Fabrinet (NYSE:FN) Shares Gap Up – What’s Next?

Fabrinet (NYSE:FN) shares gapped up prior to trading on Tuesday . The stock had previously closed at $455.94, but opened at $525.00. Fabrinet shares last traded at $513.3910, with a volume of 250,164 shares.

Wall Street Analyst Weigh In

FN has been the subject of a number of research analyst reports. Rosenblatt Securities boosted their price target on Fabrinet from $715.00 to $750.00 and gave the company a “buy” rating in a report on Tuesday, May 5th. Weiss Ratings cut shares of Fabrinet from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday, June 30th. Needham & Company LLC decreased their target price on Fabrinet from $800.00 to $650.00 and set a “buy” rating for the company in a research note on Wednesday, July 22nd. JPMorgan Chase & Co. lowered their target price on Fabrinet from $700.00 to $680.00 and set a “neutral” rating for the company in a report on Tuesday, May 5th. Finally, Northland Securities set a $800.00 price target on Fabrinet in a report on Monday, April 20th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $643.00.

Fabrinet Price Performance

The firm’s fifty day moving average is $543.66 and its two-hundred day moving average is $565.11. The firm has a market cap of $18.72 billion, a price-to-earnings ratio of 44.88 and a beta of 1.23.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, May 4th. The technology company reported $3.72 EPS for the quarter, topping analysts’ consensus estimates of $3.58 by $0.14. The company had revenue of $1.21 billion for the quarter, compared to the consensus estimate of $1.19 billion. Fabrinet had a net margin of 9.94% and a return on equity of 19.83%. Fabrinet’s revenue was up 39.3% on a year-over-year basis. During the same period in the previous year, the firm earned $2.52 EPS. On average, equities analysts forecast that Fabrinet will post 12.97 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fabrinet news, Director Homa Bahrami sold 2,500 shares of the stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $711.91, for a total transaction of $1,779,775.00. Following the completion of the transaction, the director directly owned 16,233 shares of the company’s stock, valued at approximately $11,556,435.03. This trade represents a 13.35% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.24% of the stock is owned by company insiders.

Institutional Trading of Fabrinet

Hedge funds and other institutional investors have recently made changes to their positions in the business. Core Wealth Advisors LLC acquired a new position in Fabrinet in the fourth quarter worth approximately $25,000. Harbour Investments Inc. boosted its stake in shares of Fabrinet by 75.0% during the 4th quarter. Harbour Investments Inc. now owns 63 shares of the technology company’s stock worth $29,000 after acquiring an additional 27 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in shares of Fabrinet during the 1st quarter worth $31,000. Creative Financial Designs Inc. ADV acquired a new position in shares of Fabrinet in the 4th quarter worth $32,000. Finally, Quarry LP grew its holdings in shares of Fabrinet by 300.0% in the 4th quarter. Quarry LP now owns 72 shares of the technology company’s stock worth $33,000 after acquiring an additional 54 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors.

About Fabrinet

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.