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

Fabrinet (NYSE:FN)’s share price gapped up prior to trading on Thursday . The stock had previously closed at $426.53, but opened at $451.17. Fabrinet shares last traded at $437.7320, with a volume of 36,671 shares changing hands.

Wall Street Analyst Weigh In

A number of research analysts have issued reports on the stock. Rosenblatt Securities upped their price target on shares of Fabrinet from $425.00 to $550.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Barclays upped their target price on Fabrinet from $329.00 to $499.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 5th. Susquehanna assumed coverage on Fabrinet in a research report on Monday. They set a “positive” rating and a $550.00 price target for the company. Needham & Company LLC boosted their price target on Fabrinet from $440.00 to $540.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Finally, Zacks Research upgraded Fabrinet from a “hold” rating to a “strong-buy” rating in a research note on Thursday, October 23rd. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $463.63.

Fabrinet Trading Up 5.2%

The firm has a 50-day simple moving average of $439.70 and a two-hundred day simple moving average of $360.17. The company has a market capitalization of $17.06 billion, a price-to-earnings ratio of 49.02 and a beta of 1.05.

Insider Buying and Selling

In other Fabrinet news, CEO Seamus Grady sold 22,451 shares of the company’s stock in a transaction that occurred on Wednesday, November 26th. The stock was sold at an average price of $446.95, for a total value of $10,034,474.45. Following the sale, the chief executive officer owned 23,573 shares in the company, valued at approximately $10,535,952.35. This represents a 48.78% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Thomas F. Kelly sold 2,200 shares of Fabrinet stock in a transaction that occurred on Thursday, December 4th. The shares were sold at an average price of $464.14, for a total transaction of $1,021,108.00. Following the transaction, the director directly owned 18,789 shares of the company’s stock, valued at approximately $8,720,726.46. This trade represents a 10.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 28,151 shares of company stock valued at $12,643,707 over the last ninety days. Company insiders own 0.24% of the company’s stock.

Institutional Trading of Fabrinet

Hedge funds have recently added to or reduced their stakes in the company. Russell Investments Group Ltd. increased its holdings in Fabrinet by 35.6% in the first quarter. Russell Investments Group Ltd. now owns 24,000 shares of the technology company’s stock valued at $4,740,000 after buying an additional 6,303 shares in the last quarter. American Century Companies Inc. increased its stake in shares of Fabrinet by 10.9% in the 1st quarter. American Century Companies Inc. now owns 22,980 shares of the technology company’s stock valued at $4,539,000 after purchasing an additional 2,253 shares in the last quarter. Brooklyn Investment Group increased its stake in shares of Fabrinet by 1,818.8% in the 1st quarter. Brooklyn Investment Group now owns 614 shares of the technology company’s stock valued at $121,000 after purchasing an additional 582 shares in the last quarter. Quantitative Investment Management LLC acquired a new position in Fabrinet in the 1st quarter worth about $405,000. Finally, Freedom Investment Management Inc. boosted its position in Fabrinet by 1.9% during the first quarter. Freedom Investment Management Inc. now owns 4,928 shares of the technology company’s stock worth $973,000 after purchasing an additional 92 shares in the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Company Profile

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.