Fabrinet (NYSE:FN) had its target price lowered by Stifel Nicolaus from $65.00 to $60.00 in a report released on Tuesday morning, BenzingaRatingsTable reports. The firm currently has a buy rating on the technology company’s stock.
Several other research analysts have also issued reports on the company. Piper Jaffray Companies dropped their price objective on Fabrinet to $64.00 and set an overweight rating for the company in a research note on Tuesday. ValuEngine cut Fabrinet from a buy rating to a hold rating in a report on Saturday, May 18th. Zacks Investment Research cut Fabrinet from a buy rating to a hold rating in a report on Tuesday, May 28th. Northland Securities restated a hold rating and set a $47.50 target price on shares of Fabrinet in a report on Monday, July 1st. Finally, JPMorgan Chase & Co. started coverage on Fabrinet in a report on Monday, July 29th. They set a neutral rating and a $57.00 target price on the stock. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Fabrinet presently has a consensus rating of Hold and an average target price of $59.50.
Fabrinet stock opened at $48.39 on Tuesday. The company has a debt-to-equity ratio of 0.07, a current ratio of 3.27 and a quick ratio of 2.30. The stock has a fifty day moving average price of $52.53 and a two-hundred day moving average price of $53.17. Fabrinet has a 52-week low of $40.94 and a 52-week high of $62.31. The firm has a market capitalization of $1.71 billion, a P/E ratio of 14.44, a P/E/G ratio of 0.99 and a beta of 1.00.
In other news, Director David T. Mitchell sold 30,000 shares of the stock in a transaction on Monday, June 3rd. The stock was sold at an average price of $42.90, for a total transaction of $1,287,000.00. Following the sale, the director now owns 73,748 shares in the company, valued at $3,163,789.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold 90,000 shares of company stock worth $4,466,100 in the last 90 days. Company insiders own 1.90% of the company’s stock.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. boosted its holdings in Fabrinet by 1.6% in the first quarter. BlackRock Inc. now owns 5,452,511 shares of the technology company’s stock valued at $285,494,000 after acquiring an additional 85,633 shares during the last quarter. Vanguard Group Inc. boosted its holdings in Fabrinet by 4.5% in the second quarter. Vanguard Group Inc. now owns 3,254,678 shares of the technology company’s stock valued at $161,660,000 after acquiring an additional 139,078 shares during the last quarter. FMR LLC boosted its holdings in Fabrinet by 4.0% in the first quarter. FMR LLC now owns 2,848,772 shares of the technology company’s stock valued at $149,162,000 after acquiring an additional 108,412 shares during the last quarter. Invesco Ltd. boosted its holdings in Fabrinet by 233.9% in the second quarter. Invesco Ltd. now owns 1,106,512 shares of the technology company’s stock valued at $54,961,000 after acquiring an additional 775,118 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its holdings in Fabrinet by 23.4% in the first quarter. JPMorgan Chase & Co. now owns 999,623 shares of the technology company’s stock valued at $52,341,000 after acquiring an additional 189,390 shares during the last quarter. Institutional investors own 91.41% of the company’s stock.
Fabrinet Company Profile
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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