Rosenblatt Securities Forecasts Strong Price Appreciation for Fabrinet (NYSE:FN) Stock

Fabrinet (NYSE:FN - Get Free Report) had its target price increased by equities researchers at Rosenblatt Securities from $280.00 to $285.00 in a research report issued on Tuesday,Benzinga reports. The firm currently has a "buy" rating on the technology company's stock. Rosenblatt Securities' target price indicates a potential upside of 34.16% from the company's previous close.

FN has been the subject of several other reports. B. Riley cut Fabrinet from a "neutral" rating to a "sell" rating and reduced their price objective for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. Barclays reduced their price target on shares of Fabrinet from $292.00 to $245.00 and set an "equal weight" rating for the company in a research report on Tuesday. Finally, Needham & Company LLC started coverage on shares of Fabrinet in a report on Tuesday, November 5th. They issued a "buy" rating and a $280.00 price objective on the stock. One 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 MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $243.29.

Fabrinet Stock Performance

FN stock traded down $8.41 during trading on Tuesday, reaching $212.43. The company had a trading volume of 714,433 shares, compared to its average volume of 761,813. The company has a market cap of $7.70 billion, a price-to-earnings ratio of 25.14 and a beta of 0.92. Fabrinet has a twelve month low of $159.69 and a twelve month high of $281.79. The firm has a 50-day simple moving average of $230.11 and a 200-day simple moving average of $233.94.

Fabrinet (NYSE:FN - Get Free Report) last announced 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 net margin of 10.28% and a return on equity of 18.08%. Sell-side analysts expect that Fabrinet will post 9.1 earnings per share for the current year.

Institutional Trading of Fabrinet

A number of hedge funds have recently added to or reduced their stakes in the company. Huntington National Bank raised its position in shares of Fabrinet by 70.4% in the third quarter. Huntington National Bank now owns 138 shares of the technology company's stock worth $33,000 after acquiring an additional 57 shares during the period. NBC Securities Inc. raised its holdings in Fabrinet by 732.0% in the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company's stock worth $49,000 after purchasing an additional 183 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Fabrinet in the third quarter valued at approximately $52,000. UMB Bank n.a. grew its holdings in 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 purchasing an additional 172 shares during the period. Finally, Eastern Bank purchased a new stake in shares of Fabrinet in the third quarter valued at approximately $59,000. 97.38% of the stock is owned by hedge funds and other 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.