Fabrinet (NYSE:FN) Rating Increased to Neutral at B. Riley

B. Riley upgraded shares of Fabrinet (NYSE:FN) from a sell rating to a neutral rating in a research note published on Friday morning, MarketBeat Ratings reports. B. Riley currently has $176.00 price objective on the technology company’s stock, down from their prior price objective of $178.00.

Several other equities research analysts have also recently issued reports on the stock. Barclays decreased their price objective on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 4th. Needham & Company LLC reaffirmed a “buy” rating and set a $280.00 price target on shares of Fabrinet in a report on Monday, March 17th. Rosenblatt Securities reiterated a “buy” rating and issued a $285.00 price objective on shares of Fabrinet in a report on Friday, March 14th. Fox Advisors assumed coverage on Fabrinet in a research note on Tuesday, February 18th. They set an “overweight” rating and a $270.00 target price for the company. Finally, JPMorgan Chase & Co. dropped their price target on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 4th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $250.14.

Fabrinet Price Performance

Shares of NYSE FN opened at $171.11 on Friday. The stock’s 50-day moving average is $209.73 and its two-hundred day moving average is $228.95. The company has a market cap of $6.21 billion, a price-to-earnings ratio of 19.14 and a beta of 0.89. Fabrinet has a 1-year low of $148.55 and a 1-year high of $281.79.

Fabrinet (NYSE:FN) last released 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 18.48% and a net margin of 10.44%. Equities research analysts anticipate that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fabrinet

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Cerity Partners LLC raised its position in Fabrinet by 41.4% in the 3rd quarter. Cerity Partners LLC now owns 2,144 shares of the technology company’s stock valued at $507,000 after purchasing an additional 628 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Fabrinet by 85.0% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 64,492 shares of the technology company’s stock valued at $15,248,000 after purchasing an additional 29,639 shares during the period. Captrust Financial Advisors raised its holdings in shares of Fabrinet by 23.5% in the third quarter. Captrust Financial Advisors now owns 1,060 shares of the technology company’s stock valued at $251,000 after buying an additional 202 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Fabrinet during the third quarter worth about $52,000. Finally, Benjamin Edwards Inc. grew its holdings in shares of Fabrinet by 34.6% during the third quarter. Benjamin Edwards Inc. now owns 2,656 shares of the technology company’s stock worth $628,000 after buying an additional 683 shares during the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

About Fabrinet

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.