Needham & Company LLC Initiates Coverage on Fabrinet (NYSE:FN)

Analysts at Needham & Company LLC assumed coverage on shares of Fabrinet (NYSE:FN - Get Free Report) in a research note issued to investors on Tuesday, StockNewsAPI reports. The brokerage set a "buy" rating and a $280.00 price target on the technology company's stock. Needham & Company LLC's price target would suggest a potential upside of 21.45% from the company's current price.

Several other brokerages have also recently issued reports on FN. JPMorgan Chase & Co. boosted their price target on Fabrinet from $240.00 to $285.00 and gave the company a "neutral" rating in a research note on Tuesday, August 20th. Rosenblatt Securities raised their price target on Fabrinet from $260.00 to $280.00 and gave the stock a "buy" rating in a research report on Tuesday, August 20th. Finally, B. Riley boosted their price target on Fabrinet from $171.00 to $196.00 and gave the company a "neutral" rating in a research note on Tuesday, August 20th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $248.17.

Fabrinet Stock Down 3.8 %

Shares of NYSE:FN traded down $9.06 during midday trading on Tuesday, hitting $230.55. The stock had a trading volume of 1,958,328 shares, compared to its average volume of 488,446. Fabrinet has a 12 month low of $157.55 and a 12 month high of $278.38. The business's 50-day simple moving average is $238.82 and its 200-day simple moving average is $231.22. The company has a market cap of $8.36 billion, a P/E ratio of 27.83 and a beta of 0.95.

Fabrinet (NYSE:FN - Get Free Report) last released its earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share for the quarter, beating the consensus estimate of $2.06 by $0.35. Fabrinet had a net margin of 10.27% and a return on equity of 18.10%. The business had revenue of $753.26 million during the quarter, compared to analysts' expectations of $732.63 million. During the same period last year, the business earned $1.68 earnings per share. The firm's revenue was up 14.8% on a year-over-year basis. As a group, equities analysts predict that Fabrinet will post 9.11 earnings per share for the current year.

Insider Buying and Selling at Fabrinet

In other Fabrinet news, CFO Csaba Sverha sold 100 shares of the company's stock in a transaction on Monday, August 26th. The shares were sold at an average price of $270.00, for a total transaction of $27,000.00. Following the sale, the chief financial officer now owns 19,347 shares of the company's stock, valued at approximately $5,223,690. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In other news, CEO Seamus Grady sold 26,650 shares of the firm's stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.00, for a total value of $7,195,500.00. Following the completion of the sale, the chief executive officer now directly owns 37,643 shares in the company, valued at $10,163,610. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, CFO Csaba Sverha sold 100 shares of the business's stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $270.00, for a total value of $27,000.00. Following the completion of the sale, the chief financial officer now directly owns 19,347 shares of the company's stock, valued at $5,223,690. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,728 shares of company stock valued at $11,645,062. 0.38% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of the business. Opal Wealth Advisors LLC purchased a new position in shares of Fabrinet during the second quarter valued at approximately $28,000. Banque Cantonale Vaudoise bought a new position in Fabrinet during the 2nd quarter valued at $35,000. Kimelman & Baird LLC purchased a new position in Fabrinet during the 2nd quarter worth $49,000. NBC Securities Inc. grew its stake in shares of 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 acquiring an additional 183 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings 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 purchasing an additional 172 shares during the last quarter. Institutional investors and hedge funds 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.