Fabrinet (NYSE:FN) Stock Has Consensus Target Price of $649.50 According to Brokerages

Fabrinet (NYSE:FN) has received a consensus rating of “Moderate Buy” from the ten ratings firms that are currently covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a hold recommendation and six have issued a buy recommendation on the company. The average 12 month target price among brokers that have updated their coverage on the stock in the last year is $649.50.

FN has been the topic of a number of research reports. Rosenblatt Securities restated a “buy” rating and issued a $750.00 price target on shares of Fabrinet in a report on Tuesday, August 18th. Barclays increased their price objective on Fabrinet from $702.00 to $739.00 and gave the stock an “overweight” rating in a report on Tuesday, August 18th. Weiss Ratings cut Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 9th. Fox Advisors upgraded Fabrinet from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, August 19th. Finally, Wall Street Zen downgraded Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, July 20th.

Insider Activity at Fabrinet

In related news, EVP Edward Archer sold 2,500 shares of the 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 completion of the transaction, the executive vice president owned 7,007 shares in the company, valued at approximately $2,704,071.37. This represents a 26.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.24% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Fabrinet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. QRG Capital Management Inc. lifted its position in Fabrinet by 13.9% during the 2nd quarter. QRG Capital Management Inc. now owns 2,008 shares of the technology company’s stock worth $1,128,000 after buying an additional 245 shares in the last quarter. SkyView Investment Advisors LLC bought a new position in shares of Fabrinet in the 2nd quarter valued at about $141,000. Sequoia Financial Advisors LLC increased its position in shares of Fabrinet by 3.8% in the second quarter. Sequoia Financial Advisors LLC now owns 2,459 shares of the technology company’s stock valued at $1,382,000 after acquiring an additional 91 shares during the last quarter. WINTON GROUP Ltd increased its position in shares of Fabrinet by 233.0% in the second quarter. WINTON GROUP Ltd now owns 8,405 shares of the technology company’s stock valued at $4,724,000 after acquiring an additional 5,881 shares during the last quarter. Finally, Engineers Gate Manager LP bought a new stake in Fabrinet during the second quarter worth about $2,491,000. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Fabrinet Stock Up 0.2%

Fabrinet stock opened at $418.06 on Friday. The company has a 50 day moving average of $453.94 and a 200-day moving average of $548.72. Fabrinet has a twelve month low of $354.79 and a twelve month high of $748.89. The stock has a market capitalization of $14.98 billion, a PE ratio of 32.04 and a beta of 1.21.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Tuesday, August 18th. The technology company reported $4.10 EPS for the quarter, topping analysts’ consensus estimates of $3.81 by $0.29. The business had revenue of $1.32 billion for 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 firm’s quarterly revenue was up 44.6% on a year-over-year basis. During the same period last year, the business posted $2.65 earnings per share. Equities analysts anticipate that Fabrinet will post 17.5 EPS for the current fiscal year.

About Fabrinet

Fabrinet (NYSE: FN) is a provider of advanced manufacturing services for original equipment manufacturers and other technology companies. The company specializes in precision optical, electromechanical and electronic manufacturing, helping customers design, assemble, test and package complex products.

Its capabilities support products used in optical communications, including components, modules and transceivers for telecommunications and data-center networks. Fabrinet also provides manufacturing services for industrial lasers, medical devices, automotive applications, and aerospace and defense products.