Fabrinet (NYSE:FN) Shares Gap Up – Time to Buy?

Fabrinet (NYSE:FN) shares gapped up before the market opened on Thursday . The stock had previously closed at $477.05, but opened at $501.65. Fabrinet shares last traded at $504.3580, with a volume of 87,160 shares traded.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on FN shares. Needham & Company LLC lifted their target price on Fabrinet from $440.00 to $540.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Rosenblatt Securities lifted their price objective on shares of Fabrinet from $425.00 to $550.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Zacks Research lowered shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. JPMorgan Chase & Co. raised their price target on shares of Fabrinet from $430.00 to $530.00 and gave the company an “overweight” rating in a research report on Tuesday, November 4th. Finally, Northland Securities set a $600.00 price target on shares of Fabrinet in a research note on Monday, December 22nd. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat.com, Fabrinet presently has an average rating of “Moderate Buy” and a consensus price target of $474.63.

Fabrinet Trading Up 5.7%

The company has a market capitalization of $18.06 billion, a PE ratio of 51.92 and a beta of 1.04. The stock has a fifty day simple moving average of $456.79 and a 200-day simple moving average of $387.56.

Insider Activity at Fabrinet

In other news, Director Homa Bahrami sold 3,500 shares of the company’s stock in a transaction on Monday, December 1st. The shares were sold at an average price of $453.75, for a total value of $1,588,125.00. Following the completion of the transaction, the director owned 18,316 shares in the company, valued at approximately $8,310,885. This represents a 16.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Thomas F. Kelly sold 2,200 shares of Fabrinet stock in a transaction on Thursday, December 4th. The stock was sold at an average price of $464.14, for a total transaction of $1,021,108.00. Following the sale, the director owned 18,789 shares in the company, valued at $8,720,726.46. This represents a 10.48% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 28,151 shares of company stock valued at $12,643,707 over the last three months. 0.24% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fabrinet

A number of institutional investors have recently modified their holdings of the business. Maseco LLP acquired a new position in Fabrinet in the 2nd quarter valued at about $25,000. Westend Capital Management LLC purchased a new position in shares of Fabrinet in the 4th quarter valued at approximately $29,000. Root Financial Partners LLC acquired a new position in shares of Fabrinet in the third quarter valued at approximately $34,000. Elevation Point Wealth Partners LLC purchased a new stake in shares of Fabrinet during the second quarter worth approximately $35,000. Finally, First Horizon Advisors Inc. raised its stake in shares of Fabrinet by 124.2% during the second quarter. First Horizon Advisors Inc. now owns 139 shares of the technology company’s stock worth $41,000 after purchasing an additional 77 shares during the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

Fabrinet Company Profile

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.