Fabrinet (NYSE:FN) Stock Price Up 12.6% – What’s Next?

Fabrinet (NYSE:FN) traded up 12.6% during mid-day trading on Monday. The company traded as high as $368.95 and last traded at $368.3980. Approximately 429,376 shares were traded during trading, a decline of 51% from the average daily volume of 880,672 shares. The stock had previously closed at $327.13.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently weighed in on the stock. Wall Street Zen lowered shares of Fabrinet from a “buy” rating to a “hold” rating in a report on Monday, July 20th. Fox Advisors raised shares of Fabrinet from an “equal weight” rating to an “overweight” rating in a report on Wednesday, August 19th. Rosenblatt Securities reduced their price target on shares of Fabrinet from $750.00 to $600.00 and set a “buy” rating on the stock in a research report on Tuesday, November 3rd. Needham & Company LLC reaffirmed a “buy” rating and set a $500.00 price objective on shares of Fabrinet in a research note on Tuesday, November 3rd. Finally, Zacks Research raised shares of Fabrinet from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $548.88.

Fabrinet Price Performance

The stock has a fifty day moving average of $394.16 and a 200-day moving average of $518.32. The company has a quick ratio of 1.33, a current ratio of 2.04 and a debt-to-equity ratio of 0.03. The firm has a market capitalization of $13.04 billion, a P/E ratio of 27.63 and a beta of 1.35.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, November 2nd. The technology company reported $4.34 EPS for the quarter, topping analysts’ consensus estimates of $4.21 by $0.13. Fabrinet had a net margin of 9.35% and a return on equity of 22.32%. The firm had revenue of $1.47 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the prior year, the firm earned $2.92 EPS. The company’s revenue was up 50.7% on a year-over-year basis. Equities analysts predict that Fabrinet will post 18.96 EPS for the current fiscal year.

Insider Transactions at Fabrinet

In other Fabrinet news, EVP Edward Archer sold 2,500 shares of the stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total value of $964,775.00. Following the transaction, the executive vice president directly owned 7,007 shares in the company, valued at approximately $2,704,071.37. This trade represents a 26.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.22% of the company’s stock.

Hedge Funds Weigh In On Fabrinet

Several large investors have recently made changes to their positions in the company. Paradigm Capital Management Inc. NY bought a new stake in Fabrinet during the second quarter worth about $298,183,000. Janus Henderson Group PLC grew its stake in Fabrinet by 15.9% in the first quarter. Janus Henderson Group PLC now owns 291,659 shares of the technology company’s stock valued at $152,071,000 after purchasing an additional 40,090 shares in the last quarter. Principal Financial Group Inc. increased its position in shares of Fabrinet by 15.0% during the 1st quarter. Principal Financial Group Inc. now owns 216,049 shares of the technology company’s stock worth $112,674,000 after purchasing an additional 28,166 shares during the last quarter. Allspring Global Investments Holdings LLC increased its position in shares of Fabrinet by 108.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,146 shares of the technology company’s stock worth $88,350,000 after purchasing an additional 85,780 shares during the last quarter. Finally, Wedge Capital Management L L P NC raised its stake in shares of Fabrinet by 11.5% during the 2nd quarter. Wedge Capital Management L L P NC now owns 128,795 shares of the technology company’s stock worth $72,393,000 after purchasing an additional 13,245 shares in the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

About Fabrinet

Fabrinet (NYSE: FN) is a provider of advanced optical packaging and precision manufacturing services. The company works with original equipment manufacturers and other technology companies to produce complex products that require specialized engineering and manufacturing capabilities.

Its services include product design and engineering support, prototyping, supply-chain management, and manufacturing. Fabrinet’s products serve markets including optical communications, industrial lasers, automotive technology, and medical devices.

Founded in 1999, Fabrinet serves customers around the world through manufacturing operations in multiple countries.