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

Shares of Fabrinet (NYSE:FN) have earned a consensus recommendation of “Moderate Buy” from the ten brokerages that are currently covering the firm, MarketBeat Ratings reports. Four analysts have rated the stock with a hold recommendation and six have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have issued a report on the stock in the last year is $643.00.

FN has been the topic of several analyst reports. Needham & Company LLC lowered their price target on Fabrinet from $800.00 to $650.00 and set a “buy” rating on the stock in a report on Wednesday, July 22nd. Fox Advisors cut shares of Fabrinet from a “strong-buy” rating to an “equal weight” rating in a research note on Tuesday, May 5th. Weiss Ratings downgraded shares of Fabrinet from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 30th. Northland Securities set a $800.00 target price on shares of Fabrinet in a research note on Monday, April 20th. Finally, Zacks Research downgraded shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th.

Fabrinet Stock Performance

FN opened at $527.72 on Thursday. The business has a 50 day moving average price of $537.52 and a 200 day moving average price of $566.28. Fabrinet has a twelve month low of $272.49 and a twelve month high of $748.89. The firm has a market cap of $18.91 billion, a P/E ratio of 45.34 and a beta of 1.23.

Insider Activity

In other news, Director Homa Bahrami sold 2,500 shares of the firm’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $711.91, for a total value of $1,779,775.00. Following the sale, the director directly owned 16,233 shares of the company’s stock, valued at approximately $11,556,435.03. This trade represents a 13.35% 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. Corporate insiders own 0.24% of the company’s stock.

Institutional Trading of Fabrinet

Several hedge funds have recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD increased its position in Fabrinet by 163.0% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 4,041,227 shares of the technology company’s stock worth $1,839,891,000 after buying an additional 2,504,841 shares during the period. Wasatch Advisors LP boosted its position in shares of Fabrinet by 45.1% in the second quarter. Wasatch Advisors LP now owns 1,779,665 shares of the technology company’s stock valued at $524,432,000 after acquiring an additional 553,196 shares during the period. Geode Capital Management LLC grew its stake in shares of Fabrinet by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 1,108,813 shares of the technology company’s stock worth $504,886,000 after acquiring an additional 50,708 shares during the last quarter. JPMorgan Chase & Co. grew its stake in shares of Fabrinet by 64.8% in the fourth quarter. JPMorgan Chase & Co. now owns 1,065,414 shares of the technology company’s stock worth $485,063,000 after acquiring an additional 419,081 shares during the last quarter. Finally, Invesco Ltd. increased its position in Fabrinet by 33.3% during the third quarter. Invesco Ltd. now owns 681,850 shares of the technology company’s stock worth $248,616,000 after acquiring an additional 170,297 shares during the period. Institutional investors own 97.38% of the company’s stock.

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.