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

Equities research analysts at Needham & Company LLC began coverage on shares of Fabrinet (NYSE:FN) in a research report issued to clients and investors on Tuesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $280.00 price target on the technology company’s stock. Needham & Company LLC’s price target suggests a potential upside of 13.49% from the company’s previous close.

Several other research analysts also recently issued reports on FN. JPMorgan Chase & Co. upped their target price on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. B. Riley upped their target price on shares of Fabrinet from $171.00 to $196.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Finally, Rosenblatt Securities upped their target price on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Three 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, Fabrinet has an average rating of “Moderate Buy” and an average target price of $248.17.

Fabrinet Price Performance

NYSE:FN opened at $246.72 on Tuesday. Fabrinet has a one year low of $157.55 and a one year high of $278.38. The company’s 50-day simple moving average is $238.55 and its 200 day simple moving average is $231.81. The firm has a market capitalization of $8.95 billion, a P/E ratio of 29.20 and a beta of 0.95.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.50%. The business had revenue of $804.20 million for the quarter, compared to analyst estimates of $771.24 million. During the same quarter in the previous year, the firm posted $1.78 earnings per share. Fabrinet’s quarterly revenue was up 17.3% on a year-over-year basis. On average, equities research analysts expect that Fabrinet will post 9.11 earnings per share for the current fiscal year.

Insider Activity at Fabrinet

In related news, CEO Seamus Grady sold 26,650 shares of the stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the transaction, the chief executive officer now owns 37,643 shares in the company, valued at $10,163,610. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Fabrinet news, CEO Seamus Grady sold 26,650 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the completion of the sale, the chief executive officer now directly owns 37,643 shares of the company’s stock, valued at approximately $10,163,610. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Edward T. Archer sold 8,690 shares of the stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the completion of the transaction, the executive vice president now owns 8,333 shares in the company, valued at $1,835,426.58. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,728 shares of company stock worth $11,645,062 over the last quarter. Company insiders own 0.38% of the company’s stock.

Institutional Trading of Fabrinet

A number of hedge funds and other institutional investors have recently bought and sold shares of FN. Opal Wealth Advisors LLC purchased a new stake in Fabrinet in the 2nd quarter worth approximately $28,000. Huntington National Bank increased its holdings in Fabrinet by 70.4% in the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after acquiring an additional 57 shares in the last quarter. Banque Cantonale Vaudoise purchased a new stake in Fabrinet in the 2nd quarter worth approximately $35,000. Kimelman & Baird LLC purchased a new stake in Fabrinet in the 2nd quarter worth approximately $49,000. Finally, NBC Securities Inc. increased its holdings in 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. Hedge funds and other 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.