Fabrinet (NYSE:FN) Given New $245.00 Price Target at Barclays

Fabrinet (NYSE:FN) had its price target cut by Barclays from $292.00 to $245.00 in a research note published on Tuesday morning,Benzinga reports. They currently have an equal weight rating on the technology company’s stock.

A number of other equities research analysts also recently weighed in on the company. B. Riley downgraded Fabrinet from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. Needham & Company LLC assumed coverage on Fabrinet in a research report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price objective for the company. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $243.29.

Fabrinet Stock Down 8.0 %

Fabrinet stock opened at $207.51 on Tuesday. The stock has a 50-day simple moving average of $231.00 and a 200 day simple moving average of $234.38. The stock has a market capitalization of $7.53 billion, a price-to-earnings ratio of 24.56 and a beta of 0.92. Fabrinet has a 12-month low of $159.69 and a 12-month high of $281.79.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) 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%. As a group, sell-side analysts anticipate that Fabrinet will post 9.1 EPS for the current year.

Hedge Funds Weigh In On Fabrinet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in FN. Wellington Management Group LLP raised its position in shares of Fabrinet by 1.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company’s stock valued at $276,437,000 after acquiring an additional 19,677 shares during the period. Geode Capital Management LLC raised its holdings in Fabrinet by 7.6% in the third quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company’s stock worth $233,359,000 after purchasing an additional 69,554 shares during the period. Whale Rock Capital Management LLC boosted its position in shares of Fabrinet by 25.8% during the third quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock worth $202,338,000 after purchasing an additional 175,684 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in shares of Fabrinet by 3.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 660,401 shares of the technology company’s stock valued at $156,145,000 after buying an additional 24,439 shares during the period. Finally, Baillie Gifford & Co. increased its position in shares of Fabrinet by 10.7% in the 4th quarter. Baillie Gifford & Co. now owns 553,038 shares of the technology company’s stock valued at $121,602,000 after buying an additional 53,250 shares in the last quarter. 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.