Fabrinet (NYSE:FN) had its target price hoisted by research analysts at Piper Jaffray Cos. from $44.00 to $50.00 in a report released on Tuesday. The firm presently has an “overweight” rating on the stock. Piper Jaffray Cos.’s price target points to a potential upside of 18.20% from the company’s previous close.
Shares of Fabrinet (NYSE:FN) traded down 4.37% on Tuesday, reaching $40.45. 1,012,351 shares of the company’s stock traded hands. The stock has a market capitalization of $1.46 billion and a PE ratio of 26.81. Fabrinet has a 52 week low of $17.88 and a 52 week high of $45.01. The company has a 50 day moving average of $37.53 and a 200-day moving average of $33.23.
Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, August 15th. The company reported $0.60 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.60. During the same quarter in the prior year, the firm earned $0.40 earnings per share. The business had revenue of $276.40 million for the quarter, compared to analysts’ expectations of $262.95 million. Fabrinet’s quarterly revenue was up 33.8% compared to the same quarter last year. Equities research analysts forecast that Fabrinet will post $2.10 earnings per share for the current year.
A number of hedge funds recently bought and sold shares of FN. Rhumbline Advisers boosted its stake in Fabrinet by 4.2% in the fourth quarter. Rhumbline Advisers now owns 52,330 shares of the company’s stock valued at $1,247,000 after buying an additional 2,125 shares in the last quarter. California Public Employees Retirement System boosted its stake in Fabrinet by 16.1% in the fourth quarter. California Public Employees Retirement System now owns 188,700 shares of the company’s stock valued at $4,495,000 after buying an additional 26,200 shares in the last quarter. US Bancorp DE boosted its stake in Fabrinet by 65.0% in the fourth quarter. US Bancorp DE now owns 62,187 shares of the company’s stock valued at $1,481,000 after buying an additional 24,498 shares in the last quarter. Argent Capital Management LLC bought a new stake in Fabrinet during the fourth quarter valued at about $1,285,000. Finally, Marvin & Palmer Associates Inc. bought a new stake in Fabrinet during the fourth quarter valued at about $5,185,000.
In related news, Director Frank H. Levinson sold 19,942 shares of the company’s stock in a transaction on Tuesday, May 24th. The shares were sold at an average price of $33.50, for a total value of $668,057.00. Following the sale, the director now directly owns 53,887 shares of the company’s stock, valued at $1,805,214.50. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Homa Bahrami sold 5,000 shares of the company’s stock in a transaction on Thursday, May 26th. The shares were sold at an average price of $35.34, for a total transaction of $176,700.00. Following the completion of the sale, the director now directly owns 18,616 shares in the company, valued at $657,889.44. The disclosure for this sale can be found here.
Other equities research analysts also recently issued reports about the stock. Needham & Company LLC boosted their price objective on shares of Fabrinet from $40.00 to $45.00 and gave the stock a “buy” rating in a research note on Tuesday, June 14th. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Fabrinet in a research note on Sunday, May 29th. B. Riley upgraded shares of Fabrinet to a “buy” rating and set a $42.25 price objective for the company in a research note on Monday, May 9th. Finally, Stifel Nicolaus boosted their price objective on shares of Fabrinet from $34.00 to $40.00 and gave the stock a “buy” rating in a research note on Tuesday, May 3rd. One investment analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. Fabrinet currently has an average rating of “Buy” and a consensus price target of $43.46.
Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of complex products, such as optical communication components, modules and sub-systems, industrial lasers, medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test.