Fabrinet (NYSE:FN) had its price target raised by Needham & Company LLC from $55.00 to $58.00 in a report released on Wednesday, Marketbeat Ratings reports. Needham & Company LLC currently has a buy rating on the technology company’s stock.
A number of other analysts have also issued reports on the company. ValuEngine lowered Fabrinet from a hold rating to a sell rating in a research note on Saturday, June 2nd. Northland Securities lowered Fabrinet from an outperform rating to a market perform rating and set a $33.00 price target on the stock. in a research note on Wednesday, May 30th. B. Riley lifted their price target on Fabrinet from $40.00 to $50.00 and gave the stock a buy rating in a research note on Thursday, August 16th. Zacks Investment Research lowered Fabrinet from a hold rating to a sell rating in a research note on Tuesday, July 10th. Finally, Piper Jaffray Companies lifted their price target on Fabrinet from $42.00 to $52.00 and gave the stock an overweight rating in a research note on Tuesday, August 21st. Four investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of Buy and a consensus price target of $45.86.
Shares of FN opened at $46.73 on Wednesday. The company has a current ratio of 3.16, a quick ratio of 2.21 and a debt-to-equity ratio of 0.08. Fabrinet has a 12 month low of $24.02 and a 12 month high of $48.97. The company has a market capitalization of $1.75 billion, a price-to-earnings ratio of 15.68, a price-to-earnings-growth ratio of 1.28 and a beta of 0.64.
Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, August 20th. The technology company reported $0.81 EPS for the quarter, beating the consensus estimate of $0.75 by $0.06. Fabrinet had a return on equity of 12.68% and a net margin of 6.14%. The company had revenue of $345.30 million for the quarter, compared to analyst estimates of $338.12 million. During the same period last year, the company earned $0.86 earnings per share. Fabrinet’s quarterly revenue was down 6.8% compared to the same quarter last year. research analysts anticipate that Fabrinet will post 3.12 earnings per share for the current year.
In related news, Director David T. Mitchell sold 40,000 shares of Fabrinet stock in a transaction that occurred on Wednesday, August 1st. The stock was sold at an average price of $39.61, for a total transaction of $1,584,400.00. Following the transaction, the director now owns 113,522 shares in the company, valued at $4,496,606.42. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CFO Toh-Seng Ng sold 20,000 shares of Fabrinet stock in a transaction that occurred on Monday, August 27th. The stock was sold at an average price of $47.77, for a total value of $955,400.00. Following the transaction, the chief financial officer now owns 177,340 shares in the company, valued at approximately $8,471,531.80. The disclosure for this sale can be found here. Insiders sold 205,000 shares of company stock worth $8,956,150 over the last ninety days. Corporate insiders own 3.30% of the company’s stock.
Institutional investors have recently made changes to their positions in the stock. Optimum Investment Advisors purchased a new position in Fabrinet during the first quarter worth approximately $115,000. First Mercantile Trust Co. purchased a new position in Fabrinet during the first quarter worth approximately $134,000. Xact Kapitalforvaltning AB purchased a new position in Fabrinet during the second quarter worth approximately $226,000. 6 Meridian purchased a new position in Fabrinet during the first quarter worth approximately $203,000. Finally, Profund Advisors LLC purchased a new position in Fabrinet during the first quarter worth approximately $207,000. 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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