Fabrinet (NYSE:FN) Releases Earnings Results, Beats Estimates By $0.35 EPS

Fabrinet (NYSE:FN) announced its quarterly earnings data on Monday. The technology company reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.35, Briefing.com reports. Fabrinet had a return on equity of 17.67% and a net margin of 9.90%. The business had revenue of $753.26 million during the quarter, compared to analyst estimates of $732.63 million. During the same period last year, the company earned $1.68 earnings per share. Fabrinet’s quarterly revenue was up 14.8% compared to the same quarter last year. Fabrinet updated its Q1 guidance to $2.33-2.40 EPS.

Fabrinet Trading Up 15.6 %

NYSE:FN opened at $267.67 on Wednesday. The firm has a market capitalization of $9.67 billion, a PE ratio of 35.55 and a beta of 0.96. Fabrinet has a 1 year low of $116.63 and a 1 year high of $278.38. The firm’s fifty day simple moving average is $233.78 and its 200 day simple moving average is $214.16.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on the company. Needham & Company LLC raised their price target on Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday. Rosenblatt Securities raised their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday. Jefferies Financial Group initiated coverage on shares of Fabrinet in a research note on Wednesday, June 26th. They issued a “hold” rating and a $230.00 target price for the company. JPMorgan Chase & Co. raised their price target on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday. Finally, B. Riley lifted their price objective on shares of Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a research note on Tuesday. Five analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $191.78.

Insiders Place Their Bets

In related news, Director Frank H. Levinson sold 6,000 shares of the business’s stock in a transaction dated Friday, May 24th. The stock was sold at an average price of $241.71, for a total transaction of $1,450,260.00. Following the completion of the transaction, the director now owns 5,709 shares of the company’s stock, valued at approximately $1,379,922.39. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Company insiders own 0.51% 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.