Fabrinet (NYSE:FN) Stock Jumps 12.6% – What’s Next?

Fabrinet (NYSE:FN) shot up 12.6% during mid-day trading on Monday. The stock traded as high as $368.95 and last traded at $368.3980. Approximately 429,376 shares were traded during trading, a decline of 51% from the average daily volume of 880,672 shares. The stock had previously closed at $327.13.

Analyst Ratings Changes

A number of research analysts have recently commented on the stock. B. Riley Financial decreased their price objective on shares of Fabrinet from $431.00 to $385.00 and set a “neutral” rating for the company in a research report on Friday, October 30th. Rosenblatt Securities dropped their target price on shares of Fabrinet from $750.00 to $600.00 and set a “buy” rating on the stock in a report on Tuesday, November 3rd. Weiss Ratings downgraded shares of Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 9th. Susquehanna reduced their price target on Fabrinet from $850.00 to $600.00 and set a “positive” rating for the company in a report on Wednesday, October 21st. Finally, Fox Advisors raised Fabrinet from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, August 19th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $548.88.

Fabrinet Stock Performance

The stock has a market capitalization of $13.04 billion, a price-to-earnings ratio of 27.63 and a beta of 1.35. The company’s fifty day simple moving average is $394.16 and its 200 day simple moving average is $518.32. The company has a quick ratio of 1.33, a current ratio of 2.04 and a debt-to-equity ratio of 0.03.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, November 2nd. The technology company reported $4.34 EPS for the quarter, topping the consensus estimate of $4.21 by $0.13. The business had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.42 billion. Fabrinet had a net margin of 9.35% and a return on equity of 22.32%. Fabrinet’s revenue was up 50.7% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $2.92 EPS. On average, equities research analysts expect that Fabrinet will post 18.96 earnings per share for the current year.

Insider Transactions at Fabrinet

In other Fabrinet news, EVP Edward Archer sold 2,500 shares of the firm’s stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total transaction of $964,775.00. Following the transaction, the executive vice president owned 7,007 shares in the company, valued at $2,704,071.37. This trade represents a 26.30% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.22% of the stock is owned by corporate insiders.

Institutional Trading of Fabrinet

Several large investors have recently modified their holdings of the stock. Glenmede Trust Co. NA lifted its position in shares of Fabrinet by 1.7% during the 1st quarter. Glenmede Trust Co. NA now owns 1,168 shares of the technology company’s stock worth $609,000 after buying an additional 19 shares during the last quarter. HB Wealth Management LLC grew its position in Fabrinet by 2.9% in the second quarter. HB Wealth Management LLC now owns 865 shares of the technology company’s stock valued at $486,000 after acquiring an additional 24 shares during the last quarter. Waverly Advisors LLC grew its position in Fabrinet by 4.5% in the second quarter. Waverly Advisors LLC now owns 841 shares of the technology company’s stock valued at $473,000 after acquiring an additional 36 shares during the last quarter. Richardson Financial Services Inc. grew its position in Fabrinet by 26.8% in the third quarter. Richardson Financial Services Inc. now owns 189 shares of the technology company’s stock valued at $80,000 after acquiring an additional 40 shares during the last quarter. Finally, North Dakota State Investment Board raised its stake in Fabrinet by 3.9% during the third quarter. North Dakota State Investment Board now owns 1,096 shares of the technology company’s stock worth $465,000 after acquiring an additional 41 shares in the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

Fabrinet Company Profile

Fabrinet (NYSE: FN) is a provider of advanced optical packaging and precision manufacturing services. The company works with original equipment manufacturers and other technology companies to produce complex products that require specialized engineering and manufacturing capabilities.

Its services include product design and engineering support, prototyping, supply-chain management, and manufacturing. Fabrinet’s products serve markets including optical communications, industrial lasers, automotive technology, and medical devices.

Founded in 1999, Fabrinet serves customers around the world through manufacturing operations in multiple countries.