Fabrinet (NYSE:FN) Sets New 1-Year High After Earnings Beat

Shares of Fabrinet (NYSE:FN) reached a new 52-week high on Tuesday following a stronger than expected earnings report. The stock traded as high as $275.00 and last traded at $271.92, with a volume of 323411 shares. The stock had previously closed at $231.55.

The technology company reported $2.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.06 by $0.35. The company had revenue of $753.26 million for the quarter, compared to analysts’ expectations of $732.63 million. Fabrinet had a net margin of 9.90% and a return on equity of 17.67%. The firm’s quarterly revenue was up 14.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.68 EPS.

Analyst Upgrades and Downgrades

A number of equities analysts have commented on FN shares. Jefferies Financial Group initiated coverage on shares of Fabrinet in a research note on Wednesday, June 26th. They set a “hold” rating and a $230.00 target price on the stock. Needham & Company LLC lifted their price target on shares of Fabrinet from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday. Rosenblatt Securities increased their price objective on Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday. JPMorgan Chase & Co. raised their target price on Fabrinet from $230.00 to $240.00 and gave the stock a “neutral” rating in a research note on Monday, August 12th. Finally, B. Riley upped their price target on Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a research note on Tuesday. Five research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $186.78.

Insiders Place Their Bets

In other Fabrinet news, Director Frank H. Levinson sold 6,000 shares of the company’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 sale, the director now owns 5,709 shares in the company, valued at approximately $1,379,922.39. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.51% of the company’s stock.

Institutional Investors Weigh In On Fabrinet

A number of large investors have recently modified their holdings of the company. Opal Wealth Advisors LLC purchased a new stake in shares of Fabrinet during the 2nd quarter worth approximately $28,000. GAMMA Investing LLC purchased a new stake in Fabrinet in the 4th quarter valued at $34,000. Banque Cantonale Vaudoise acquired a new stake in Fabrinet during the 2nd quarter worth $35,000. Parallel Advisors LLC grew its position in Fabrinet by 59.7% during the 4th quarter. Parallel Advisors LLC now owns 206 shares of the technology company’s stock worth $39,000 after purchasing an additional 77 shares during the last quarter. Finally, Kimelman & Baird LLC acquired a new position in Fabrinet in the second quarter valued at $49,000. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Price Performance

The business’s 50 day simple moving average is $233.10 and its 200 day simple moving average is $213.85. The company has a market capitalization of $9.79 billion, a price-to-earnings ratio of 36.19 and a beta of 0.96.

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.