Analysts Set Fabrinet (NYSE:FN) Target Price at $451.29

Fabrinet (NYSE:FN) has earned an average recommendation of “Moderate Buy” from the nine analysts that are currently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating on the company. The average 12-month price objective among analysts that have issued ratings on the stock in the last year is $451.2857.

A number of research firms recently weighed in on FN. B. Riley upped their target price on shares of Fabrinet from $184.00 to $220.00 and gave the stock a “neutral” rating in a report on Tuesday, August 19th. Northland Securities set a $550.00 price objective on Fabrinet in a report on Tuesday, November 4th. Barclays raised their target price on Fabrinet from $329.00 to $499.00 and gave the company an “equal weight” rating in a report on Wednesday, November 5th. Zacks Research raised Fabrinet from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 23rd. Finally, Needham & Company LLC increased their price target on Fabrinet from $440.00 to $540.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th.

Insider Activity

In related news, COO Harpal Gill sold 14,203 shares of the firm’s stock in a transaction dated Thursday, September 4th. The shares were sold at an average price of $355.15, for a total transaction of $5,044,195.45. Following the transaction, the chief operating officer directly owned 13,983 shares of the company’s stock, valued at $4,966,062.45. This trade represents a 50.39% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Edward T. Archer sold 3,333 shares of the business’s stock in a transaction dated Thursday, September 4th. The stock was sold at an average price of $354.48, for a total transaction of $1,181,481.84. Following the transaction, the executive vice president owned 6,644 shares in the company, valued at approximately $2,355,165.12. This trade represents a 33.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Corporate insiders own 0.24% of the company’s stock.

Hedge Funds Weigh In On Fabrinet

Several institutional investors have recently modified their holdings of the business. Vanguard Group Inc. raised its stake in shares of Fabrinet by 1.4% during the 3rd quarter. Vanguard Group Inc. now owns 4,135,345 shares of the technology company’s stock worth $1,507,829,000 after purchasing an additional 59,002 shares during the period. Wasatch Advisors LP increased its holdings in Fabrinet by 45.1% during the second quarter. Wasatch Advisors LP now owns 1,779,665 shares of the technology company’s stock worth $524,432,000 after buying an additional 553,196 shares during the last quarter. Geode Capital Management LLC raised its position in Fabrinet by 0.5% in the second quarter. Geode Capital Management LLC now owns 1,051,108 shares of the technology company’s stock worth $309,771,000 after acquiring an additional 5,114 shares during the period. Invesco Ltd. raised its position in Fabrinet by 33.3% in the third quarter. Invesco Ltd. now owns 681,850 shares of the technology company’s stock worth $248,616,000 after acquiring an additional 170,297 shares during the period. Finally, Westfield Capital Management Co. LP boosted its stake in Fabrinet by 102.8% in the second quarter. Westfield Capital Management Co. LP now owns 663,310 shares of the technology company’s stock valued at $195,464,000 after acquiring an additional 336,173 shares during the last quarter. 97.38% of the stock is owned by institutional investors.

Fabrinet Trading Up 2.3%

Shares of FN stock opened at $459.41 on Friday. The firm has a fifty day simple moving average of $409.63 and a two-hundred day simple moving average of $336.55. Fabrinet has a 12 month low of $148.55 and a 12 month high of $498.00. The firm has a market capitalization of $16.46 billion, a PE ratio of 47.31 and a beta of 1.05.

Fabrinet Company Profile

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.