Fabrinet (NYSE:FN)‘s stock had its “overweight” rating reiterated by research analysts at Piper Jaffray Companies in a report released on Tuesday. They presently have a $51.00 price objective on the technology company’s stock, down from their previous price objective of $55.00. Piper Jaffray Companies’ price target points to a potential upside of 32.16% from the company’s previous close.

Other equities research analysts have also recently issued reports about the company. B. Riley reaffirmed a “buy” rating and set a $44.75 price objective on shares of Fabrinet in a research report on Thursday, May 4th. BidaskClub raised Fabrinet from a “sell” rating to a “hold” rating in a research report on Sunday, July 16th. ValuEngine raised Fabrinet from a “hold” rating to a “buy” rating in a research report on Wednesday, August 2nd. J P Morgan Chase & Co set a $57.00 price objective on Fabrinet and gave the company a “buy” rating in a research report on Thursday, June 1st. Finally, Stifel Nicolaus reaffirmed a “buy” rating on shares of Fabrinet in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, two have assigned a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $50.93.

Shares of Fabrinet (NYSE FN) opened at 38.59 on Tuesday. Fabrinet has a 52-week low of $31.97 and a 52-week high of $49.63. The firm’s 50-day moving average is $43.24 and its 200 day moving average is $40.72. The company has a market capitalization of $1.44 billion, a price-to-earnings ratio of 16.22 and a beta of 1.08.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, August 21st. The technology company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.83 by $0.11. Fabrinet had a net margin of 6.74% and a return on equity of 14.95%. The business had revenue of $370.50 million for the quarter, compared to analysts’ expectations of $363.41 million. During the same period last year, the business earned $0.60 earnings per share. The company’s quarterly revenue was up 34.0% on a year-over-year basis. On average, equities research analysts anticipate that Fabrinet will post $3.46 earnings per share for the current year.

Fabrinet declared that its board has authorized a share repurchase plan on Monday, August 21st that permits the company to repurchase $30.00 million in outstanding shares. This repurchase authorization permits the technology company to reacquire up to 21% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board believes its shares are undervalued.

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In other Fabrinet news, CEO David T. Mitchell sold 52,500 shares of the stock in a transaction dated Monday, July 3rd. The stock was sold at an average price of $41.22, for a total value of $2,164,050.00. Following the transaction, the chief executive officer now owns 42,631 shares of the company’s stock, valued at $1,757,249.82. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 4.30% of the stock is currently owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Norges Bank purchased a new position in Fabrinet during the fourth quarter worth $1,008,000. Teachers Advisors LLC increased its position in Fabrinet by 37.0% in the fourth quarter. Teachers Advisors LLC now owns 86,413 shares of the technology company’s stock worth $3,482,000 after buying an additional 23,356 shares in the last quarter. Bank of Montreal Can increased its position in Fabrinet by 19,846.8% in the first quarter. Bank of Montreal Can now owns 159,574 shares of the technology company’s stock worth $6,707,000 after buying an additional 158,774 shares in the last quarter. Louisiana State Employees Retirement System increased its position in Fabrinet by 2.0% in the first quarter. Louisiana State Employees Retirement System now owns 15,100 shares of the technology company’s stock worth $635,000 after buying an additional 300 shares in the last quarter. Finally, State of Alaska Department of Revenue increased its position in Fabrinet by 2.0% in the first quarter. State of Alaska Department of Revenue now owns 4,080 shares of the technology company’s stock worth $171,000 after buying an additional 80 shares in the last quarter. 95.10% of the stock is currently owned by institutional investors.

About Fabrinet

Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of 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 manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test.

Analyst Recommendations for Fabrinet (NYSE:FN)

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