Fabrinet (NYSE:FN) Coverage Initiated by Analysts at Barclays

Barclays initiated coverage on shares of Fabrinet (NYSE:FN) in a report published on Thursday, Marketbeat.com reports. The firm issued an equal weight rating and a $292.00 price target on the technology company’s stock.

Several other research firms have also recently issued reports on FN. Needham & Company LLC assumed coverage on shares of Fabrinet in a report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price target for the company. JPMorgan Chase & Co. upped their target price on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. B. Riley reduced their price objective on Fabrinet from $196.00 to $194.00 and set a “neutral” rating on the stock in a research report on Tuesday, November 5th. Finally, Rosenblatt Securities raised their price target on Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Four 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 MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $254.43.

Fabrinet Trading Down 6.6 %

Shares of NYSE FN traded down $16.72 during mid-day trading on Thursday, reaching $235.28. The company had a trading volume of 533,032 shares, compared to its average volume of 490,376. Fabrinet has a 52-week low of $159.30 and a 52-week high of $278.38. The stock has a market cap of $8.53 billion, a P/E ratio of 28.73 and a beta of 0.95. The firm has a 50 day simple moving average of $241.87 and a two-hundred day simple moving average of $235.18.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.01. The company had revenue of $804.20 million for the quarter, compared to the consensus estimate of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. Fabrinet’s revenue for the quarter was up 17.3% on a year-over-year basis. During the same period last year, the firm posted $1.78 EPS. On average, equities analysts expect that Fabrinet will post 9.1 EPS for the current year.

Insider Buying and Selling at Fabrinet

In other Fabrinet news, CFO Csaba Sverha sold 100 shares of the business’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 directly owns 19,347 shares of the company’s stock, valued at $5,223,690. The trade was a 0.51 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Edward T. Archer sold 8,690 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the sale, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. This represents a 51.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 44,728 shares of company stock valued at $11,645,062. 0.38% of the stock is owned by insiders.

Institutional Investors Weigh In On Fabrinet

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Janney Montgomery Scott LLC boosted its holdings in Fabrinet by 14.4% in the 1st quarter. Janney Montgomery Scott LLC now owns 5,168 shares of the technology company’s stock valued at $977,000 after purchasing an additional 652 shares during the period. Envestnet Portfolio Solutions Inc. raised its holdings in Fabrinet by 3.1% in the 1st quarter. Envestnet Portfolio Solutions Inc. now owns 4,102 shares of the technology company’s stock valued at $775,000 after acquiring an additional 122 shares in the last quarter. SG Americas Securities LLC lifted its position in shares of Fabrinet by 144.1% in the 1st quarter. SG Americas Securities LLC now owns 2,236 shares of the technology company’s stock worth $423,000 after acquiring an additional 1,320 shares during the period. Swiss National Bank raised its stake in shares of Fabrinet by 0.6% in the first quarter. Swiss National Bank now owns 71,740 shares of the technology company’s stock valued at $13,560,000 after purchasing an additional 400 shares in the last quarter. Finally, Headlands Technologies LLC bought a new position in Fabrinet in the first quarter worth $63,000. 97.38% of the stock is owned by institutional investors and hedge funds.

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.