Fabrinet (NYSE:FN) Shares Climb 4.7% – What’s Next?

Fabrinet (NYSE:FN)’s share price was up 4.7% on Wednesday. The company traded as high as $356.00 and last traded at $359.3960. Approximately 207,413 shares were traded during mid-day trading, a decline of 76% from the average session volume of 851,398 shares. The stock had previously closed at $343.21.

Analysts Set New Price Targets

Several brokerages have recently weighed in on FN. Weiss Ratings cut shares of Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, September 9th. JPMorgan Chase & Co. boosted their price target on Fabrinet from $680.00 to $695.00 and gave the company a “neutral” rating in a report on Tuesday, August 18th. Susquehanna reduced their price target on Fabrinet from $850.00 to $600.00 and set a “positive” rating for the company in a report on Wednesday, October 21st. Zacks Research raised shares of Fabrinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. Finally, Needham & Company LLC dropped their target price on shares of Fabrinet from $650.00 to $500.00 and set a “buy” rating for the company in a report on Tuesday. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Fabrinet has a consensus rating of “Moderate Buy” and an average target price of $631.88.

Fabrinet Stock Performance

The firm has a market capitalization of $13.25 billion, a price-to-earnings ratio of 28.37 and a beta of 1.23. The company has a 50-day moving average price of $411.21 and a 200-day moving average price of $523.86.

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, beating the consensus estimate of $3.81 by $0.29. Fabrinet had a net margin of 10.19% and a return on equity of 21.23%. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the firm posted $2.65 earnings per share. Fabrinet’s revenue for the quarter was up 44.6% on a year-over-year basis. On average, research analysts expect that Fabrinet will post 17.50 earnings per share for the current fiscal year.

Insider Buying and Selling at Fabrinet

In other news, EVP Edward Archer sold 2,500 shares of the firm’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total value of $964,775.00. Following the completion of the sale, the executive vice president owned 7,007 shares in the company, valued at approximately $2,704,071.37. This trade represents a 26.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.22% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the stock. Paradigm Capital Management Inc. NY acquired a new position in shares of Fabrinet during the 2nd quarter worth $298,183,000. Janus Henderson Group PLC lifted its holdings in shares of Fabrinet by 15.9% during the 1st quarter. Janus Henderson Group PLC now owns 291,659 shares of the technology company’s stock worth $152,071,000 after acquiring an additional 40,090 shares during the period. Principal Financial Group Inc. grew its stake in shares of Fabrinet by 15.0% during the 1st quarter. Principal Financial Group Inc. now owns 216,049 shares of the technology company’s stock valued at $112,674,000 after buying an additional 28,166 shares during the period. Allspring Global Investments Holdings LLC increased its position in Fabrinet by 108.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,146 shares of the technology company’s stock worth $88,350,000 after purchasing an additional 85,780 shares in the last quarter. Finally, Wedge Capital Management L L P NC raised its stake in shares of Fabrinet by 11.5% in the 2nd quarter. Wedge Capital Management L L P NC now owns 128,795 shares of the technology company’s stock valued at $72,393,000 after acquiring an additional 13,245 shares during the period. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Company Profile

Fabrinet (NYSE: FN) is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.

Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.