Jefferies Financial Group Initiates Coverage on Fabrinet (NYSE:FN)

Equities research analysts at Jefferies Financial Group started coverage on shares of Fabrinet (NYSE:FN) in a report issued on Wednesday, MarketBeat.com reports. The firm set a “hold” rating and a $230.00 price target on the technology company’s stock. Jefferies Financial Group’s price target suggests a potential downside of 6.75% from the company’s previous close.

FN has been the topic of a number of other reports. Northland Securities upgraded shares of Fabrinet from a “market perform” rating to an “outperform” rating and lifted their price objective for the company from $200.00 to $220.00 in a research note on Thursday, March 21st. JPMorgan Chase & Co. increased their price objective on shares of Fabrinet from $210.00 to $212.00 and gave the company a “neutral” rating in a report on Thursday, April 11th. B. Riley cut their target price on Fabrinet from $173.00 to $171.00 and set a “neutral” rating for the company in a research report on Tuesday, May 7th. Finally, Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 price target on shares of Fabrinet in a research note on Tuesday, May 7th. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $168.67.

Fabrinet Stock Up 1.4 %

FN stock opened at $246.64 on Wednesday. The stock has a market cap of $8.92 billion, a PE ratio of 32.75 and a beta of 0.99. The firm’s 50-day simple moving average is $221.91 and its 200 day simple moving average is $204.46. Fabrinet has a fifty-two week low of $114.83 and a fifty-two week high of $257.04.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, May 6th. The technology company reported $2.21 EPS for the quarter, beating the consensus estimate of $1.93 by $0.28. The company had revenue of $731.54 million for the quarter, compared to analyst estimates of $718.94 million. Fabrinet had a net margin of 9.90% and a return on equity of 17.67%. Equities analysts forecast that Fabrinet will post 7.95 EPS for the current fiscal year.

Insider Activity

In other Fabrinet news, Director Frank H. Levinson sold 6,000 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $241.71, for a total value of $1,450,260.00. Following the completion of the transaction, the director now directly owns 5,709 shares in the company, valued at $1,379,922.39. The sale was disclosed in a filing with the SEC, which is accessible through this link. 0.51% of the stock is currently owned by company insiders.

Institutional Trading of Fabrinet

A number of hedge funds have recently modified their holdings of the business. Park Place Capital Corp purchased a new stake in Fabrinet in the 4th quarter worth about $26,000. Salem Investment Counselors Inc. purchased a new stake in shares of Fabrinet in the fourth quarter worth approximately $29,000. GAMMA Investing LLC acquired a new stake in shares of Fabrinet during the fourth quarter worth approximately $34,000. Parallel Advisors LLC grew its position in Fabrinet by 59.7% during the fourth quarter. Parallel Advisors LLC now owns 206 shares of the technology company’s stock valued at $39,000 after purchasing an additional 77 shares in the last quarter. Finally, McGlone Suttner Wealth Management Inc. acquired a new position in Fabrinet in the 4th quarter valued at approximately $52,000. Hedge funds and other institutional investors own 97.38% of the company’s stock.

About Fabrinet

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.