Fabrinet (NYSE:FN) Price Target Cut to $265.00 by Analysts at JPMorgan Chase & Co.

Fabrinet (NYSE:FN) had its target price reduced by stock analysts at JPMorgan Chase & Co. from $275.00 to $265.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has a “neutral” rating on the technology company’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 29.22% from the company’s current price.

Several other research analysts have also issued reports on the company. B. Riley lowered Fabrinet from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. Needham & Company LLC reiterated a “buy” rating and set a $280.00 price target on shares of Fabrinet in a report on Tuesday. Barclays dropped their target price on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Tuesday. Finally, Rosenblatt Securities increased their target price on shares of Fabrinet from $280.00 to $285.00 and gave the company a “buy” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $243.29.

Fabrinet Stock Performance

Shares of NYSE FN traded down $20.53 during mid-day trading on Tuesday, reaching $205.07. The company had a trading volume of 853,145 shares, compared to its average volume of 630,768. The firm has a market cap of $7.44 billion, a price-to-earnings ratio of 24.20 and a beta of 0.92. The business’s 50-day simple moving average is $231.04 and its 200 day simple moving average is $234.45. Fabrinet has a one year low of $159.69 and a one year high of $281.79.

Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. On average, sell-side analysts anticipate that Fabrinet will post 9.1 EPS for the current year.

Hedge Funds Weigh In On Fabrinet

Hedge funds and other institutional investors have recently made changes to their positions in the business. Huntington National Bank raised its stake in Fabrinet by 70.4% in the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after buying an additional 57 shares in the last quarter. NBC Securities Inc. increased its stake in shares of Fabrinet by 732.0% in the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock worth $49,000 after acquiring an additional 183 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new stake in Fabrinet during the third quarter worth about $52,000. UMB Bank n.a. grew its stake in shares of Fabrinet by 252.9% in the 3rd quarter. UMB Bank n.a. now owns 240 shares of the technology company’s stock worth $57,000 after buying an additional 172 shares during the last quarter. Finally, Eastern Bank purchased a new stake in shares of Fabrinet in the third quarter worth $59,000. Institutional investors own 97.38% 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 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.