Barclays Cuts Fabrinet (NYSE:FN) Price Target to $245.00

Fabrinet (NYSE:FN) had its price objective dropped by equities research analysts at Barclays from $292.00 to $245.00 in a research report issued to clients and investors on Tuesday,Benzinga reports. The firm currently has an “equal weight” rating on the technology company’s stock. Barclays‘s price objective suggests a potential upside of 14.45% from the company’s previous close.

Other equities research analysts have also issued reports about the company. Needham & Company LLC began coverage on Fabrinet in a research note on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price objective for the company. B. Riley downgraded Fabrinet from a “neutral” rating to a “sell” rating and lowered their price target for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Fabrinet has an average rating of “Hold” and a consensus price target of $243.29.

Fabrinet Stock Performance

Shares of FN opened at $214.08 on Tuesday. The stock has a market capitalization of $7.76 billion, a PE ratio of 25.33 and a beta of 0.92. The company’s fifty day moving average is $230.44 and its 200 day moving average is $234.17. Fabrinet has a fifty-two week low of $159.69 and a fifty-two week high of $281.79.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.10). Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. As a group, research analysts forecast that Fabrinet will post 9.1 earnings per share for the current year.

Hedge Funds Weigh In On Fabrinet

A number of large investors have recently bought and sold shares of FN. Wellington Management Group LLP lifted its position in shares of Fabrinet by 1.7% during the third quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company’s stock worth $276,437,000 after purchasing an additional 19,677 shares during the last quarter. Geode Capital Management LLC increased its stake in Fabrinet by 7.6% in the 3rd quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company’s stock worth $233,359,000 after buying an additional 69,554 shares during the period. Whale Rock Capital Management LLC lifted its holdings in Fabrinet by 25.8% during the 3rd quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock valued at $202,338,000 after buying an additional 175,684 shares in the last quarter. JPMorgan Chase & Co. boosted its position in Fabrinet by 3.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 660,401 shares of the technology company’s stock valued at $156,145,000 after buying an additional 24,439 shares during the period. Finally, Baillie Gifford & Co. grew its stake in Fabrinet by 10.7% in the 4th quarter. Baillie Gifford & Co. now owns 553,038 shares of the technology company’s stock worth $121,602,000 after acquiring an additional 53,250 shares in the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

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 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.