Fabrinet (NYSE:FN) Trading 1.8% Higher – Here’s Why

Fabrinet (NYSE:FN) shares shot up 1.8% during trading on Monday . The company traded as high as $176.45 and last traded at $174.06. 225,614 shares traded hands during trading, a decline of 62% from the average session volume of 586,764 shares. The stock had previously closed at $171.03.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on FN shares. Barclays lowered their price objective on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. Needham & Company LLC reiterated a “buy” rating and set a $280.00 price target on shares of Fabrinet in a research report on Monday, March 17th. Fox Advisors assumed coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price objective on the stock. B. Riley upgraded shares of Fabrinet from a “sell” rating to a “neutral” rating and dropped their target price for the company from $178.00 to $176.00 in a research report on Friday. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 4th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $250.14.

Fabrinet Price Performance

The stock has a market capitalization of $6.48 billion, a PE ratio of 19.99 and a beta of 0.97. The firm’s 50 day simple moving average is $209.73 and its 200 day simple moving average is $228.93.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. Analysts expect that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Cerity Partners LLC lifted its holdings in Fabrinet by 41.4% in the 3rd quarter. Cerity Partners LLC now owns 2,144 shares of the technology company’s stock worth $507,000 after buying an additional 628 shares during the period. Captrust Financial Advisors increased its position in Fabrinet by 23.5% during the 3rd quarter. Captrust Financial Advisors now owns 1,060 shares of the technology company’s stock valued at $251,000 after purchasing an additional 202 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Fabrinet in the 3rd quarter worth about $52,000. Benjamin Edwards Inc. boosted its stake in shares of Fabrinet by 34.6% during the 3rd quarter. Benjamin Edwards Inc. now owns 2,656 shares of the technology company’s stock valued at $628,000 after purchasing an additional 683 shares in the last quarter. Finally, Point72 DIFC Ltd bought a new position in Fabrinet in the third quarter worth about $222,000. 97.38% of the stock is owned by hedge funds and other institutional investors.

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.