Needham & Company LLC Raises Fabrinet (FN) Price Target to $68.00

Fabrinet (NYSE:FN) had its price target increased by equities researchers at Needham & Company LLC from $62.00 to $68.00 in a research report issued to clients and investors on Monday, May 6th, MarketBeat Ratings reports. The firm presently has a “buy” rating on the technology company’s stock. Needham & Company LLC’s price target would suggest a potential upside of 55.43% from the stock’s current price.

Other research analysts also recently issued reports about the stock. ValuEngine upgraded shares of Fabrinet from a “hold” rating to a “buy” rating in a report on Saturday, April 13th. Zacks Investment Research upgraded shares of Fabrinet from a “hold” rating to a “buy” rating and set a $63.00 price target for the company in a report on Friday, January 11th. Finally, Piper Jaffray Companies upped their price target on shares of Fabrinet from $63.00 to $67.00 and gave the stock an “overweight” rating in a report on Thursday, March 28th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $57.50.

FN traded up $0.44 during trading on Monday, hitting $43.75. 270,092 shares of the stock traded hands, compared to its average volume of 524,862. Fabrinet has a twelve month low of $34.27 and a twelve month high of $62.31. The company has a market cap of $1.60 billion, a P/E ratio of 14.68, a P/E/G ratio of 1.03 and a beta of 0.63. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.23 and a quick ratio of 2.30.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, May 6th. The technology company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.76 by $0.16. Fabrinet had a net margin of 7.27% and a return on equity of 15.60%. The business had revenue of $398.95 million during the quarter, compared to the consensus estimate of $389.60 million. During the same period in the previous year, the business earned $0.71 earnings per share. The company’s revenue was up 20.1% on a year-over-year basis. On average, analysts expect that Fabrinet will post 3.25 earnings per share for the current fiscal year.

In related news, Director David T. Mitchell sold 30,000 shares of the business’s stock in a transaction on Monday, April 1st. The shares were sold at an average price of $52.57, for a total value of $1,577,100.00. Following the sale, the director now owns 73,748 shares of the company’s stock, valued at $3,876,932.36. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In the last three months, insiders sold 90,000 shares of company stock worth $5,095,500. 1.90% of the stock is currently owned by insiders.

Several institutional investors have recently modified their holdings of the stock. Magnus Financial Group LLC boosted its position in Fabrinet by 4.8% during the first quarter. Magnus Financial Group LLC now owns 4,356 shares of the technology company’s stock valued at $228,000 after acquiring an additional 200 shares during the last quarter. Meeder Asset Management Inc. boosted its position in shares of Fabrinet by 3.0% during the 1st quarter. Meeder Asset Management Inc. now owns 7,665 shares of the technology company’s stock worth $401,000 after purchasing an additional 221 shares in the last quarter. Oregon Public Employees Retirement Fund boosted its position in shares of Fabrinet by 1.8% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 14,266 shares of the technology company’s stock worth $747,000 after purchasing an additional 258 shares in the last quarter. Campbell Newman Asset Management Inc. boosted its position in shares of Fabrinet by 2.5% during the 1st quarter. Campbell Newman Asset Management Inc. now owns 13,444 shares of the technology company’s stock worth $704,000 after purchasing an additional 325 shares in the last quarter. Finally, Advisors Asset Management Inc. boosted its position in shares of Fabrinet by 11.8% during the 1st quarter. Advisors Asset Management Inc. now owns 3,209 shares of the technology company’s stock worth $168,000 after purchasing an additional 338 shares in the last quarter. 94.37% of the stock is currently owned by institutional investors.

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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Analyst Recommendations for Fabrinet (NYSE:FN)

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