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

Research analysts at Needham & Company LLC initiated coverage on shares of Fabrinet (NYSE:FN) in a report issued on Tuesday, MarketBeat reports. The brokerage set a “buy” rating and a $280.00 price target on the technology company’s stock. Needham & Company LLC’s price objective points to a potential upside of 13.49% from the stock’s current price.

A number of other research analysts have also weighed in on the stock. Rosenblatt Securities raised their target price on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. B. Riley raised their target price on shares of Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Finally, JPMorgan Chase & Co. raised their target price on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $248.17.

Fabrinet Price Performance

Shares of FN opened at $246.72 on Tuesday. Fabrinet has a 1 year low of $157.55 and a 1 year high of $278.38. The company has a 50 day simple moving average of $238.55 and a two-hundred day simple moving average of $231.81. The firm has a market cap of $8.95 billion, a P/E ratio of 29.20 and a beta of 0.95.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 during the quarter, compared to analyst estimates of $771.24 million. During the same period last year, the firm posted $1.78 EPS. The company’s revenue was up 17.3% on a year-over-year basis. On average, sell-side analysts anticipate that Fabrinet will post 9.11 earnings per share for the current year.

Insider Buying and Selling

In related news, CFO Csaba Sverha sold 100 shares of the firm’s stock in a transaction on Monday, August 26th. The stock was sold at an average price of $270.00, for a total value of $27,000.00. Following the completion of the sale, the chief financial officer now directly owns 19,347 shares in the company, valued at $5,223,690. This trade 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 available through this hyperlink. In other news, EVP Edward T. Archer sold 8,690 shares of Fabrinet stock in a transaction 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 sale, the executive vice president now directly owns 8,333 shares in the company, valued at approximately $1,835,426.58. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CFO Csaba Sverha sold 100 shares of Fabrinet stock in a transaction on Monday, August 26th. The stock was sold at an average price of $270.00, for a total value of $27,000.00. Following the sale, the chief financial officer now owns 19,347 shares of the company’s stock, valued at approximately $5,223,690. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 44,728 shares of company stock worth $11,645,062 over the last three months. 0.38% of the stock is owned by insiders.

Institutional Trading of Fabrinet

Several institutional investors and hedge funds have recently made changes to their positions in FN. Opal Wealth Advisors LLC bought a new stake in shares of Fabrinet during the second quarter worth $28,000. Huntington National Bank increased its stake in shares of Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after buying an additional 57 shares during the period. Banque Cantonale Vaudoise purchased a new position in shares of Fabrinet during the second quarter valued at $35,000. Kimelman & Baird LLC purchased a new position in shares of Fabrinet during the second quarter valued at $49,000. Finally, NBC Securities Inc. increased its stake in shares of Fabrinet by 732.0% during the third quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock valued at $49,000 after buying an additional 183 shares during the period. 97.38% of the stock is currently owned by institutional investors.

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.