Fabrinet (NYSE:FN) Upgraded to Neutral at B. Riley

B. Riley upgraded shares of Fabrinet (NYSE:FN - Free Report) from a sell rating to a neutral rating in a research report released on Friday morning, MarketBeat reports. They currently have $176.00 price objective on the technology company's stock, down from their prior price objective of $178.00.

FN has been the topic of several other research reports. JPMorgan Chase & Co. cut their price objective on Fabrinet from $275.00 to $265.00 and set a "neutral" rating on the stock in a report on Tuesday, February 4th. Needham & Company LLC restated a "buy" rating and set a $280.00 price target on shares of Fabrinet in a report on Monday, March 17th. Fox Advisors assumed coverage on Fabrinet in a research note on Tuesday, February 18th. They issued an "overweight" rating and a $270.00 price objective for the company. Barclays cut their target price on shares of Fabrinet from $292.00 to $245.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 4th. Finally, Rosenblatt Securities restated a "buy" rating and issued a $285.00 price target on shares of Fabrinet in a research report on Friday, March 14th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and an average target price of $250.14.

Fabrinet Stock Performance

Shares of Fabrinet stock traded up $24.24 during trading on Friday, reaching $198.26. 363,640 shares of the company's stock were exchanged, compared to its average volume of 595,341. Fabrinet has a 1-year low of $148.55 and a 1-year high of $281.79. The company has a market cap of $7.19 billion, a P/E ratio of 22.11 and a beta of 0.97. The firm's 50-day moving average price is $207.93 and its 200 day moving average price is $227.76.

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Fabrinet (NYSE:FN - Get Free Report) last issued its earnings results on Monday, February 3rd. The technology company reported $2.38 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. As a group, equities research analysts predict that Fabrinet will post 9.4 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Norges Bank bought a new position in Fabrinet during the fourth quarter worth $95,084,000. Capital Research Global Investors grew its stake in Fabrinet by 675.2% during the fourth quarter. Capital Research Global Investors now owns 417,020 shares of the technology company's stock worth $91,694,000 after purchasing an additional 363,228 shares during the period. Wasatch Advisors LP increased its holdings in Fabrinet by 47.0% in the fourth quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company's stock worth $249,044,000 after purchasing an additional 362,064 shares in the last quarter. Wedge Capital Management L L P NC acquired a new position in Fabrinet in the fourth quarter valued at approximately $63,222,000. Finally, FMR LLC boosted its holdings in shares of Fabrinet by 13.1% during the 4th quarter. FMR LLC now owns 2,213,887 shares of the technology company's stock worth $486,789,000 after buying an additional 257,164 shares in the last quarter. 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.