Rosenblatt Securities Increases Fabrinet (NYSE:FN) Price Target to $280.00

Fabrinet (NYSE:FN) had its target price hoisted by equities research analysts at Rosenblatt Securities from $260.00 to $280.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a “buy” rating on the technology company’s stock. Rosenblatt Securities’ target price indicates a potential upside of 2.38% from the company’s previous close.

Several other research analysts also recently commented on FN. JPMorgan Chase & Co. boosted their price objective on shares of Fabrinet from $230.00 to $240.00 and gave the company a “neutral” rating in a research report on Monday, August 12th. Needham & Company LLC reiterated a “buy” rating and set a $220.00 price objective on shares of Fabrinet in a research report on Tuesday, May 7th. Jefferies Financial Group began coverage on shares of Fabrinet in a research report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 target price on the stock. Finally, B. Riley lowered their price target 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. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $191.78.

Fabrinet Stock Performance

NYSE:FN opened at $273.50 on Tuesday. Fabrinet has a 52 week low of $143.57 and a 52 week high of $278.38. The firm’s 50-day simple moving average is $234.49 and its 200 day simple moving average is $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, topping 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 business had revenue of $753.26 million during the quarter, compared to analysts’ expectations of $732.63 million. During the same quarter in the prior year, the business posted $1.68 earnings per share. Fabrinet’s revenue was up 14.8% compared to the same quarter last year. Sell-side analysts anticipate that Fabrinet will post 7.95 EPS for the current year.

Insider Buying and Selling at Fabrinet

In other news, Director Frank H. Levinson sold 6,000 shares of the firm’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $241.71, for a total transaction 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 Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.51% of the company’s stock.

Institutional Investors Weigh In On Fabrinet

A number of institutional investors have recently modified their holdings of FN. Opal Wealth Advisors LLC acquired a new position in shares of Fabrinet in the 2nd quarter valued at about $28,000. GAMMA Investing LLC bought a new stake in Fabrinet in the fourth quarter valued at $34,000. Banque Cantonale Vaudoise bought a new position in shares of Fabrinet during the 2nd quarter worth about $35,000. Parallel Advisors LLC raised its stake in Fabrinet by 59.7% during the 4th quarter. Parallel Advisors LLC now owns 206 shares of the technology company’s stock worth $39,000 after buying an additional 77 shares during the period. Finally, Kimelman & Baird LLC acquired a new stake in Fabrinet in the 2nd quarter valued at $49,000. 97.38% of the stock is owned by institutional investors.

Fabrinet Company Profile

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.