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

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

Analysts Set New Price Targets

FN has been the subject of a number of research reports. Weiss Ratings lowered shares of Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, September 9th. Fox Advisors raised Fabrinet from an “equal weight” rating to an “overweight” rating in a report on Wednesday, August 19th. B. Riley Financial lowered their target price on Fabrinet from $598.00 to $431.00 and set a “neutral” rating for the company in a research note on Thursday, October 15th. Barclays boosted their target price on Fabrinet from $702.00 to $739.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 18th. Finally, Susquehanna cut their price target on Fabrinet from $850.00 to $600.00 and set a “positive” rating on the stock in a research note on Wednesday, October 21st. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $631.88.

Fabrinet Stock Performance

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

Fabrinet (NYSE:FN) last posted its quarterly earnings results 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 firm 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 company’s quarterly revenue was up 44.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $2.65 earnings per share. As a group, sell-side analysts anticipate that Fabrinet will post 17.50 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fabrinet news, EVP Edward Archer sold 2,500 shares of Fabrinet stock in a transaction that occurred 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 owned 7,007 shares of the company’s stock, valued at $2,704,071.37. This trade represents a 26.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.22% of the company’s stock.

Institutional Trading of Fabrinet

Several institutional investors and hedge funds have recently modified their holdings of FN. Paradigm Capital Management Inc. NY purchased a new position in Fabrinet during the 2nd quarter valued at about $298,183,000. Allspring Global Investments Holdings LLC boosted its holdings in Fabrinet by 108.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 165,146 shares of the technology company’s stock worth $88,350,000 after acquiring an additional 85,780 shares in the last quarter. Rokos Capital Management LLP bought a new position in shares of Fabrinet during the first quarter valued at $31,753,000. Bowen Hanes & Co. Inc. lifted its stake in shares of Fabrinet by 97.4% in the first quarter. Bowen Hanes & Co. Inc. now owns 98,715 shares of the technology company’s stock worth $51,482,000 after buying an additional 48,715 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its holdings in shares of Fabrinet by 15.9% during the first quarter. Janus Henderson Group PLC now owns 291,659 shares of the technology company’s stock valued at $152,071,000 after purchasing an additional 40,090 shares in the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

About Fabrinet

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.