Fabrinet (NYSE:FN) Stock Price Up 4.8% – Time to Buy?

Fabrinet (NYSE:FN) shot up 4.8% on Thursday. The stock traded as high as $444.94 and last traded at $444.8430. Approximately 260,804 shares changed hands during trading, a decline of 69% from the average daily volume of 843,824 shares. The stock had previously closed at $424.27.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FN. Wall Street Zen lowered Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, July 20th. Weiss Ratings downgraded Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, September 9th. Zacks Research lowered Fabrinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Needham & Company LLC restated a “buy” rating and set a $650.00 price target on shares of Fabrinet in a report on Tuesday, August 18th. Finally, Fox Advisors raised Fabrinet from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, August 19th. Six investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. Based on data from MarketBeat, Fabrinet has a consensus rating of “Moderate Buy” and a consensus target price of $649.50.

Fabrinet Stock Performance

The business has a 50 day moving average price of $448.41 and a 200-day moving average price of $546.46. The company has a market capitalization of $16.11 billion, a price-to-earnings ratio of 34.51 and a beta of 1.21.

Fabrinet (NYSE:FN) last released its earnings results on Tuesday, August 18th. The technology company reported $4.10 EPS for the quarter, topping the consensus estimate of $3.81 by $0.29. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Fabrinet had a return on equity of 21.23% and a net margin of 10.19%.The firm’s revenue was up 44.6% on a year-over-year basis. During the same quarter last year, the firm posted $2.65 earnings per share. As a group, equities analysts predict that Fabrinet will post 17.5 EPS 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 on Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total value of $964,775.00. Following the completion of the sale, the executive vice president owned 7,007 shares in the company, valued at $2,704,071.37. The trade was a 26.30% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 0.24% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of FN. Great Lakes Advisors LLC acquired a new position in Fabrinet during the 2nd quarter worth approximately $3,024,000. Sei Investments Co. grew its stake 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 increased its holdings in shares of Fabrinet by 23.0% during 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 in the last quarter. Engineers Gate Manager LP bought a new stake in shares of Fabrinet during the second quarter valued at approximately $2,491,000. Finally, Wedge Capital Management L L P NC increased its holdings in shares of Fabrinet by 11.5% during the second quarter. Wedge Capital Management L L P NC now owns 128,795 shares of the technology company’s stock valued at $72,393,000 after acquiring an additional 13,245 shares in the last quarter. 97.38% of the stock is owned by institutional investors.

Fabrinet Company Profile

Fabrinet (NYSE: FN) provides advanced manufacturing services for companies that develop optical, electro-optical, and precision-engineered products. The company supports customers from product design and engineering through manufacturing, assembly, testing, and supply-chain management.

Its products and manufacturing capabilities include optical communications components, modules, and assemblies; precision optical and optoelectronic systems; industrial lasers; and other complex products used in communications, industrial, automotive, medical, and other technology markets.