Fabrinet (NYSE:FN) Given New $245.00 Price Target at Barclays

Fabrinet (NYSE:FN) had its price target cut by Barclays from $292.00 to $245.00 in a report released on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the technology company’s stock. Barclays‘s price objective would suggest a potential upside of 8.00% from the stock’s current price.

Several other equities research analysts have also commented on FN. B. Riley lowered shares of Fabrinet from a “neutral” rating to a “sell” rating and lowered their price target for the company from $194.00 to $178.00 in a report on Wednesday, November 20th. Needham & Company LLC initiated coverage on Fabrinet in a report on Tuesday, November 5th. They set a “buy” rating and a $280.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Fabrinet currently has an average rating of “Hold” and a consensus target price of $246.14.

Fabrinet Trading Up 4.9 %

Fabrinet stock opened at $226.85 on Tuesday. The firm has a 50-day moving average price of $231.04 and a 200-day moving average price of $234.45. Fabrinet has a 12-month low of $159.69 and a 12-month high of $281.79. The firm has a market capitalization of $8.23 billion, a PE ratio of 26.85 and a beta of 0.92.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.10). Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. As a group, sell-side analysts predict that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fabrinet

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Huntington National Bank increased its holdings in shares of Fabrinet by 70.4% during the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after buying an additional 57 shares during the last quarter. NBC Securities Inc. boosted its position in Fabrinet by 732.0% in the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock valued at $49,000 after buying an additional 183 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Fabrinet in the third quarter worth $52,000. UMB Bank n.a. raised its stake in shares of Fabrinet by 252.9% in the third quarter. UMB Bank n.a. now owns 240 shares of the technology company’s stock valued at $57,000 after acquiring an additional 172 shares in the last quarter. Finally, Eastern Bank acquired a new stake in Fabrinet in the 3rd quarter valued at about $59,000. Institutional investors and hedge funds 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.