Fabrinet (NYSE:FN) Stock Gets Price Target Reduction from Needham & Company LLC

Fabrinet (NYSE:FN) had its target price lowered by stock analysts at Needham & Company LLC from $650.00 to $500.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has a “buy” rating on the technology company’s stock. Needham & Company LLC‘s target price would indicate a potential upside of 53.56% from the stock’s current price.

A number of other equities analysts also recently weighed in on the company. JPMorgan Chase & Co. upped their price target on Fabrinet from $680.00 to $695.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 18th. Barclays raised their price target on shares of Fabrinet from $702.00 to $739.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 18th. Fox Advisors upgraded shares of Fabrinet from an “equal weight” rating to an “overweight” rating in a report on Wednesday, August 19th. Weiss Ratings lowered shares of Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, September 9th. Finally, B. Riley Financial cut their price objective on shares of Fabrinet from $598.00 to $431.00 and set a “neutral” rating on the stock in a research report on Thursday, October 15th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $631.88.

Fabrinet Price Performance

FN opened at $325.60 on Tuesday. The company has a market capitalization of $11.67 billion, a price-to-earnings ratio of 23.88 and a beta of 1.23. The business’s 50-day moving average price is $421.23 and its two-hundred day moving average price is $525.26. Fabrinet has a 1 year low of $305.63 and a 1 year high of $748.89.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Tuesday, August 18th. The technology company reported $4.10 earnings per share for the quarter, topping the consensus estimate of $3.81 by $0.29. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Fabrinet had a return on equity of 21.23% and a net margin of 10.19%. Fabrinet’s revenue for the quarter was up 44.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $2.65 earnings per share. Sell-side analysts anticipate that Fabrinet will post 17.50 earnings per share for the current fiscal year.

Insider Buying and Selling at Fabrinet

In related news, EVP Edward Archer sold 2,500 shares of Fabrinet stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total value of $964,775.00. Following the sale, the executive vice president owned 7,007 shares of the company’s stock, valued at approximately $2,704,071.37. The trade was a 26.30% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.22% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Paradigm Capital Management Inc. NY acquired a new position in shares of Fabrinet during the 2nd quarter worth approximately $298,183,000. Janus Henderson Group PLC boosted its holdings in shares of Fabrinet by 15.9% in the 1st quarter. Janus Henderson Group PLC now owns 291,659 shares of the technology company’s stock valued at $152,071,000 after buying an additional 40,090 shares during the last quarter. Principal Financial Group Inc. boosted its holdings in shares of Fabrinet by 15.0% in the 1st quarter. Principal Financial Group Inc. now owns 216,049 shares of the technology company’s stock valued at $112,674,000 after buying an additional 28,166 shares during the last quarter. Allspring Global Investments Holdings LLC boosted its holdings in shares of Fabrinet by 108.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,146 shares of the technology company’s stock valued at $88,350,000 after buying an additional 85,780 shares during the last quarter. Finally, Wedge Capital Management L L P NC grew its stake in shares of Fabrinet by 11.5% in the second quarter. Wedge Capital Management L L P NC now owns 128,795 shares of the technology company’s stock valued at $72,393,000 after buying an additional 13,245 shares in the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

About Fabrinet

Fabrinet (NYSE: FN) is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.

Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.