Brokerages Set Fabrinet (NYSE:FN) Target Price at $649.50

Shares of Fabrinet (NYSE:FN) have been assigned a consensus recommendation of “Moderate Buy” from the ten research firms that are presently covering the stock, MarketBeat.com reports. Three research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 12 month target price among analysts that have updated their coverage on the stock in the last year is $649.50.

Several brokerages have recently weighed in on FN. JPMorgan Chase & Co. upped their price target on shares of Fabrinet from $680.00 to $695.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 18th. Fox Advisors raised shares of Fabrinet from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, August 19th. Rosenblatt Securities restated a “buy” rating and set a $750.00 target price on shares of Fabrinet in a report on Tuesday, August 18th. Needham & Company LLC reaffirmed a “buy” rating and set a $650.00 target price on shares of Fabrinet in a research report on Tuesday, August 18th. Finally, Weiss Ratings raised Fabrinet from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Wednesday, August 26th.

Insider Activity at Fabrinet

In other news, EVP Edward Archer sold 2,500 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total value of $964,775.00. Following the sale, the executive vice president directly 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 filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.24% of the company’s stock.

Hedge Funds Weigh In On Fabrinet

Several institutional investors and hedge funds have recently bought and sold shares of the company. California State Teachers Retirement System boosted its holdings in Fabrinet by 72,124.7% in the second quarter. California State Teachers Retirement System now owns 30,151,657 shares of the technology company’s stock worth $16,947,643,000 after acquiring an additional 30,109,910 shares in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Fabrinet by 163.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 4,041,227 shares of the technology company’s stock valued at $1,839,891,000 after acquiring an additional 2,504,841 shares in the last quarter. Wasatch Advisors LP raised its position in shares of Fabrinet by 45.1% in the 2nd quarter. Wasatch Advisors LP now owns 1,779,665 shares of the technology company’s stock valued at $524,432,000 after purchasing an additional 553,196 shares during the last quarter. Paradigm Capital Management Inc. NY purchased a new position in shares of Fabrinet in the 2nd quarter valued at approximately $298,183,000. Finally, Norges Bank acquired a new stake in Fabrinet in the 4th quarter worth approximately $193,766,000. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Price Performance

Shares of FN opened at $406.51 on Monday. Fabrinet has a 1-year low of $348.01 and a 1-year high of $748.89. The company has a 50-day moving average of $482.19 and a 200 day moving average of $563.75. The firm has a market capitalization of $14.57 billion, a price-to-earnings ratio of 31.15 and a beta of 1.21.

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