Needham & Company LLC Initiates Coverage on Fabrinet (NYSE:FN)

Needham & Company LLC initiated coverage on shares of Fabrinet (NYSE:FN) in a research note released on Tuesday morning, MarketBeat reports. The firm issued a buy rating and a $280.00 price objective on the technology company’s stock.

Other equities research analysts also recently issued reports about the stock. JPMorgan Chase & Co. increased their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Rosenblatt Securities increased their target price on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Finally, B. Riley lifted their price target on Fabrinet from $171.00 to $196.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $248.17.

Fabrinet Stock Down 0.1 %

NYSE:FN traded down $0.24 during trading hours on Tuesday, reaching $262.16. 17,701 shares of the stock were exchanged, compared to its average volume of 488,649. Fabrinet has a twelve month low of $159.30 and a twelve month high of $278.38. The business has a 50-day moving average of $238.94 and a two-hundred day moving average of $232.02. The company has a market capitalization of $9.51 billion, a price-to-earnings ratio of 31.10 and a beta of 0.95.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.50%. The firm had revenue of $804.20 million during the quarter, compared to analysts’ expectations of $771.24 million. During the same quarter in the previous year, the business posted $1.78 earnings per share. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, research analysts forecast that Fabrinet will post 9.11 EPS for the current fiscal year.

Insider Buying and Selling

In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the sale, the executive vice president now owns 8,333 shares in the company, valued at approximately $1,835,426.58. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Fabrinet news, CFO Csaba Sverha sold 100 shares of the business’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $270.00, for a total value of $27,000.00. Following the transaction, the chief financial officer now directly owns 19,347 shares of the company’s stock, valued at approximately $5,223,690. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the transaction, the executive vice president now owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,728 shares of company stock worth $11,645,062 in the last quarter. 0.38% of the stock is owned by insiders.

Institutional Investors Weigh In On Fabrinet

Institutional investors have recently added to or reduced their stakes in the business. TD Asset Management Inc boosted its position in shares of Fabrinet by 216.1% during the 1st quarter. TD Asset Management Inc now owns 409,761 shares of the technology company’s stock worth $77,453,000 after purchasing an additional 280,145 shares in the last quarter. Epoch Investment Partners Inc. lifted its stake in shares of Fabrinet by 291.0% in the first quarter. Epoch Investment Partners Inc. now owns 275,531 shares of the technology company’s stock valued at $52,081,000 after purchasing an additional 205,057 shares during the period. Driehaus Capital Management LLC boosted its holdings in Fabrinet by 183.5% during the second quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock worth $68,046,000 after buying an additional 179,943 shares in the last quarter. Clearbridge Investments LLC acquired a new position in Fabrinet during the second quarter worth about $27,911,000. Finally, Kennedy Capital Management LLC purchased a new position in Fabrinet in the first quarter valued at about $15,637,000. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Company Profile

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