Analysts Set Fabrinet (NYSE:FN) Target Price at $66.75

Fabrinet (NYSE:FN) has been given an average recommendation of “Buy” by the nine brokerages that are currently covering the stock, Marketbeat reports. Four investment analysts have rated the stock with a hold recommendation and four have issued a buy recommendation on the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $65.71.

Several equities analysts have commented on the stock. Piper Sandler lifted their target price on shares of Fabrinet from to in a research report on Tuesday, February 4th. Needham & Company LLC reissued a “buy” rating and set a $70.00 target price on shares of Fabrinet in a research report on Tuesday, February 4th. B. Riley lifted their target price on shares of Fabrinet from $57.50 to $60.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 4th. Finally, Zacks Investment Research cut shares of Fabrinet from a “buy” rating to a “hold” rating in a research report on Tuesday.

In related news, EVP Edward T. Archer sold 2,243 shares of Fabrinet stock in a transaction that occurred on Friday, February 7th. The shares were sold at an average price of $64.08, for a total value of $143,731.44. Following the sale, the executive vice president now owns 28,711 shares of the company’s stock, valued at approximately $1,839,800.88. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Thomas F. Kelly sold 5,000 shares of Fabrinet stock in a transaction that occurred on Thursday, March 5th. The stock was sold at an average price of $60.00, for a total transaction of $300,000.00. Following the completion of the sale, the director now directly owns 43,997 shares in the company, valued at approximately $2,639,820. The disclosure for this sale can be found here. Insiders sold a total of 9,243 shares of company stock worth $572,471 in the last ninety days. 1.00% of the stock is currently owned by insiders.

Hedge funds have recently modified their holdings of the business. Point72 Hong Kong Ltd bought a new stake in Fabrinet during the 4th quarter valued at $47,000. Aigen Investment Management LP bought a new stake in Fabrinet during the 4th quarter valued at $57,000. LS Investment Advisors LLC raised its holdings in Fabrinet by 116.3% during the 4th quarter. LS Investment Advisors LLC now owns 2,263 shares of the technology company’s stock valued at $147,000 after acquiring an additional 1,217 shares during the period. Cornerstone Investment Partners LLC bought a new stake in Fabrinet during the 4th quarter valued at $207,000. Finally, Shelton Capital Management bought a new stake in Fabrinet during the 4th quarter valued at $214,000. 97.46% of the stock is currently owned by institutional investors and hedge funds.

FN stock traded up $1.44 during mid-day trading on Tuesday, reaching $59.09. 361,800 shares of the company traded hands, compared to its average volume of 314,913. The stock has a market cap of $2.14 billion, a price-to-earnings ratio of 18.70, a P/E/G ratio of 1.25 and a beta of 0.96. The company has a quick ratio of 2.48, a current ratio of 3.42 and a debt-to-equity ratio of 0.06. Fabrinet has a fifty-two week low of $42.33 and a fifty-two week high of $71.22. The firm’s 50 day moving average price is $55.04 and its 200 day moving average price is $58.77.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, February 3rd. The technology company reported $1.00 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.07. Fabrinet had a net margin of 7.29% and a return on equity of 13.83%. The firm had revenue of $426.20 million for the quarter, compared to analysts’ expectations of $413.21 million. During the same quarter last year, the firm earned $0.97 EPS. The company’s quarterly revenue was up 5.7% compared to the same quarter last year. On average, analysts anticipate that Fabrinet will post 3.25 EPS for the current fiscal year.

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 optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.

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Analyst Recommendations for Fabrinet (NYSE:FN)

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