Fabrinet (NYSE:FN) Given "Buy" Rating at Needham & Company LLC

Fabrinet (NYSE:FN - Get Free Report)'s stock had its "buy" rating reaffirmed by investment analysts at Needham & Company LLC in a research note issued to investors on Monday,Benzinga reports. They presently have a $280.00 target price on the technology company's stock. Needham & Company LLC's price target points to a potential upside of 26.94% from the stock's previous close.

FN has been the subject of a number of other research reports. Barclays decreased their target price 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, February 4th. Rosenblatt Securities reaffirmed a "buy" rating and set a $285.00 target price on shares of Fabrinet in a research report on Friday, March 14th. JPMorgan Chase & Co. decreased their price target on Fabrinet from $275.00 to $265.00 and set a "neutral" rating for the company in a research note on Tuesday, February 4th. Fox Advisors started coverage on Fabrinet in a research note on Tuesday, February 18th. They set an "overweight" rating and a $270.00 price target on the stock. Finally, B. Riley lowered shares of Fabrinet from a "neutral" rating to a "sell" rating and decreased their price objective for the company from $194.00 to $178.00 in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $246.63.

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Fabrinet Price Performance

NYSE FN traded down $1.50 during midday trading on Monday, hitting $220.57. 650,850 shares of the company traded hands, compared to its average volume of 546,172. Fabrinet has a 52 week low of $159.69 and a 52 week high of $281.79. The company's 50-day simple moving average is $218.70 and its 200-day simple moving average is $230.39. The company has a market cap of $8.00 billion, a PE ratio of 24.67 and a beta of 0.89.

Fabrinet (NYSE:FN - Get Free Report) last issued 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 10.44% and a return on equity of 18.48%. On average, research analysts predict that Fabrinet will post 9.4 earnings per share for the current year.

Hedge Funds Weigh In On Fabrinet

A number of institutional investors have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC increased its stake in shares of Fabrinet by 10.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,402 shares of the technology company's stock worth $968,000 after acquiring an additional 399 shares during the period. Cim LLC grew its position in Fabrinet by 1.4% during the 4th quarter. Cim LLC now owns 6,013 shares of the technology company's stock worth $1,322,000 after purchasing an additional 82 shares during the period. Menard Financial Group LLC raised its stake in shares of Fabrinet by 34.1% during the 4th quarter. Menard Financial Group LLC now owns 1,707 shares of the technology company's stock valued at $375,000 after buying an additional 434 shares during the last quarter. Polar Asset Management Partners Inc. acquired a new position in shares of Fabrinet in the 4th quarter valued at about $3,364,000. Finally, Orion Capital Management LLC purchased a new stake in shares of Fabrinet in the fourth quarter worth about $62,000. 97.38% of the stock is owned by hedge funds and other institutional investors.

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.