Piper Jaffray Companies upgraded shares of Fabrinet (NYSE:FN) to an overweight rating in a research note published on Tuesday, The Fly reports. They currently have $56.00 price objective on the technology company’s stock.

Several other brokerages also recently commented on FN. Stifel Nicolaus started coverage on shares of Fabrinet in a report on Monday, October 22nd. They issued a buy rating and a $53.00 price target for the company. Needham & Company LLC raised their price target on shares of Fabrinet from $55.00 to $58.00 and gave the company a buy rating in a report on Wednesday, September 5th. Zacks Investment Research downgraded shares of Fabrinet from a hold rating to a sell rating in a report on Tuesday, July 10th. ValuEngine raised shares of Fabrinet from a hold rating to a buy rating in a report on Thursday, August 23rd. Finally, B. Riley downgraded shares of Fabrinet from a buy rating to a neutral rating and set a $52.00 price target for the company. in a report on Tuesday, September 4th. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. Fabrinet presently has an average rating of Buy and a consensus price target of $50.17.

Fabrinet stock traded down $0.85 during mid-day trading on Tuesday, reaching $51.16. The company’s stock had a trading volume of 390,859 shares, compared to its average volume of 440,079. Fabrinet has a 12-month low of $24.02 and a 12-month high of $54.70. The firm has a market capitalization of $1.94 billion, a price-to-earnings ratio of 17.17, a P/E/G ratio of 1.45 and a beta of 0.68. The company has a current ratio of 3.00, a quick ratio of 2.21 and a debt-to-equity ratio of 0.08.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, November 5th. The technology company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.68 by $0.24. Fabrinet had a net margin of 6.54% and a return on equity of 13.53%. The business had revenue of $377.00 million during the quarter, compared to analyst estimates of $352.28 million. During the same period in the previous year, the business earned $0.75 EPS. Fabrinet’s revenue was up 5.5% compared to the same quarter last year. On average, equities research analysts forecast that Fabrinet will post 3.12 EPS for the current year.

In other news, Director Rollance E. Olson sold 5,000 shares of Fabrinet stock in a transaction on Thursday, August 23rd. The shares were sold at an average price of $48.03, for a total transaction of $240,150.00. Following the completion of the sale, the director now directly owns 48,303 shares of the company’s stock, valued at approximately $2,319,993.09. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Toh-Seng Ng sold 40,000 shares of Fabrinet stock in a transaction on Friday, August 31st. The stock was sold at an average price of $47.78, for a total transaction of $1,911,200.00. Following the sale, the chief financial officer now directly owns 157,340 shares of the company’s stock, valued at $7,517,705.20. The disclosure for this sale can be found here. Insiders have sold a total of 165,000 shares of company stock valued at $7,727,350 over the last ninety days. 1.90% of the stock is currently owned by insiders.

A number of large investors have recently modified their holdings of FN. Russell Investments Group Ltd. raised its position in Fabrinet by 342.5% in the 1st quarter. Russell Investments Group Ltd. now owns 21,333 shares of the technology company’s stock worth $669,000 after purchasing an additional 16,512 shares during the period. Millennium Management LLC raised its position in Fabrinet by 20.1% in the 1st quarter. Millennium Management LLC now owns 9,353 shares of the technology company’s stock worth $293,000 after purchasing an additional 1,565 shares during the period. Xact Kapitalforvaltning AB purchased a new position in Fabrinet in the 2nd quarter worth $226,000. James Investment Research Inc. purchased a new position in Fabrinet in the 2nd quarter worth $2,189,000. Finally, Northpointe Capital LLC purchased a new position in Fabrinet in the 2nd quarter worth $2,548,000. Institutional investors own 99.66% of the company’s stock.

About Fabrinet

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 optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.

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The Fly

Analyst Recommendations for Fabrinet (NYSE:FN)

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