Fabrinet (NYSE:FN) Trading 4.6% Higher – Still a Buy?

Fabrinet (NYSE:FN)’s share price traded up 4.6% during mid-day trading on Thursday . The stock traded as high as $253.88 and last traded at $251.22. 64,561 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 494,155 shares. The stock had previously closed at $240.23.

Analyst Ratings Changes

Several research firms have recently weighed in on FN. Needham & Company LLC initiated coverage on shares of Fabrinet in a report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price target for the company. Barclays began coverage on Fabrinet in a report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 target price for the company. JPMorgan Chase & Co. boosted their price target on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. B. Riley downgraded Fabrinet from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. Finally, Rosenblatt Securities boosted their target price on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. One investment 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’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $252.14.

Fabrinet Stock Performance

The business has a fifty day moving average of $244.91 and a two-hundred day moving average of $238.20. The firm has a market capitalization of $8.99 billion, a price-to-earnings ratio of 29.32 and a beta of 0.92.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The firm had revenue of $804.20 million for the quarter, compared to analysts’ expectations of $771.24 million. During the same period in the prior year, the firm earned $1.78 EPS. The business’s revenue was up 17.3% on a year-over-year basis. As a group, sell-side analysts predict that Fabrinet will post 9.1 EPS for the current fiscal year.

Institutional Investors Weigh In On Fabrinet

A number of large investors have recently added to or reduced their stakes in the stock. Huntington National Bank grew its stake in Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after buying an additional 57 shares in the last quarter. Banque Cantonale Vaudoise bought a new stake in shares of Fabrinet during the 2nd quarter worth approximately $35,000. Kimelman & Baird LLC acquired a new stake in shares of Fabrinet during the 2nd quarter worth approximately $49,000. NBC Securities Inc. boosted its position in shares of Fabrinet by 732.0% during the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock worth $49,000 after acquiring an additional 183 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. bought a new position in Fabrinet in the third quarter valued at approximately $52,000. Institutional investors and hedge funds 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.