Fabrinet (FN) Stock Rating Lowered by Needham & Company LLC
Fabrinet (NYSE:FN) was downgraded by equities research analysts at Needham & Company LLC from a “strong-buy” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, The Fly reports. The analysts noted that the move was a valuation call.
A number of other research firms also recently weighed in on FN. Zacks Investment Research upgraded shares of Fabrinet from a “hold” rating to a “buy” rating and set a $49.00 price target for the company in a research report on Friday. B. Riley lifted their price target on shares of Fabrinet from $40.00 to $50.00 and gave the company a “buy” rating in a research report on Thursday, August 16th. ValuEngine upgraded shares of Fabrinet from a “sell” rating to a “hold” rating in a research report on Wednesday, August 8th. Finally, Northland Securities downgraded shares of Fabrinet from an “outperform” rating to a “market perform” rating and set a $33.00 price objective for the company. in a research report on Wednesday, May 30th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and five have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $43.57.
NYSE FN opened at $44.00 on Tuesday. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.84 and a quick ratio of 2.01. Fabrinet has a 1-year low of $24.02 and a 1-year high of $44.33. The company has a market capitalization of $1.61 billion, a PE ratio of 17.12, a price-to-earnings-growth ratio of 1.12 and a beta of 0.61.
In other Fabrinet news, insider David T. Mitchell sold 40,000 shares of the business’s stock in a transaction on Friday, June 1st. The shares were sold at an average price of $35.12, for a total transaction of $1,404,800.00. Following the sale, the insider now owns 111,057 shares of the company’s stock, valued at $3,900,321.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CFO Toh-Seng Ng sold 27,188 shares of the business’s stock in a transaction on Friday, May 25th. The stock was sold at an average price of $36.91, for a total transaction of $1,003,509.08. Following the sale, the chief financial officer now directly owns 200,887 shares in the company, valued at approximately $7,414,739.17. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 203,273 shares of company stock valued at $7,530,658. Company insiders own 3.30% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of FN. Intrinsic Edge Capital Management LLC bought a new stake in shares of Fabrinet during the first quarter worth $13,237,000. Pekin Singer Strauss Asset Management IL bought a new stake in shares of Fabrinet during the first quarter worth $14,882,000. Frontier Capital Management Co. LLC bought a new stake in shares of Fabrinet during the first quarter worth $8,298,000. Balter Liquid Alternatives LLC bought a new stake in shares of Fabrinet during the first quarter worth $753,000. Finally, Schwab Charles Investment Management Inc. grew its stake in shares of Fabrinet by 9.2% during the first quarter. Schwab Charles Investment Management Inc. now owns 255,470 shares of the technology company’s stock worth $8,017,000 after buying an additional 21,428 shares during the last quarter. 97.70% of the stock is currently owned by hedge funds and other institutional investors.
Fabrinet Company Profile
Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of optical communication components, modules and sub-systems, industrial lasers, medical devices, and sensors. It offers a range of optical and electro-mechanical capabilities across the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.
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