Needham & Company LLC Increases Fabrinet (NYSE:FN) Price Target to $280.00

Fabrinet (NYSE:FN) had its price objective upped by equities research analysts at Needham & Company LLC from $270.00 to $280.00 in a research note issued to investors 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 2.38% from the company’s previous close.

Other research analysts have also recently issued reports about the stock. Jefferies Financial Group initiated coverage on shares of Fabrinet in a report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 target price for the company. B. Riley decreased their target price on shares of Fabrinet from $173.00 to $171.00 and set a “neutral” rating for the company in a report on Tuesday, May 7th. Rosenblatt Securities raised their target price on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday. Finally, JPMorgan Chase & Co. raised their target price on shares of Fabrinet from $230.00 to $240.00 and gave the stock a “neutral” rating in a report on Monday, August 12th. Five equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $191.78.

Fabrinet Trading Up 2.1 %

NYSE:FN opened at $273.50 on Tuesday. Fabrinet has a twelve month low of $143.57 and a twelve month high of $278.38. The company has a 50-day moving average of $234.49 and a 200-day moving average of $214.57. The firm has a market cap of $9.89 billion, a price-to-earnings ratio of 36.32 and a beta of 0.96.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, August 19th. The technology company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.06 by $0.35. Fabrinet had a net margin of 9.90% and a return on equity of 17.67%. The company had revenue of $753.26 million during the quarter, compared to analyst estimates of $732.63 million. During the same quarter last year, the firm posted $1.68 EPS. The business’s revenue for the quarter was up 14.8% on a year-over-year basis. On average, research analysts forecast that Fabrinet will post 7.95 earnings per share for the current year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Fabrinet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Opal Wealth Advisors LLC bought a new position in shares of Fabrinet in the second quarter valued at approximately $28,000. GAMMA Investing LLC acquired a new stake in shares of Fabrinet in the fourth quarter worth $34,000. Banque Cantonale Vaudoise acquired a new stake in shares of Fabrinet in the second quarter worth $35,000. Parallel Advisors LLC grew its stake in shares of Fabrinet by 59.7% in the fourth quarter. Parallel Advisors LLC now owns 206 shares of the technology company’s stock worth $39,000 after acquiring an additional 77 shares during the last quarter. Finally, Kimelman & Baird LLC acquired a new stake in shares of Fabrinet in the second quarter worth $49,000. 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.