased a new stake in shares of Fabrinet during the first quarter worth about $127,000. 95.10% 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 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.
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