Fabrinet (NYSE:FN) Stock Price Up 4.6% – Here’s Why

Shares of Fabrinet (NYSE:FN) rose 4.6% during trading on Wednesday . The stock traded as high as $391.51 and last traded at $392.2740. Approximately 62,310 shares traded hands during trading, a decline of 93% from the average session volume of 846,222 shares. The stock had previously closed at $374.91.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the stock. Weiss Ratings downgraded shares of Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, September 9th. Fox Advisors upgraded shares of Fabrinet from an “equal weight” rating to an “overweight” rating in a report on Wednesday, August 19th. Wall Street Zen downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. Needham & Company LLC reaffirmed a “buy” rating and issued a $650.00 price target on shares of Fabrinet in a research note on Tuesday, August 18th. Finally, Rosenblatt Securities reiterated a “buy” rating and set a $750.00 price objective on shares of Fabrinet in a report on Tuesday, August 18th. Six analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to data from MarketBeat, Fabrinet currently has a consensus rating of “Moderate Buy” and a consensus price target of $649.50.

Fabrinet Stock Up 5.8%

The business has a 50-day moving average price of $466.44 and a two-hundred day moving average price of $557.04. The company has a market capitalization of $14.21 billion, a price-to-earnings ratio of 30.37 and a beta of 1.21.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Tuesday, August 18th. The technology company reported $4.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.81 by $0.29. The business had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fabrinet had a net margin of 10.19% and a return on equity of 21.23%. Fabrinet’s revenue was up 44.6% compared to the same quarter last year. During the same quarter last year, the firm posted $2.65 EPS. On average, sell-side analysts anticipate that Fabrinet will post 17.5 EPS for the current fiscal year.

Insider Buying and Selling at Fabrinet

In other news, EVP Edward Archer sold 2,500 shares of Fabrinet stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total transaction of $964,775.00. Following the completion of the transaction, the executive vice president directly owned 7,007 shares in the company, valued at $2,704,071.37. This trade represents a 26.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 0.24% of the company’s stock.

Institutional Investors Weigh In On Fabrinet

A number of institutional investors and hedge funds have recently made changes to their positions in FN. Geode Capital Management LLC lifted its holdings in shares of Fabrinet by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 1,108,813 shares of the technology company’s stock valued at $504,886,000 after purchasing an additional 50,708 shares in the last quarter. JPMorgan Chase & Co. grew its holdings in Fabrinet by 64.8% during the fourth quarter. JPMorgan Chase & Co. now owns 1,065,414 shares of the technology company’s stock worth $485,063,000 after buying an additional 419,081 shares in the last quarter. Polar Capital Holdings Plc grew its holdings in Fabrinet by 58.9% during the fourth quarter. Polar Capital Holdings Plc now owns 551,916 shares of the technology company’s stock worth $251,276,000 after buying an additional 204,612 shares in the last quarter. Paradigm Capital Management Inc. NY purchased a new stake in Fabrinet in the 2nd quarter valued at $298,183,000. Finally, Arrowstreet Capital Limited Partnership raised its position in Fabrinet by 42.1% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 473,902 shares of the technology company’s stock valued at $215,758,000 after buying an additional 140,347 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Company Profile

Fabrinet (NYSE: FN) is a provider of advanced manufacturing services for original equipment manufacturers and other technology companies. The company specializes in precision optical, electromechanical and electronic manufacturing, helping customers design, assemble, test and package complex products.

Its capabilities support products used in optical communications, including components, modules and transceivers for telecommunications and data-center networks. Fabrinet also provides manufacturing services for industrial lasers, medical devices, automotive applications, and aerospace and defense products.