Fabrinet (NYSE:FN) had its price objective reduced by Stifel Nicolaus from $40.00 to $35.00 in a research note issued on Wednesday, MarketBeat reports. The brokerage currently has a “buy” rating on the technology company’s stock. Stifel Nicolaus’ price objective would indicate a potential upside of 34.98% from the stock’s previous close.
Several other research analysts also recently issued reports on FN. ValuEngine downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a report on Sunday, December 31st. Zacks Investment Research raised shares of Fabrinet from a “strong sell” rating to a “hold” rating in a research note on Tuesday, October 24th. Needham & Company LLC reduced their price objective on shares of Fabrinet from $60.00 to $45.00 and set a “strong-buy” rating on the stock in a research note on Tuesday, November 7th. B. Riley reduced their price objective on shares of Fabrinet from $46.50 to $42.50 and set a “buy” rating on the stock in a research note on Friday, November 3rd. Finally, JPMorgan Chase & Co. cut shares of Fabrinet from an “overweight” rating to a “neutral” rating and set a $42.00 price objective on the stock. in a research note on Tuesday, November 7th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating, four have given a buy rating and one has issued a strong buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $44.25.
Shares of Fabrinet (NYSE FN) traded up $0.63 during trading hours on Wednesday, hitting $25.93. 1,270,000 shares of the stock traded hands, compared to its average volume of 640,730. The firm has a market capitalization of $974.67, a P/E ratio of 10.33, a PEG ratio of 0.98 and a beta of 1.00. The company has a quick ratio of 1.85, a current ratio of 2.70 and a debt-to-equity ratio of 0.03. Fabrinet has a 52 week low of $25.01 and a 52 week high of $49.63.
In other Fabrinet news, insider David T. Mitchell sold 8,600 shares of the company’s stock in a transaction on Monday, January 8th. The shares were sold at an average price of $30.02, for a total transaction of $258,172.00. Following the sale, the insider now owns 111,057 shares of the company’s stock, valued at $3,333,931.14. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider David T. Mitchell sold 50,000 shares of the company’s stock in a transaction dated Friday, December 1st. The shares were sold at an average price of $30.93, for a total transaction of $1,546,500.00. Following the transaction, the insider now owns 111,057 shares in the company, valued at approximately $3,434,993.01. The disclosure for this sale can be found here. Insiders have sold 108,600 shares of company stock worth $3,306,172 in the last ninety days. Insiders own 3.30% of the company’s stock.
Several hedge funds and other institutional investors have recently made changes to their positions in the company. BlackRock Inc. raised its holdings in shares of Fabrinet by 0.4% during the second quarter. BlackRock Inc. now owns 4,328,966 shares of the technology company’s stock valued at $184,673,000 after purchasing an additional 17,385 shares during the period. FMR LLC raised its holdings in shares of Fabrinet by 31.8% in the 2nd quarter. FMR LLC now owns 2,772,212 shares of the technology company’s stock worth $118,262,000 after acquiring an additional 669,201 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Fabrinet by 0.7% in the 3rd quarter. Dimensional Fund Advisors LP now owns 2,042,651 shares of the technology company’s stock worth $75,701,000 after acquiring an additional 14,887 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Fabrinet by 4.8% in the 2nd quarter. Vanguard Group Inc. now owns 1,984,041 shares of the technology company’s stock worth $84,640,000 after acquiring an additional 90,477 shares during the last quarter. Finally, Royce & Associates LP raised its holdings in shares of Fabrinet by 11.1% in the 3rd quarter. Royce & Associates LP now owns 1,551,460 shares of the technology company’s stock worth $57,497,000 after acquiring an additional 155,010 shares during the last quarter. Hedge funds and other institutional investors own 94.56% of the company’s stock.
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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.
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