Fabrinet (NYSE:FN) Shares Up 4.6% – Here’s Why

Fabrinet (NYSE:FN) was up 4.6% on Wednesday . The stock traded as high as $391.51 and last traded at $392.2740. 62,310 shares changed hands during trading, a decline of 93% from the average session volume of 846,222 shares. The stock had previously closed at $374.91.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on FN shares. Fox Advisors upgraded Fabrinet from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, August 19th. Barclays upped their target price on shares of Fabrinet from $702.00 to $739.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 18th. Zacks Research cut shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Rosenblatt Securities reiterated a “buy” rating and set a $750.00 price target on shares of Fabrinet in a report on Tuesday, August 18th. Finally, Weiss Ratings downgraded shares of Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, September 9th. Six equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $649.50.

Fabrinet Stock Performance

The firm has a market capitalization of $13.63 billion, a price-to-earnings ratio of 29.16 and a beta of 1.21. The company has a 50-day moving average price of $462.68 and a 200-day moving average price of $554.70.

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

Insider Activity at Fabrinet

In other news, EVP Edward Archer sold 2,500 shares of Fabrinet stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total transaction of $964,775.00. Following the sale, the executive vice president owned 7,007 shares in the company, valued at approximately $2,704,071.37. The trade was a 26.30% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.24% of the company’s stock.

Hedge Funds Weigh In On Fabrinet

A number of hedge funds have recently modified their holdings of FN. Great Lakes Advisors LLC acquired a new position in Fabrinet during the second quarter worth $3,024,000. Sei Investments Co. lifted its holdings 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 acquiring an additional 16,218 shares during the period. California State Teachers Retirement System lifted its holdings in Fabrinet by 23.0% in the first quarter. California State Teachers Retirement System now owns 41,747 shares of the technology company’s stock valued at $21,772,000 after acquiring an additional 7,819 shares during the period. Quantinno Capital Management LP boosted its position in shares of Fabrinet by 130.8% during the 1st quarter. Quantinno Capital Management LP now owns 7,039 shares of the technology company’s stock worth $3,671,000 after purchasing an additional 3,989 shares in the last quarter. Finally, Wedge Capital Management L L P NC grew its stake in shares of Fabrinet by 11.5% during the 2nd quarter. Wedge Capital Management L L P NC now owns 128,795 shares of the technology company’s stock worth $72,393,000 after purchasing an additional 13,245 shares during the period. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

About Fabrinet

Fabrinet (NYSE: FN) is a provider of advanced manufacturing services for original equipment manufacturers and other technology companies. The company specializes in precision optical, electromechanical and electronic manufacturing, helping customers design, assemble, test and package complex products.

Its capabilities support products used in optical communications, including components, modules and transceivers for telecommunications and data-center networks. Fabrinet also provides manufacturing services for industrial lasers, medical devices, automotive applications, and aerospace and defense products.