Piper Jaffray Companies Cuts Fabrinet (NYSE:FN) Price Target to $64.00

Fabrinet (NYSE:FN) had its price objective reduced by Piper Jaffray Companies to $64.00 in a report issued on Tuesday morning, The Fly reports. They currently have an overweight rating on the technology company’s stock. Piper Jaffray Companies also issued estimates for Fabrinet’s Q2 2020 earnings at $0.81 EPS and Q4 2020 earnings at $0.96 EPS.

Several other equities research analysts also recently commented on FN. ValuEngine downgraded shares of Fabrinet from a buy rating to a hold rating in a research note on Saturday, May 18th. Needham & Company LLC lifted their price objective on shares of Fabrinet from $62.00 to $70.00 and gave the stock a buy rating in a research note on Friday, August 9th. JPMorgan Chase & Co. began coverage on shares of Fabrinet in a research note on Monday, July 29th. They set a neutral rating and a $57.00 price objective for the company. Zacks Investment Research downgraded shares of Fabrinet from a buy rating to a hold rating in a research note on Tuesday, May 28th. Finally, Northland Securities reiterated a hold rating and set a $47.50 price objective on shares of Fabrinet in a research note on Monday, July 1st. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. Fabrinet currently has a consensus rating of Hold and a consensus target price of $59.50.

NYSE:FN opened at $47.59 on Tuesday. Fabrinet has a 12 month low of $40.94 and a 12 month high of $62.31. The firm has a fifty day simple moving average of $52.46 and a 200-day simple moving average of $53.12. The company has a current ratio of 3.27, a quick ratio of 2.30 and a debt-to-equity ratio of 0.07. The company has a market capitalization of $1.77 billion, a P/E ratio of 14.29, a PEG ratio of 1.02 and a beta of 1.00.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, August 19th. The technology company reported $0.90 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.81 by $0.09. Fabrinet had a net margin of 7.63% and a return on equity of 15.40%. The business had revenue of $405.10 million during the quarter, compared to the consensus estimate of $399.22 million. During the same period in the previous year, the firm posted $0.81 earnings per share. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. Equities analysts forecast that Fabrinet will post 3.26 EPS for the current year.

In related news, Director David T. Mitchell sold 30,000 shares of the business’s stock in a transaction on Thursday, August 1st. The shares were sold at an average price of $53.83, for a total transaction of $1,614,900.00. Following the completion of the transaction, the director now directly owns 73,748 shares in the company, valued at $3,969,854.84. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold 90,000 shares of company stock valued at $4,466,100 over the last 90 days. 1.90% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Magnus Financial Group LLC lifted its position in Fabrinet by 4.8% during the first quarter. Magnus Financial Group LLC now owns 4,356 shares of the technology company’s stock valued at $228,000 after purchasing an additional 200 shares during the period. Meeder Asset Management Inc. lifted its position in Fabrinet by 3.0% during the first quarter. Meeder Asset Management Inc. now owns 7,665 shares of the technology company’s stock valued at $401,000 after purchasing an additional 221 shares during the period. USA Financial Portformulas Corp lifted its position in Fabrinet by 8.2% during the second quarter. USA Financial Portformulas Corp now owns 3,308 shares of the technology company’s stock valued at $173,000 after purchasing an additional 251 shares during the period. Oregon Public Employees Retirement Fund lifted its position in Fabrinet by 1.8% during the first quarter. Oregon Public Employees Retirement Fund now owns 14,266 shares of the technology company’s stock valued at $747,000 after purchasing an additional 258 shares during the period. Finally, Miles Capital Inc. raised its position in shares of Fabrinet by 6.2% in the second quarter. Miles Capital Inc. now owns 4,762 shares of the technology company’s stock worth $237,000 after acquiring an additional 278 shares during the period. 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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