Fabrinet (NYSE:FN) Given Average Recommendation of “Moderate Buy” by Analysts

Posted by Defense World Staff on Aug 1st, 2023

Fabrinet (NYSE:FN – Get Free Report) has been given an average recommendation of “Moderate Buy” by the six brokerages that are covering the company, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $122.57.

A number of equities research analysts have commented on the company. Northland Securities reduced their target price on Fabrinet from $155.00 to $135.00 in a report on Tuesday, May 9th. JPMorgan Chase & Co. decreased their price objective on shares of Fabrinet from $161.00 to $130.00 and set an “overweight” rating on the stock in a report on Wednesday, April 19th. Needham & Company LLC lifted their price target on shares of Fabrinet from $120.00 to $150.00 in a research report on Monday, June 12th. Lake Street Capital began coverage on Fabrinet in a research note on Friday, April 21st. They set a “buy” rating and a $130.00 price target on the stock. Finally, StockNews.com began coverage on Fabrinet in a research note on Thursday, May 18th. They issued a “hold” rating for the company.

Fabrinet Stock Performance

Fabrinet stock opened at $123.64 on Tuesday. The company’s 50 day simple moving average is $123.16 and its 200-day simple moving average is $116.73. Fabrinet has a 1 year low of $90.19 and a 1 year high of $140.18. The company has a market capitalization of $4.49 billion, a price-to-earnings ratio of 18.79 and a beta of 1.15.

Fabrinet (NYSE:FN – Get Free Report) last announced its quarterly earnings data on Monday, May 8th. The technology company reported $1.76 EPS for the quarter, topping analysts’ consensus estimates of $1.71 by $0.05. Fabrinet had a return on equity of 18.55% and a net margin of 9.44%. The business had revenue of $665.28 million during the quarter, compared to the consensus estimate of $650.88 million. Equities analysts expect that Fabrinet will post 6.85 earnings per share for the current year.

Insider Transactions at Fabrinet

In other Fabrinet news, Director Homa Bahrami sold 1,400 shares of the business’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $98.05, for a total transaction of $137,270.00. Following the sale, the director now owns 32,739 shares in the company, valued at approximately $3,210,058.95. The transaction was disclosed in a filing with the SEC, which is available through this link. 0.50% of the stock is owned by insiders.

Institutional Trading of Fabrinet

A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in shares of Fabrinet by 1.7% during the 1st quarter. BlackRock Inc. now owns 5,776,976 shares of the technology company’s stock worth $686,074,000 after purchasing an additional 93,882 shares in the last quarter. Vanguard Group Inc. boosted its holdings in Fabrinet by 0.7% in the first quarter. Vanguard Group Inc. now owns 4,173,594 shares of the technology company’s stock worth $438,770,000 after purchasing an additional 30,481 shares in the last quarter. FMR LLC increased its position in Fabrinet by 2.5% during the first quarter. FMR LLC now owns 1,802,876 shares of the technology company’s stock worth $214,110,000 after buying an additional 44,803 shares during the last quarter. Capital International Investors raised its holdings in Fabrinet by 108.1% during the first quarter. Capital International Investors now owns 1,529,864 shares of the technology company’s stock valued at $160,835,000 after buying an additional 794,833 shares in the last quarter. Finally, Wasatch Advisors LP lifted its position in shares of Fabrinet by 1.8% in the first quarter. Wasatch Advisors LP now owns 1,494,042 shares of the technology company’s stock worth $177,432,000 after buying an additional 26,290 shares during the last quarter. 98.93% of the stock is owned by hedge funds and other institutional investors.

About Fabrinet

(Get Free Report

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.