Fabrinet (NYSE:FN) Shares Gap Up – Here’s What Happened

Fabrinet (NYSE:FN)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $525.88, but opened at $569.41. Fabrinet shares last traded at $569.9390, with a volume of 91,107 shares.

Analyst Upgrades and Downgrades

FN has been the subject of several recent analyst reports. Zacks Research downgraded Fabrinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Northland Securities set a $800.00 target price on Fabrinet in a report on Monday, April 20th. Fox Advisors downgraded Fabrinet from a “strong-buy” rating to an “equal weight” rating in a research report on Tuesday, May 5th. Barclays upped their price target on Fabrinet from $548.00 to $702.00 and gave the stock an “overweight” rating in a report on Tuesday, May 5th. Finally, Rosenblatt Securities increased their price objective on Fabrinet from $715.00 to $750.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Five analysts have rated the stock with a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $643.00.

Fabrinet Stock Down 0.6%

The stock’s 50-day moving average price is $527.98 and its 200 day moving average price is $568.00. The firm has a market cap of $20.38 billion, a price-to-earnings ratio of 48.86 and a beta of 1.23.

Insider Transactions at Fabrinet

In related news, Director Homa Bahrami sold 2,500 shares of the business’s stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $711.91, for a total transaction of $1,779,775.00. Following the transaction, the director directly owned 16,233 shares in the company, valued at $11,556,435.03. The trade was a 13.35% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. 0.24% of the stock is owned by corporate insiders.

Institutional Trading of Fabrinet

Institutional investors have recently modified their holdings of the company. Swedbank AB acquired a new stake in shares of Fabrinet during the 4th quarter worth about $5,372,000. M&T Bank Corp lifted its holdings in Fabrinet by 196.5% during the 4th quarter. M&T Bank Corp now owns 2,345 shares of the technology company’s stock valued at $1,068,000 after purchasing an additional 1,554 shares during the last quarter. JSF Financial LLC acquired a new position in Fabrinet in the fourth quarter valued at about $957,000. Sei Investments Co. boosted its position in Fabrinet by 22.0% in the first quarter. Sei Investments Co. now owns 89,843 shares of the technology company’s stock valued at $46,854,000 after buying an additional 16,218 shares in the last quarter. Finally, California State Teachers Retirement System grew its stake in Fabrinet by 23.0% during the first quarter. California State Teachers Retirement System now owns 41,747 shares of the technology company’s stock worth $21,772,000 after buying an additional 7,819 shares during the last quarter. Institutional investors and hedge funds 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.