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.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, August 20th. The technology company reported $0.81 earnings per share for the quarter, beating analysts’ consensus estimates of $0.75 by $0.06. Fabrinet had a net margin of 6.36% and a return on equity of 12.48%. The company had revenue of $345.30 million during the quarter, compared to the consensus estimate of $338.12 million. During the same period in the previous year, the business earned $0.86 earnings per share. The firm’s quarterly revenue was down 6.8% on a year-over-year basis. sell-side analysts anticipate that Fabrinet will post 2.54 earnings per share for the current year.

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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Analyst Recommendations for Fabrinet (NYSE:FN)

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