Fabrinet (NYSE:FN) Coverage Initiated at Susquehanna

Investment analysts at Susquehanna assumed coverage on shares of Fabrinet (NYSE:FN) in a research report issued on Monday, MarketBeat Ratings reports. The firm set a “positive” rating and a $550.00 price target on the technology company’s stock. Susquehanna’s target price indicates a potential upside of 21.90% from the company’s previous close.

Several other equities research analysts have also recently commented on FN. Zacks Research raised Fabrinet from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 23rd. JPMorgan Chase & Co. boosted their target price on shares of Fabrinet from $430.00 to $530.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 4th. Rosenblatt Securities increased their price target on shares of Fabrinet from $425.00 to $550.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. Northland Securities set a $550.00 price target on shares of Fabrinet in a report on Tuesday, November 4th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Fabrinet in a report on Monday. Two investment analysts have rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $463.63.

Fabrinet Trading Down 4.0%

NYSE FN opened at $451.20 on Monday. Fabrinet has a 1-year low of $148.55 and a 1-year high of $531.22. The firm’s fifty day simple moving average is $435.19 and its 200-day simple moving average is $357.35. The company has a market capitalization of $16.17 billion, a PE ratio of 46.47 and a beta of 1.05.

Insider Buying and Selling

In other Fabrinet news, CEO Seamus Grady sold 22,451 shares of the business’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $446.95, for a total transaction of $10,034,474.45. Following the completion of the transaction, the chief executive officer owned 23,573 shares of the company’s stock, valued at $10,535,952.35. The trade was a 48.78% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Homa Bahrami sold 3,500 shares of the company’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $453.75, for a total transaction of $1,588,125.00. Following the sale, the director owned 18,316 shares of the company’s stock, valued at $8,310,885. This trade represents a 16.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 28,151 shares of company stock worth $12,643,707 in the last quarter. 0.24% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fabrinet

Several hedge funds have recently modified their holdings of the business. Wasatch Advisors LP boosted its holdings in 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 period. Norges Bank bought a new position in shares of Fabrinet during the 2nd quarter worth about $124,046,000. Invesco Ltd. raised its position in shares of Fabrinet by 446.6% during the second quarter. Invesco Ltd. now owns 511,553 shares of the technology company’s stock valued at $150,744,000 after buying an additional 417,959 shares during the last quarter. Alliancebernstein L.P. lifted its stake in shares of Fabrinet by 226.1% in the third quarter. Alliancebernstein L.P. now owns 499,177 shares of the technology company’s stock valued at $182,010,000 after buying an additional 346,113 shares during the period. Finally, Holocene Advisors LP acquired a new stake in Fabrinet during the third quarter worth about $124,847,000. 97.38% of the stock is owned by institutional investors.

Fabrinet Company Profile

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.