Fabrinet (NYSE:FN) Now Covered by Analysts at Barclays

Barclays initiated coverage on shares of Fabrinet (NYSE:FN) in a research report released on Thursday morning, MarketBeat Ratings reports. The firm issued an equal weight rating and a $292.00 target price on the technology company’s stock.

A number of other brokerages have also recently issued reports on FN. Rosenblatt Securities lifted their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. B. Riley cut their price target on Fabrinet from $196.00 to $194.00 and set a “neutral” rating for the company in a research note on Tuesday, November 5th. Needham & Company LLC started coverage on Fabrinet in a research note on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price objective for the company. Finally, JPMorgan Chase & Co. lifted their target price on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $254.43.

Fabrinet Price Performance

Shares of Fabrinet stock opened at $234.85 on Thursday. The business has a 50-day simple moving average of $242.35 and a 200 day simple moving average of $235.59. Fabrinet has a one year low of $159.30 and a one year high of $278.38. The firm has a market capitalization of $8.52 billion, a price-to-earnings ratio of 27.79 and a beta of 0.95.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.01. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The company had revenue of $804.20 million for the quarter, compared to analyst estimates of $771.24 million. During the same period in the prior year, the firm earned $1.78 earnings per share. Fabrinet’s revenue for the quarter was up 17.3% on a year-over-year basis. On average, sell-side analysts expect that Fabrinet will post 9.1 EPS for the current year.

Insider Activity

In other news, CFO Csaba Sverha sold 9,288 shares of Fabrinet stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the sale, the chief financial officer now directly owns 19,768 shares in the company, valued at $5,338,941.44. The trade was a 31.97 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Edward T. Archer sold 8,690 shares of the stock in a transaction dated Thursday, September 5th. The shares were 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 51.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 44,728 shares of company stock valued at $11,645,062 over the last three months. Corporate insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On Fabrinet

Several large investors have recently modified their holdings of FN. Janney Montgomery Scott LLC grew its stake in shares of Fabrinet by 14.4% during the 1st quarter. Janney Montgomery Scott LLC now owns 5,168 shares of the technology company’s stock worth $977,000 after acquiring an additional 652 shares during the period. Envestnet Portfolio Solutions Inc. increased its stake in shares of Fabrinet by 3.1% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 4,102 shares of the technology company’s stock worth $775,000 after purchasing an additional 122 shares in the last quarter. SG Americas Securities LLC raised its position in shares of Fabrinet by 144.1% in the first quarter. SG Americas Securities LLC now owns 2,236 shares of the technology company’s stock valued at $423,000 after purchasing an additional 1,320 shares during the period. Swiss National Bank lifted its stake in shares of Fabrinet by 0.6% during the 1st quarter. Swiss National Bank now owns 71,740 shares of the technology company’s stock valued at $13,560,000 after buying an additional 400 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in Fabrinet in the 1st quarter worth approximately $63,000. Hedge funds and other 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.