Fabrinet (NYSE:FN) Price Target Increased to $280.00 by Analysts at Needham & Company LLC

Fabrinet (NYSE:FN) had its target price increased by Needham & Company LLC from $270.00 to $280.00 in a report issued on Tuesday morning, Benzinga reports. Needham & Company LLC currently has a buy rating on the technology company’s stock.

Other equities research analysts also recently issued research reports about the company. Rosenblatt Securities raised their price target on Fabrinet from $260.00 to $280.00 and gave the company a buy rating in a report on Tuesday. B. Riley dropped their price objective on shares of Fabrinet from $173.00 to $171.00 and set a neutral rating on the stock in a research report on Tuesday, May 7th. Jefferies Financial Group assumed coverage on shares of Fabrinet in a report on Wednesday, June 26th. They set a hold rating and a $230.00 target price for the company. Finally, JPMorgan Chase & Co. increased their price target on shares of Fabrinet from $230.00 to $240.00 and gave the company a neutral rating in a report on Monday, August 12th. Five equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Fabrinet currently has an average rating of Hold and a consensus price target of $219.00.

Fabrinet Price Performance

Fabrinet stock opened at $261.84 on Tuesday. Fabrinet has a fifty-two week low of $146.65 and a fifty-two week high of $278.38. The firm has a market capitalization of $9.46 billion, a PE ratio of 34.77 and a beta of 0.96. The company’s 50-day moving average is $234.83 and its 200-day moving average is $214.90.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share for the quarter, topping analysts’ consensus estimates of $2.06 by $0.35. Fabrinet had a return on equity of 17.67% and a net margin of 9.90%. The firm had revenue of $753.26 million for the quarter, compared to the consensus estimate of $732.63 million. During the same quarter in the previous year, the business earned $1.68 earnings per share. The business’s revenue was up 14.8% compared to the same quarter last year. As a group, analysts expect that Fabrinet will post 7.95 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Congress Asset Management Co. MA acquired a new position in shares of Fabrinet in the fourth quarter worth approximately $99,045,000. TD Asset Management Inc lifted its position in shares of Fabrinet by 216.1% in the 1st quarter. TD Asset Management Inc now owns 409,761 shares of the technology company’s stock worth $77,453,000 after purchasing an additional 280,145 shares during the period. Epoch Investment Partners Inc. lifted its position in shares of Fabrinet by 291.0% in the 1st quarter. Epoch Investment Partners Inc. now owns 275,531 shares of the technology company’s stock worth $52,081,000 after purchasing an additional 205,057 shares during the period. Driehaus Capital Management LLC boosted its stake in shares of Fabrinet by 183.5% in the 2nd quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock valued at $68,046,000 after purchasing an additional 179,943 shares during the last quarter. Finally, Kennedy Capital Management LLC acquired a new stake in shares of Fabrinet during the first quarter worth $15,637,000. 97.38% of the stock is owned by institutional investors and hedge funds.

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.