Piper Jaffray Companies Upgrades Fabrinet (FN) to Overweight
Piper Jaffray Companies upgraded shares of Fabrinet (NYSE:FN) to an overweight rating in a report issued on Tuesday, The Fly reports. They currently have $56.00 price target on the technology company’s stock.
Other equities analysts have also recently issued research reports about the stock. Stifel Nicolaus initiated coverage on shares of Fabrinet in a research report on Monday, October 22nd. They set a buy rating and a $53.00 price target on the stock. Needham & Company LLC boosted their price target on shares of Fabrinet from $55.00 to $58.00 and gave the company a buy rating in a research report on Wednesday, September 5th. ValuEngine upgraded shares of Fabrinet from a hold rating to a buy rating in a research report on Thursday, August 23rd. Zacks Investment Research upgraded shares of Fabrinet from a hold rating to a buy rating and set a $49.00 price target on the stock in a research report on Friday, August 17th. Finally, B. Riley boosted their price target on shares of Fabrinet from $40.00 to $50.00 and gave the company a buy rating in a research report on Thursday, August 16th. Three investment analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock has a consensus rating of Buy and an average target price of $50.17.
Shares of NYSE FN traded down $0.85 during midday trading on Tuesday, hitting $51.16. 390,859 shares of the company traded hands, compared to its average volume of 440,079. Fabrinet has a 12-month low of $24.02 and a 12-month high of $54.70. The company has a debt-to-equity ratio of 0.08, a current ratio of 3.00 and a quick ratio of 2.21. The stock has a market capitalization of $1.94 billion, a P/E ratio of 17.17, a P/E/G ratio of 1.45 and a beta of 0.68.
In related news, CFO Toh-Seng Ng sold 40,000 shares of the business’s stock in a transaction dated Friday, August 31st. The shares were sold at an average price of $47.78, for a total transaction of $1,911,200.00. Following the sale, the chief financial officer now owns 157,340 shares of the company’s stock, valued at $7,517,705.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Rollance E. Olson sold 5,000 shares of the business’s stock in a transaction dated Thursday, August 23rd. The stock was sold at an average price of $48.03, for a total transaction of $240,150.00. Following the sale, the director now directly owns 48,303 shares in the company, valued at approximately $2,319,993.09. The disclosure for this sale can be found here. Insiders have sold 165,000 shares of company stock worth $7,727,350 in the last three months. 1.90% of the stock is currently owned by insiders.
Hedge funds and other institutional investors have recently modified their holdings of the company. Boenning & Scattergood Inc. bought a new position in shares of Fabrinet in the third quarter worth approximately $222,000. Fox Run Management L.L.C. bought a new position in shares of Fabrinet in the third quarter worth approximately $247,000. Meeder Asset Management Inc. bought a new position in shares of Fabrinet in the third quarter worth approximately $259,000. Xact Kapitalforvaltning AB bought a new position in shares of Fabrinet in the second quarter worth approximately $226,000. Finally, United Services Automobile Association bought a new position in shares of Fabrinet in the second quarter worth approximately $234,000. Hedge funds and other institutional investors own 99.66% of the company’s stock.
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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