Fabrinet (NYSE:FN) Hits New 12-Month High – Time to Buy?

Fabrinet (NYSE:FN) reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $278.97 and last traded at $269.08, with a volume of 93640 shares trading hands. The stock had previously closed at $252.10.

Analysts Set New Price Targets

Several equities analysts recently issued reports on the stock. Needham & Company LLC assumed coverage on shares of Fabrinet in a report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price objective on the stock. Barclays assumed coverage on Fabrinet in a research report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price target for the company. Finally, B. Riley downgraded Fabrinet from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $194.00 to $178.00 in a research report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Fabrinet presently has a consensus rating of “Hold” and a consensus price target of $252.14.

Fabrinet Stock Down 0.3 %

The company has a market capitalization of $9.66 billion, a PE ratio of 31.53 and a beta of 0.93. The business has a 50 day simple moving average of $232.73 and a 200 day simple moving average of $235.78.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, beating the consensus estimate of $2.38 by $0.01. The firm had revenue of $804.20 million during the quarter, compared to analyst estimates of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. Fabrinet’s revenue was up 17.3% on a year-over-year basis. During the same period last year, the firm posted $1.78 EPS. Equities analysts expect that Fabrinet will post 9.1 EPS for the current fiscal year.

Hedge Funds Weigh In On Fabrinet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. KBC Group NV grew its stake in Fabrinet by 39.1% during the 4th quarter. KBC Group NV now owns 1,422 shares of the technology company’s stock valued at $313,000 after purchasing an additional 400 shares during the last quarter. Blue Trust Inc. boosted its position in Fabrinet by 35.4% in the fourth quarter. Blue Trust Inc. now owns 577 shares of the technology company’s stock valued at $136,000 after buying an additional 151 shares during the last quarter. Archford Capital Strategies LLC increased its holdings in Fabrinet by 4.7% in the 4th quarter. Archford Capital Strategies LLC now owns 1,886 shares of the technology company’s stock worth $415,000 after buying an additional 84 shares during the period. Avior Wealth Management LLC raised its position in Fabrinet by 24,520.0% during the 4th quarter. Avior Wealth Management LLC now owns 1,231 shares of the technology company’s stock worth $271,000 after buying an additional 1,226 shares during the last quarter. Finally, Janney Montgomery Scott LLC lifted its stake in Fabrinet by 2.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 3,279 shares of the technology company’s stock valued at $721,000 after acquiring an additional 82 shares during the period. Hedge funds and other institutional investors own 97.38% of the company’s stock.

About Fabrinet

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.