Fabrinet (NYSE:FN) Price Target Cut to $171.00

Fabrinet (NYSE:FN) had its price objective lowered by equities research analysts at B. Riley from $173.00 to $171.00 in a report issued on Tuesday, Benzinga reports. The brokerage presently has a “neutral” rating on the technology company’s stock. B. Riley’s price target would suggest a potential downside of 19.13% from the stock’s previous close.

FN has been the topic of a number of other research reports. Northland Securities upgraded Fabrinet from a “market perform” rating to an “outperform” rating and lifted their target price for the company from $200.00 to $220.00 in a report on Thursday, March 21st. JPMorgan Chase & Co. boosted their target price on Fabrinet from $210.00 to $212.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 price target on shares of Fabrinet in a research report on Tuesday. Finally, Rosenblatt Securities reissued a “buy” rating and issued a $230.00 target price on shares of Fabrinet in a research note on Tuesday, February 6th. Four investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Fabrinet presently has an average rating of “Moderate Buy” and a consensus price target of $161.00.

Fabrinet Trading Up 1.0 %

Shares of NYSE:FN opened at $211.44 on Tuesday. Fabrinet has a 12-month low of $90.19 and a 12-month high of $229.02. The stock’s 50-day moving average price is $189.91 and its two-hundred day moving average price is $185.95. The firm has a market cap of $7.68 billion, a price-to-earnings ratio of 30.55 and a beta of 1.04.

Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, February 5th. The technology company reported $1.89 EPS for the quarter, topping the consensus estimate of $1.84 by $0.05. The firm had revenue of $712.69 million during the quarter, compared to analyst estimates of $699.76 million. Fabrinet had a net margin of 9.35% and a return on equity of 17.27%. As a group, research analysts forecast that Fabrinet will post 7.59 earnings per share for the current fiscal year.

Insider Transactions at Fabrinet

In other Fabrinet news, Director Rollance E. Olson sold 10,000 shares of Fabrinet stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $205.52, for a total transaction of $2,055,200.00. Following the sale, the director now directly owns 25,981 shares in the company, valued at approximately $5,339,615.12. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.51% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC lifted its position in shares of Fabrinet by 12.8% during the third quarter. Commonwealth Equity Services LLC now owns 3,636 shares of the technology company’s stock worth $606,000 after purchasing an additional 414 shares during the last quarter. Xponance Inc. lifted its holdings in Fabrinet by 6.8% during the 3rd quarter. Xponance Inc. now owns 2,313 shares of the technology company’s stock worth $385,000 after buying an additional 147 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its position in shares of Fabrinet by 3.5% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 2,208 shares of the technology company’s stock worth $368,000 after acquiring an additional 75 shares in the last quarter. New York State Teachers Retirement System lifted its stake in Fabrinet by 52.8% during the third quarter. New York State Teachers Retirement System now owns 28,667 shares of the technology company’s stock worth $4,776,000 after purchasing an additional 9,900 shares during the last quarter. Finally, Park Avenue Securities LLC acquired a new position in Fabrinet in the third quarter worth $328,000. 97.38% of the stock is owned by institutional investors and hedge funds.

Fabrinet Company Profile

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.