Fabrinet (NYSE:FN) Shares Gap Up to $188.83

Fabrinet (NYSE:FN)’s share price gapped up prior to trading on Tuesday . The stock had previously closed at $188.83, but opened at $209.82. Fabrinet shares last traded at $212.38, with a volume of 156,014 shares traded.

Analyst Upgrades and Downgrades

FN has been the subject of a number of analyst reports. JPMorgan Chase & Co. increased their target price on shares of Fabrinet from $210.00 to $212.00 and gave the stock a “neutral” rating in a report on Thursday, April 11th. Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 target price on shares of Fabrinet in a research note on Tuesday. B. Riley lowered their price objective on shares of Fabrinet from $173.00 to $171.00 and set a “neutral” rating for the company in a report on Tuesday. Rosenblatt Securities reissued a “buy” rating and issued a $230.00 target price on shares of Fabrinet in a research report on Tuesday, February 6th. Finally, Northland Securities raised Fabrinet from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $200.00 to $220.00 in a research note on Thursday, March 21st. Four investment analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $161.00.

Fabrinet Stock Performance

The firm has a market capitalization of $7.92 billion, a P/E ratio of 31.50 and a beta of 1.04. The firm has a 50-day moving average of $189.96 and a 200-day moving average of $186.17.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, February 5th. The technology company reported $1.89 EPS for the quarter, topping the consensus estimate of $1.84 by $0.05. The company had revenue of $712.69 million during the quarter, compared to the consensus estimate of $699.76 million. Fabrinet had a return on equity of 17.27% and a net margin of 9.35%. On average, research analysts forecast that Fabrinet will post 7.59 EPS for the current fiscal year.

Insider Activity at Fabrinet

In other news, Director Rollance E. Olson sold 10,000 shares of the company’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $205.52, for a total transaction of $2,055,200.00. Following the completion of the sale, the director now owns 25,981 shares of the company’s stock, valued at approximately $5,339,615.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.51% of the stock is owned by insiders.

Institutional Trading of Fabrinet

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. First Eagle Investment Management LLC boosted its stake in Fabrinet by 208.9% during the first quarter. First Eagle Investment Management LLC now owns 23,192 shares of the technology company’s stock valued at $4,384,000 after buying an additional 15,684 shares during the last quarter. State Board of Administration of Florida Retirement System increased its position in Fabrinet by 9.3% in the first quarter. State Board of Administration of Florida Retirement System now owns 11,490 shares of the technology company’s stock worth $2,172,000 after purchasing an additional 980 shares during the last quarter. TD Asset Management Inc raised its stake in Fabrinet by 216.1% during the first quarter. TD Asset Management Inc now owns 409,761 shares of the technology company’s stock valued at $77,453,000 after purchasing an additional 280,145 shares in the last quarter. ProShare Advisors LLC grew its stake in shares of Fabrinet by 7.4% in the 1st quarter. ProShare Advisors LLC now owns 7,412 shares of the technology company’s stock worth $1,401,000 after buying an additional 510 shares in the last quarter. Finally, US Bancorp DE increased its holdings in shares of Fabrinet by 15.9% in the 1st quarter. US Bancorp DE now owns 12,755 shares of the technology company’s stock worth $2,411,000 after buying an additional 1,750 shares during the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

About Fabrinet

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.