Fabrinet (NYSE:FN) Trading Up 3.8% Following Analyst Upgrade

Fabrinet (NYSE:FN)’s share price shot up 3.8% on Thursday after Rosenblatt Securities raised their price target on the stock from $250.00 to $290.00. Rosenblatt Securities currently has a buy rating on the stock. Fabrinet traded as high as $252.51 and last traded at $252.40. 76,113 shares changed hands during mid-day trading, a decline of 90% from the average session volume of 763,468 shares. The stock had previously closed at $243.20.

Other equities analysts also recently issued reports about the company. Needham & Company LLC restated a “buy” rating and issued a $280.00 price objective on shares of Fabrinet in a research report on Tuesday, May 6th. JPMorgan Chase & Co. boosted their price objective on Fabrinet from $220.00 to $235.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th. B. Riley upgraded Fabrinet from a “sell” rating to a “neutral” rating and lowered their price objective for the company from $178.00 to $176.00 in a research report on Friday, April 4th. Barclays set a $234.00 price objective on Fabrinet and gave the company an “equal weight” rating in a research report on Tuesday, May 6th. Finally, Fox Advisors began coverage on Fabrinet in a research report on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus price target of $245.00.

Insider Activity

In related news, COO Harpal Gill sold 18,675 shares of the business’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total value of $4,482,000.00. Following the completion of the sale, the chief operating officer now owns 18,068 shares in the company, valued at approximately $4,336,320. The trade was a 50.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Rollance E. Olson sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total value of $559,950.00. Following the completion of the sale, the director now owns 23,201 shares of the company’s stock, valued at $5,196,559.98. The trade was a 9.73% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.38% of the company’s stock.

Institutional Trading of Fabrinet

A number of hedge funds have recently bought and sold shares of FN. Norges Bank purchased a new stake in Fabrinet during the fourth quarter worth $95,084,000. Capital Research Global Investors lifted its holdings in Fabrinet by 675.2% during the fourth quarter. Capital Research Global Investors now owns 417,020 shares of the technology company’s stock worth $91,694,000 after buying an additional 363,228 shares during the period. Wasatch Advisors LP lifted its holdings in Fabrinet by 47.0% during the fourth quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company’s stock worth $249,044,000 after buying an additional 362,064 shares during the period. Nuveen LLC purchased a new stake in Fabrinet during the first quarter worth $64,274,000. Finally, FMR LLC lifted its holdings in Fabrinet by 13.1% during the fourth quarter. FMR LLC now owns 2,213,887 shares of the technology company’s stock worth $486,789,000 after buying an additional 257,164 shares during the period. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Price Performance

The business has a fifty day simple moving average of $213.36 and a two-hundred day simple moving average of $218.01. The company has a market cap of $9.19 billion, a PE ratio of 28.70 and a beta of 0.98.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 EPS for the quarter, beating the consensus estimate of $2.47 by $0.05. Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. The firm had revenue of $871.80 million during the quarter, compared to analyst estimates of $857.12 million. During the same quarter in the prior year, the business posted $2.39 EPS. The business’s revenue for the quarter was up 19.2% compared to the same quarter last year. On average, equities research analysts predict that Fabrinet will post 9.4 EPS for the current year.

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 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.