Fabrinet (NYSE:FN) Now Covered by Barclays

Equities research analysts at Barclays started coverage on shares of Fabrinet (NYSE:FN) in a report issued on Thursday, MarketBeat Ratings reports. The brokerage set an “equal weight” rating and a $292.00 price target on the technology company’s stock. Barclays‘s target price suggests a potential upside of 24.31% from the company’s current price.

Several other equities analysts have also 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 target price on the stock. JPMorgan Chase & Co. lifted their price target on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. B. Riley lowered their price objective on Fabrinet from $196.00 to $194.00 and set a “neutral” rating for the company in a research report on Tuesday, November 5th. Finally, Rosenblatt Securities raised their target price on Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, Fabrinet presently has a consensus rating of “Hold” and an average target price of $254.43.

Fabrinet Price Performance

FN stock opened at $234.90 on Thursday. Fabrinet has a 1 year low of $159.30 and a 1 year high of $278.38. The firm has a market capitalization of $8.52 billion, a PE ratio of 28.73 and a beta of 0.95. The business has a 50 day simple moving average of $241.87 and a 200-day simple moving average of $235.18.

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

Insider Activity at Fabrinet

In related news, CEO Seamus Grady sold 26,650 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the sale, the chief executive officer now directly owns 37,643 shares of the company’s stock, valued at $10,163,610. This represents a 41.45 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Edward T. Archer sold 8,690 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the completion of the transaction, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at $1,835,426.58. This represents a 51.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,728 shares of company stock worth $11,645,062. Insiders own 0.38% of the company’s stock.

Institutional Trading of Fabrinet

Several hedge funds have recently modified their holdings of FN. Legacy Wealth Asset Management LLC increased its holdings in Fabrinet by 3.2% during the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company’s stock worth $325,000 after purchasing an additional 43 shares during the period. Wolff Wiese Magana LLC grew its holdings in Fabrinet by 2.7% during the 3rd quarter. Wolff Wiese Magana LLC now owns 1,765 shares of the technology company’s stock worth $417,000 after acquiring an additional 47 shares in the last quarter. Cynosure Group LLC increased its position in shares of Fabrinet by 3.4% in the 3rd quarter. Cynosure Group LLC now owns 1,560 shares of the technology company’s stock valued at $369,000 after purchasing an additional 51 shares during the last quarter. Trust Point Inc. raised its holdings in shares of Fabrinet by 4.7% in the 3rd quarter. Trust Point Inc. now owns 1,272 shares of the technology company’s stock valued at $301,000 after purchasing an additional 57 shares in the last quarter. Finally, Huntington National Bank lifted its position in shares of Fabrinet by 70.4% during the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after purchasing an additional 57 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

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.