Fabrinet (NYSE:FN) Stock Has Average Target Price of $646.88 According to Analysts

Shares of Fabrinet (NYSE:FN) have received a consensus rating of “Moderate Buy” from the ten analysts that are covering the stock, MarketBeat reports. Three research analysts have rated the stock with a hold rating, six have given a buy rating and one has given a strong buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $650.62.

Several equities analysts have recently commented on the company. JPMorgan Chase & Co. raised their price target on Fabrinet from $680.00 to $695.00 and gave the company a “neutral” rating in a research note on Tuesday, August 18th. Needham & Company LLC reaffirmed a “buy” rating and issued a $650.00 price objective on shares of Fabrinet in a research note on Tuesday, August 18th. Fox Advisors raised shares of Fabrinet from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, August 19th. Rosenblatt Securities reiterated a “buy” rating and set a $750.00 target price on shares of Fabrinet in a report on Tuesday, August 18th. Finally, Barclays increased their target price on shares of Fabrinet from $702.00 to $739.00 and gave the stock an “overweight” rating in a report on Tuesday, August 18th.

Fabrinet Stock Up 3.4%

Shares of NYSE:FN opened at $325.60 on Tuesday. Fabrinet has a 52-week low of $305.63 and a 52-week high of $748.89. The stock has a market cap of $11.67 billion, a P/E ratio of 23.88 and a beta of 1.23. The business’s 50 day moving average is $421.23 and its 200 day moving average is $525.26.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Tuesday, August 18th. The technology company reported $4.10 EPS for the quarter, topping the consensus estimate of $3.81 by $0.29. Fabrinet had a return on equity of 21.23% and a net margin of 10.19%. The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same period last year, the business posted $2.65 EPS. Fabrinet’s quarterly revenue was up 44.6% on a year-over-year basis. On average, sell-side analysts anticipate that Fabrinet will post 17.50 EPS for the current fiscal year.

Insider Buying and Selling at Fabrinet

In other news, EVP Edward Archer sold 2,500 shares of the company’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $2,704,071.37. This represents a 26.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.22% of the company’s stock.

Hedge Funds Weigh In On Fabrinet

Institutional investors have recently bought and sold shares of the business. Paradigm Capital Management Inc. NY purchased a new stake in Fabrinet during the second quarter worth $298,183,000. Janus Henderson Group PLC boosted its position in Fabrinet by 15.9% during the 1st quarter. Janus Henderson Group PLC now owns 291,659 shares of the technology company’s stock valued at $152,071,000 after acquiring an additional 40,090 shares in the last quarter. Principal Financial Group Inc. increased its holdings in shares of Fabrinet by 15.0% in the 1st quarter. Principal Financial Group Inc. now owns 216,049 shares of the technology company’s stock valued at $112,674,000 after acquiring an additional 28,166 shares during the period. Allspring Global Investments Holdings LLC increased its holdings in shares of Fabrinet by 108.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,146 shares of the technology company’s stock valued at $88,350,000 after acquiring an additional 85,780 shares during the period. Finally, Wedge Capital Management L L P NC increased its holdings in shares of Fabrinet by 11.5% in the 2nd 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 during the period. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Company Profile

Fabrinet (NYSE: FN) is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.

Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.