Fabrinet (NYSE:FN) Upgraded at B. Riley

Fabrinet (NYSE:FN) was upgraded by stock 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 price objective on the technology company’s stock. B. Riley’s target price would suggest a potential upside of 1.89% from the stock’s previous close.

FN has been the topic of several other research reports. Barclays decreased their price objective on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 4th. JPMorgan Chase & Co. decreased their price target on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 4th. Fox Advisors began coverage on shares of Fabrinet in a research note on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price objective for the company. Rosenblatt Securities reiterated a “buy” rating and set a $285.00 target price on shares of Fabrinet in a research report on Friday, March 14th. Finally, Needham & Company LLC reissued a “buy” rating and issued a $280.00 price target on shares of Fabrinet in a research report on Monday, March 17th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $250.14.

Fabrinet Price Performance

Shares of Fabrinet stock opened at $172.73 on Friday. The company has a market cap of $6.26 billion, a PE ratio of 19.32 and a beta of 0.89. The firm has a fifty day moving average price of $211.47 and a two-hundred day moving average price of $229.32. Fabrinet has a fifty-two week low of $159.04 and a fifty-two week high of $281.79.

Fabrinet (NYSE:FN) last released its earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share 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%. Analysts expect that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fabrinet

Hedge funds have recently made changes to their positions in the company. Barclays PLC grew its stake in Fabrinet by 304.6% during the third quarter. Barclays PLC now owns 69,128 shares of the technology company’s stock worth $16,345,000 after buying an additional 52,042 shares during the last quarter. Salem Investment Counselors Inc. acquired a new position in shares of Fabrinet in the 4th quarter worth approximately $518,000. Janney Montgomery Scott LLC grew its position in Fabrinet by 2.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 3,279 shares of the technology company’s stock worth $721,000 after acquiring an additional 82 shares during the last quarter. JPMorgan Chase & Co. increased its holdings in Fabrinet by 3.8% during the 3rd quarter. JPMorgan Chase & Co. now owns 660,401 shares of the technology company’s stock valued at $156,145,000 after purchasing an additional 24,439 shares in the last quarter. Finally, Harbor Capital Advisors Inc. raised its position in Fabrinet by 33.2% in the 4th quarter. Harbor Capital Advisors Inc. now owns 13,901 shares of the technology company’s stock valued at $3,057,000 after purchasing an additional 3,468 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

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.