Needham & Company LLC Issues Pessimistic Forecast for Fabrinet (NYSE:FN) Stock Price

Fabrinet (NYSE:FN) had its target price cut by Needham & Company LLC from $650.00 to $500.00 in a research report issued on Tuesday, Benzinga reports. The firm presently has a “buy” rating on the technology company’s stock. Needham & Company LLC‘s target price would indicate a potential upside of 53.56% from the stock’s previous close.

FN has been the topic of several other research reports. Susquehanna dropped their price objective on Fabrinet from $850.00 to $600.00 and set a “positive” rating on the stock in a research note on Wednesday, October 21st. B. Riley Financial cut their price objective on Fabrinet from $598.00 to $431.00 and set a “neutral” rating for the company in a research report on Thursday, October 15th. Rosenblatt Securities reiterated a “buy” rating and set a $750.00 target price on shares of Fabrinet in a research note on Tuesday, August 18th. Barclays boosted their target price on Fabrinet from $702.00 to $739.00 and gave the stock an “overweight” rating in a report on Tuesday, August 18th. Finally, Fox Advisors upgraded Fabrinet from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $631.88.

Fabrinet Stock Performance

Shares of FN stock opened at $325.60 on Tuesday. The firm’s 50-day moving average is $421.23 and its 200-day moving average is $525.26. The stock has a market cap of $11.67 billion, a price-to-earnings ratio of 23.88 and a beta of 1.23. Fabrinet has a 52-week low of $305.63 and a 52-week high of $748.89.

Fabrinet (NYSE:FN) last issued its earnings results on Tuesday, August 18th. The technology company reported $4.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.81 by $0.29. Fabrinet had a net margin of 10.19% and a return on equity of 21.23%. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the business posted $2.65 EPS. Fabrinet’s revenue was up 44.6% on a year-over-year basis. Sell-side analysts predict that Fabrinet will post 17.50 EPS for the current fiscal year.

Insider Transactions at Fabrinet

In other Fabrinet news, EVP Edward Archer sold 2,500 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total transaction of $964,775.00. Following the transaction, the executive vice president owned 7,007 shares in the company, valued at $2,704,071.37. This trade represents a 26.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.22% of the stock is owned by company insiders.

Institutional Trading of Fabrinet

A number of institutional investors have recently bought and sold shares of FN. Continuum Advisory LLC acquired a new position in shares of Fabrinet during the 2nd quarter worth approximately $25,000. Byrne Asset Management LLC acquired a new stake in shares of Fabrinet in the third quarter valued at approximately $27,000. Cassaday & Co Wealth Management LLC bought a new stake in shares of Fabrinet in the first quarter valued at approximately $31,000. Root Financial Partners LLC bought a new stake in shares of Fabrinet in the third quarter valued at approximately $40,000. Finally, Reyes Financial Architecture Inc. acquired a new stake in Fabrinet during the third quarter worth approximately $52,000. Institutional investors own 97.38% of the company’s stock.

Fabrinet Company Profile

Fabrinet (NYSE: FN) is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.

Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.