Fabrinet (NYSE:FN) Shares Gap Up – Still a Buy?

Shares of Fabrinet (NYSE:FN) 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 traded.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the company. Zacks Research downgraded Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Rosenblatt Securities boosted their price objective on shares of Fabrinet from $715.00 to $750.00 and gave the company a “buy” rating in a research report on Tuesday, May 5th. Needham & Company LLC reduced their price objective on shares of Fabrinet from $800.00 to $650.00 and set a “buy” rating on the stock in a research report on Wednesday, July 22nd. Fox Advisors cut shares of Fabrinet from a “strong-buy” rating to an “equal weight” rating in a research report on Tuesday, May 5th. Finally, Weiss Ratings lowered shares of Fabrinet from a “buy (b)” rating to a “buy (b-)” rating in a research note on Tuesday, June 30th. Six equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $643.00.

Fabrinet Stock Performance

The stock’s 50-day moving average price is $550.01 and its two-hundred day moving average price is $564.55. The stock has a market capitalization of $19.02 billion, a PE ratio of 45.68 and a beta of 1.20.

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

Insider Buying and Selling

In other Fabrinet news, Director Homa Bahrami sold 2,500 shares of the stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $711.91, for a total value of $1,779,775.00. Following the transaction, the director owned 16,233 shares of the company’s stock, valued at approximately $11,556,435.03. This represents a 13.35% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.24% of the company’s stock.

Institutional Investors Weigh In On Fabrinet

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

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.