Rosenblatt Securities Reaffirms Buy Rating for Fabrinet (NYSE:FN)

Fabrinet (NYSE:FN)‘s stock had its “buy” rating reissued by analysts at Rosenblatt Securities in a research report issued on Friday,Benzinga reports. They presently have a $285.00 price target on the technology company’s stock. Rosenblatt Securities’ price target would suggest a potential upside of 27.27% from the stock’s previous close.

Several other equities analysts have also issued reports on FN. B. Riley lowered shares of Fabrinet from a “neutral” rating to a “sell” rating and decreased their price target for the company from $194.00 to $178.00 in a report on Wednesday, November 20th. Barclays reduced their target price on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 4th. Needham & Company LLC restated a “buy” rating and issued a $280.00 price target on shares of Fabrinet in a report on Tuesday, February 4th. JPMorgan Chase & Co. cut their price objective on Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a report on Tuesday, February 4th. Finally, Fox Advisors initiated coverage on Fabrinet in a research report on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price objective for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $246.63.

Fabrinet Stock Performance

FN opened at $223.93 on Friday. The company has a fifty day moving average price of $219.62 and a two-hundred day moving average price of $231.20. The firm has a market capitalization of $8.12 billion, a PE ratio of 25.05 and a beta of 0.89. Fabrinet has a 52 week low of $159.69 and a 52 week high of $281.79.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. Equities analysts forecast that Fabrinet will post 9.4 EPS for the current year.

Institutional Investors Weigh In On Fabrinet

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Barclays PLC raised its position in Fabrinet by 304.6% during the third quarter. Barclays PLC now owns 69,128 shares of the technology company’s stock worth $16,345,000 after acquiring an additional 52,042 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in shares of Fabrinet by 14.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock valued at $113,621,000 after purchasing an additional 61,491 shares during the period. Dynamic Technology Lab Private Ltd acquired a new stake in Fabrinet in the 3rd quarter valued at about $2,398,000. Pathstone Holdings LLC grew its holdings in Fabrinet by 40.7% during the third quarter. Pathstone Holdings LLC now owns 8,219 shares of the technology company’s stock worth $1,943,000 after purchasing an additional 2,378 shares during the period. Finally, Freedom Investment Management Inc. grew its holdings in Fabrinet by 106.2% during the third quarter. Freedom Investment Management Inc. now owns 4,969 shares of the technology company’s stock worth $1,175,000 after purchasing an additional 2,559 shares during the period. 97.38% of the stock is owned by institutional investors.

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.