Needham & Company LLC restated their buy rating on shares of Fabrinet (NYSE:FN) in a report released on Tuesday. They currently have a $60.00 price target on the technology company’s stock.

Other research analysts have also recently issued reports about the stock. J P Morgan Chase & Co reissued an overweight rating and set a $54.00 price objective (down from $57.00) on shares of Fabrinet in a research note on Tuesday, August 22nd. ValuEngine cut shares of Fabrinet from a buy rating to a hold rating in a research note on Monday, August 14th. B. Riley reissued a buy rating and set a $44.75 price objective on shares of Fabrinet in a research note on Monday, May 15th. Stifel Nicolaus reissued a buy rating on shares of Fabrinet in a research note on Tuesday, August 22nd. Finally, Zacks Investment Research raised shares of Fabrinet from a sell rating to a hold rating in a research note on Wednesday, July 12th. Two investment analysts have rated the stock with a sell rating, one has issued a hold rating and six have given a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $50.93.

Shares of Fabrinet (NYSE:FN) opened at 37.99 on Tuesday. Fabrinet has a 1-year low of $31.97 and a 1-year high of $49.63. The stock has a market capitalization of $1.42 billion, a price-to-earnings ratio of 14.78 and a beta of 1.14. The firm’s 50-day moving average price is $42.01 and its 200 day moving average price is $40.26.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, August 21st. The technology company reported $0.72 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.83 by $0.11. Fabrinet had a net margin of 6.84% and a return on equity of 15.32%. The company had revenue of $370.50 million during the quarter, compared to analysts’ expectations of $363.41 million. During the same period last year, the business posted $0.60 earnings per share. The company’s quarterly revenue was up 34.0% on a year-over-year basis. Equities research analysts expect that Fabrinet will post $3.46 earnings per share for the current fiscal year.

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Fabrinet declared that its Board of Directors has authorized a share buyback program on Monday, August 21st that allows the company to buyback $30.00 million in shares. This buyback authorization allows the technology company to purchase up to 21% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s board of directors believes its stock is undervalued.

In other Fabrinet news, COO Harpal Gill sold 50,000 shares of Fabrinet stock in a transaction that occurred on Wednesday, August 30th. The shares were sold at an average price of $39.07, for a total value of $1,953,500.00. Following the completion of the sale, the chief operating officer now directly owns 194,193 shares of the company’s stock, valued at approximately $7,587,120.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Thomas F. Kelly sold 30,000 shares of Fabrinet stock in a transaction that occurred on Tuesday, August 29th. The stock was sold at an average price of $38.24, for a total transaction of $1,147,200.00. Following the completion of the sale, the director now directly owns 64,635 shares of the company’s stock, valued at $2,471,642.40. The disclosure for this sale can be found here. Insiders sold a total of 260,000 shares of company stock valued at $10,198,400 over the last ninety days. 4.30% of the stock is owned by corporate insiders.

Hedge funds have recently added to or reduced their stakes in the business. Tower Research Capital LLC TRC grew its stake in Fabrinet by 1.9% in the 1st quarter. Tower Research Capital LLC TRC now owns 2,608 shares of the technology company’s stock worth $110,000 after acquiring an additional 48 shares during the period. YorkBridge Wealth Partners LLC grew its stake in Fabrinet by 14.1% in the 2nd quarter. YorkBridge Wealth Partners LLC now owns 2,727 shares of the technology company’s stock worth $117,000 after acquiring an additional 338 shares during the period. Quantbot Technologies LP grew its stake in Fabrinet by 55.0% in the 1st quarter. Quantbot Technologies LP now owns 2,755 shares of the technology company’s stock worth $115,000 after acquiring an additional 978 shares during the period. Riverhead Capital Management LLC grew its stake in Fabrinet by 68.5% in the 2nd quarter. Riverhead Capital Management LLC now owns 2,864 shares of the technology company’s stock worth $122,000 after acquiring an additional 1,164 shares during the period. Finally, Ameritas Investment Partners Inc. purchased a new stake in Fabrinet in the 1st quarter worth approximately $127,000. 93.93% of the stock is owned by hedge funds and other 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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