Fabrinet (NYSE:FN) had its price target increased by research analysts at Piper Jaffray Companies from $42.00 to $52.00 in a research report issued to clients and investors on Tuesday, The Fly reports. The brokerage currently has an “overweight” rating on the technology company’s stock. Piper Jaffray Companies’ target price would indicate a potential upside of 11.40% from the company’s current price.
Several other analysts also recently weighed in on FN. B. Riley lifted their target price on Fabrinet to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, May 8th. Northland Securities downgraded Fabrinet from an “outperform” rating to a “market perform” rating and set a $33.00 target price for the company. in a research report on Wednesday, May 30th. ValuEngine downgraded Fabrinet from a “hold” rating to a “sell” rating in a research report on Saturday, June 2nd. Needham & Company LLC lifted their target price on Fabrinet from $40.00 to $45.00 and gave the stock a “strong-buy” rating in a research report on Thursday, June 14th. Finally, Zacks Investment Research downgraded Fabrinet from a “hold” rating to a “sell” rating in a research report on Tuesday, July 10th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and five have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $45.14.
NYSE FN traded up $2.68 on Tuesday, hitting $46.68. 39,205 shares of the stock were exchanged, compared to its average volume of 317,208. The company has a quick ratio of 2.01, a current ratio of 2.84 and a debt-to-equity ratio of 0.02. The firm has a market capitalization of $1.61 billion, a price-to-earnings ratio of 18.25, a PEG ratio of 1.12 and a beta of 0.61. Fabrinet has a 52-week low of $24.02 and a 52-week high of $44.33.
Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, August 20th. The technology company reported $0.81 EPS for the quarter, topping the consensus estimate of $0.75 by $0.06. The company had revenue of $345.30 million during the quarter, compared to analyst estimates of $338.12 million. Fabrinet had a net margin of 6.36% and a return on equity of 12.48%. Fabrinet’s quarterly revenue was down 6.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.86 earnings per share. equities research analysts anticipate that Fabrinet will post 2.54 EPS for the current year.
In related news, CFO Toh-Seng Ng sold 27,188 shares of Fabrinet stock in a transaction dated Friday, May 25th. The stock was sold at an average price of $36.91, for a total value of $1,003,509.08. Following the completion of the sale, the chief financial officer now directly owns 200,887 shares in the company, valued at $7,414,739.17. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Harpal Gill sold 40,044 shares of Fabrinet stock in a transaction dated Friday, May 25th. The shares were sold at an average price of $37.04, for a total value of $1,483,229.76. Following the completion of the sale, the chief operating officer now owns 62,564 shares of the company’s stock, valued at $2,317,370.56. The disclosure for this sale can be found here. Insiders sold 203,273 shares of company stock valued at $7,530,658 over the last 90 days. 3.30% of the stock is currently owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Frontier Capital Management Co. LLC raised its holdings in Fabrinet by 458.7% in the second quarter. Frontier Capital Management Co. LLC now owns 1,477,476 shares of the technology company’s stock worth $54,504,000 after purchasing an additional 1,213,046 shares in the last quarter. Paradigm Capital Management Inc. NY bought a new position in Fabrinet in the second quarter worth about $29,442,000. Pekin Singer Strauss Asset Management IL bought a new position in Fabrinet in the first quarter worth about $14,882,000. Wedge Capital Management L L P NC bought a new position in Fabrinet in the second quarter worth about $17,050,000. Finally, Intrinsic Edge Capital Management LLC bought a new position in Fabrinet in the first quarter worth about $13,237,000. Hedge funds and other institutional investors own 97.70% of the company’s stock.
Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of optical communication components, modules and sub-systems, industrial lasers, medical devices, and sensors. It offers a range of optical and electro-mechanical capabilities across 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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