Needham & Company LLC Reaffirms “Buy” Rating for Fabrinet (NYSE:FN)

Fabrinet (NYSE:FN)‘s stock had its “buy” rating reiterated by analysts at Needham & Company LLC in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $280.00 price objective on the technology company’s stock. Needham & Company LLC’s price objective would suggest a potential upside of 25.71% from the stock’s current price.

A number of other research firms also recently weighed in on FN. Fox Advisors initiated coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 target price for the company. Barclays reduced their target price on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 4th. Rosenblatt Securities reissued a “buy” rating and set a $285.00 target price on shares of Fabrinet in a research report on Friday, March 14th. B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and reduced their target price for the company from $194.00 to $178.00 in a research report on Wednesday, November 20th. Finally, JPMorgan Chase & Co. reduced their target price on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a research report on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $246.63.

Fabrinet Stock Performance

NYSE:FN opened at $222.73 on Monday. The firm has a market cap of $8.08 billion, a price-to-earnings ratio of 24.91 and a beta of 0.89. Fabrinet has a 52 week low of $159.69 and a 52 week high of $281.79. The firm has a 50-day moving average price of $219.08 and a two-hundred day moving average price of $230.48.

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

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc. boosted its holdings in Fabrinet by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 4,137,579 shares of the technology company’s stock worth $909,771,000 after buying an additional 113,186 shares during the period. FMR LLC boosted its holdings in Fabrinet by 13.1% in the 4th quarter. FMR LLC now owns 2,213,887 shares of the technology company’s stock worth $486,789,000 after buying an additional 257,164 shares during the period. Wellington Management Group LLP boosted its holdings in Fabrinet by 1.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company’s stock worth $276,437,000 after buying an additional 19,677 shares during the period. Wasatch Advisors LP boosted its holdings in Fabrinet by 47.0% in the 4th quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company’s stock worth $249,044,000 after buying an additional 362,064 shares during the period. Finally, Geode Capital Management LLC lifted its stake in Fabrinet by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 1,006,858 shares of the technology company’s stock worth $221,430,000 after purchasing an additional 20,045 shares in the last quarter. 97.38% of the stock is owned by institutional investors.

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.