Barclays Issues Pessimistic Forecast for Fabrinet (NYSE:FN) Stock Price

Fabrinet (NYSE:FN - Free Report) had its price target reduced by Barclays from $292.00 to $245.00 in a research report report published on Tuesday,Benzinga reports. They currently have an equal weight rating on the technology company's stock.

A number of other brokerages have also recently commented on FN. Needham & Company LLC started coverage on Fabrinet in a research report on Tuesday, November 5th. They set a "buy" rating and a $280.00 price target for the company. B. Riley downgraded Fabrinet from a "neutral" rating to a "sell" rating and decreased their target price for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, Fabrinet has a consensus rating of "Hold" and an average target price of $243.29.

Fabrinet Stock Performance

NYSE:FN traded down $8.41 during midday trading on Tuesday, reaching $212.43. 714,433 shares of the stock traded hands, compared to its average volume of 761,813. The business has a 50-day moving average of $230.11 and a two-hundred day moving average of $233.94. Fabrinet has a 12-month low of $159.69 and a 12-month high of $281.79. The stock has a market capitalization of $7.70 billion, a PE ratio of 25.14 and a beta of 0.92.

Fabrinet (NYSE:FN - Get Free Report) last posted its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 earnings per share for the quarter, missing analysts' consensus estimates of $2.48 by ($0.10). Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. Research analysts anticipate that Fabrinet will post 9.1 earnings per share for the current year.

Institutional Trading of Fabrinet

A number of hedge funds have recently modified their holdings of FN. Legacy Wealth Asset Management LLC raised its position in shares of Fabrinet by 3.2% in the third quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company's stock worth $325,000 after acquiring an additional 43 shares during the period. Wolff Wiese Magana LLC increased its stake in shares of Fabrinet by 2.7% in the 3rd quarter. Wolff Wiese Magana LLC now owns 1,765 shares of the technology company's stock valued at $417,000 after purchasing an additional 47 shares in the last quarter. Cynosure Group LLC raised its holdings in Fabrinet by 3.4% in the 3rd quarter. Cynosure Group LLC now owns 1,560 shares of the technology company's stock worth $369,000 after purchasing an additional 51 shares during the period. Assetmark Inc. boosted its position in Fabrinet by 12.0% during the fourth quarter. Assetmark Inc. now owns 484 shares of the technology company's stock worth $106,000 after purchasing an additional 52 shares in the last quarter. Finally, Trust Point Inc. grew its holdings in Fabrinet by 4.7% in the third quarter. Trust Point Inc. now owns 1,272 shares of the technology company's stock valued at $301,000 after purchasing an additional 57 shares during the period. Hedge funds and other institutional investors own 97.38% of the company's stock.

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.