Fabrinet (NYSE:FN) Given Consensus Recommendation of “Moderate Buy” by Brokerages

Shares of Fabrinet (NYSE:FN) have earned an average rating of “Moderate Buy” from the ten research firms that are currently covering the firm, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average twelve-month price target among brokerages that have issued ratings on the stock in the last year is $649.50.

Several analysts recently issued reports on FN shares. Wall Street Zen downgraded Fabrinet from a “buy” rating to a “hold” rating in a report on Monday, July 20th. Fox Advisors raised Fabrinet from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, August 19th. Weiss Ratings upgraded Fabrinet from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, August 26th. Needham & Company LLC reiterated a “buy” rating and set a $650.00 target price on shares of Fabrinet in a report on Tuesday, August 18th. Finally, JPMorgan Chase & Co. boosted their price target on Fabrinet from $680.00 to $695.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 18th.

Insider Transactions at Fabrinet

In other news, EVP Edward Archer sold 2,500 shares of the business’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total transaction of $964,775.00. Following the transaction, the executive vice president directly owned 7,007 shares of the company’s stock, valued at approximately $2,704,071.37. The trade was a 26.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.24% of the stock is owned by company insiders.

Institutional Investors Weigh In On Fabrinet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Corient Private Wealth LP lifted its holdings in Fabrinet by 5.4% in the 2nd quarter. Corient Private Wealth LP now owns 4,841 shares of the technology company’s stock worth $2,721,000 after buying an additional 248 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in Fabrinet in the 2nd quarter valued at about $2,814,000. California State Teachers Retirement System grew its stake in shares of Fabrinet by 72,124.7% during the second quarter. California State Teachers Retirement System now owns 30,151,657 shares of the technology company’s stock valued at $16,947,643,000 after acquiring an additional 30,109,910 shares in the last quarter. Greenland Capital Management LP acquired a new stake in shares of Fabrinet during the second quarter valued at about $534,000. Finally, HB Wealth Management LLC increased its position in shares of Fabrinet by 2.9% during the second quarter. HB Wealth Management LLC now owns 865 shares of the technology company’s stock worth $486,000 after acquiring an additional 24 shares during the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Down 0.2%

Shares of FN stock opened at $406.51 on Monday. Fabrinet has a fifty-two week low of $348.01 and a fifty-two week high of $748.89. The firm’s 50 day moving average price is $482.19 and its two-hundred day moving average price is $564.22. The stock has a market cap of $14.57 billion, a price-to-earnings ratio of 31.15 and a beta of 1.21.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Tuesday, August 18th. The technology company reported $4.10 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.81 by $0.29. The company had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. Fabrinet had a net margin of 10.19% and a return on equity of 21.23%. The business’s quarterly revenue was up 44.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.65 earnings per share. On average, equities analysts forecast that Fabrinet will post 17.5 EPS for the current fiscal year.

About Fabrinet

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.