Fabrinet (NYSE:FN) Upgraded at B. Riley

Fabrinet (NYSE:FN) was upgraded by equities research analysts at B. Riley from a “sell” rating to a “neutral” rating in a research report issued on Friday, MarketBeat reports. The firm presently has a $176.00 target price on the technology company’s stock, down from their prior target price of $178.00. B. Riley’s price objective would indicate a potential upside of 2.86% from the stock’s current price.

Several other research firms also recently commented on FN. Needham & Company LLC reissued a “buy” rating and set a $280.00 target price on shares of Fabrinet in a research report on Monday, March 17th. JPMorgan Chase & Co. decreased their price objective on Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a report on Tuesday, February 4th. Barclays dropped 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. Fox Advisors initiated coverage on Fabrinet in a report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price target for the company. Finally, Rosenblatt Securities restated a “buy” rating and set a $285.00 price objective on shares of Fabrinet in a research note on Friday, March 14th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $250.14.

Fabrinet Price Performance

Shares of FN opened at $171.11 on Friday. Fabrinet has a one year low of $148.55 and a one year high of $281.79. The company has a market cap of $6.21 billion, a PE ratio of 19.14 and a beta of 0.89. The stock has a 50-day moving average of $209.73 and a 200-day moving average of $228.93.

Fabrinet (NYSE:FN) last announced 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%. Analysts expect that Fabrinet will post 9.4 EPS for the current fiscal year.

Institutional Trading of Fabrinet

A number of hedge funds have recently bought and sold shares of the business. Versant Capital Management Inc increased its position in shares of Fabrinet by 353.7% during the 1st quarter. Versant Capital Management Inc now owns 186 shares of the technology company’s stock valued at $37,000 after purchasing an additional 145 shares during the last quarter. Huntington National Bank grew its position in Fabrinet by 66.7% during the fourth quarter. Huntington National Bank now owns 230 shares of the technology company’s stock valued at $51,000 after buying an additional 92 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in Fabrinet during the third quarter worth about $52,000. Quarry LP increased its holdings in Fabrinet by 315.8% during the fourth quarter. Quarry LP now owns 237 shares of the technology company’s stock worth $52,000 after buying an additional 180 shares during the last quarter. Finally, Public Employees Retirement System of Ohio bought a new stake in Fabrinet in the third quarter worth about $61,000. 97.38% of the stock is currently 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.