Fabrinet (NYSE:FN) Earns Overweight Rating from Analysts at Fox Advisors

Analysts at Fox Advisors initiated coverage on shares of Fabrinet (NYSE:FN) in a research note issued on Tuesday, Marketbeat Ratings reports. The firm set an “overweight” rating and a $270.00 price target on the technology company’s stock. Fox Advisors’ price target would indicate a potential upside of 13.07% from the company’s previous close.

FN has been the subject of a number of other reports. Barclays cut their price objective on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 4th. Rosenblatt Securities raised their price objective on Fabrinet from $280.00 to $285.00 and gave the company a “buy” rating in a research report on Tuesday, February 4th. Needham & Company LLC reiterated a “buy” rating and set a $280.00 target price on shares of Fabrinet in a research note on Tuesday, February 4th. B. Riley lowered Fabrinet from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. Finally, JPMorgan Chase & Co. lowered their target price on Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 4th. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $246.63.

Fabrinet Stock Down 0.8 %

FN opened at $238.79 on Tuesday. Fabrinet has a 12-month low of $159.69 and a 12-month high of $281.79. The stock has a market cap of $8.66 billion, a price-to-earnings ratio of 26.71 and a beta of 0.92. The business has a 50 day moving average of $227.06 and a 200-day moving average of $233.89.

Fabrinet (NYSE:FN) last released its quarterly earnings data 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 net margin of 10.44% and a return on equity of 18.48%. As a group, analysts expect that Fabrinet will post 9.4 earnings per share for the current year.

Hedge Funds Weigh In On Fabrinet

A number of hedge funds have recently added to or reduced their stakes in the stock. Legacy Wealth Asset Management LLC increased its stake in Fabrinet by 3.2% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company’s stock worth $325,000 after acquiring an additional 43 shares during the period. Cynosure Group LLC increased its stake in Fabrinet by 3.4% during the 3rd quarter. Cynosure Group LLC now owns 1,560 shares of the technology company’s stock worth $369,000 after acquiring an additional 51 shares during the period. Assetmark Inc. increased its stake in Fabrinet by 12.0% during the 4th quarter. Assetmark Inc. now owns 484 shares of the technology company’s stock worth $106,000 after acquiring an additional 52 shares during the period. Huntington National Bank increased its stake in Fabrinet by 70.4% during 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 during the period. Finally, CIBC Asset Management Inc increased its stake in Fabrinet by 5.7% during the 4th quarter. CIBC Asset Management Inc now owns 1,113 shares of the technology company’s stock worth $245,000 after acquiring an additional 60 shares during the period. 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.