Fabrinet (NYSE:FN) Upgraded at Zacks Research

Zacks Research upgraded shares of Fabrinet (NYSE:FN) from a hold rating to a strong-buy rating in a research report sent to investors on Monday,Zacks reports.

A number of other equities research analysts have also recently issued reports on the stock. JPMorgan Chase & Co. boosted their target price on shares of Fabrinet from $680.00 to $695.00 and gave the company a “neutral” rating in a research report on Tuesday, August 18th. Wall Street Zen cut shares of Fabrinet from a “buy” rating to a “hold” rating in a research note 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. Needham & Company LLC restated a “buy” rating and set a $650.00 target price on shares of Fabrinet in a research report on Tuesday, August 18th. Finally, Rosenblatt Securities reaffirmed a “buy” rating and set a $750.00 target price on shares of Fabrinet in a report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $649.50.

Fabrinet Trading Up 1.8%

NYSE:FN opened at $497.88 on Monday. The stock has a market cap of $17.84 billion, a P/E ratio of 38.15 and a beta of 1.23. The stock has a 50 day simple moving average of $449.01 and a 200 day simple moving average of $545.07. Fabrinet has a 1-year low of $361.19 and a 1-year high of $748.89.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Tuesday, August 18th. The technology company reported $4.10 EPS for the quarter, beating analysts’ consensus estimates of $3.81 by $0.29. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Fabrinet had a return on equity of 21.23% and a net margin of 10.19%.The company’s revenue for the quarter was up 44.6% on a year-over-year basis. During the same period in the prior year, the firm posted $2.65 EPS. As a group, sell-side analysts forecast that Fabrinet will post 17.5 EPS for the current year.

Insiders Place Their Bets

In other Fabrinet news, EVP Edward Archer sold 2,500 shares of the 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 sale, the executive vice president directly owned 7,007 shares in the company, valued at $2,704,071.37. This represents a 26.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.24% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fabrinet

Hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. boosted its position in shares of Fabrinet by 64.8% during the 4th quarter. JPMorgan Chase & Co. now owns 1,065,414 shares of the technology company’s stock worth $485,063,000 after acquiring an additional 419,081 shares in the last quarter. Polar Capital Holdings Plc lifted its stake 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 purchasing an additional 204,612 shares during the last quarter. Paradigm Capital Management Inc. NY bought a new stake in Fabrinet during the second quarter worth $298,183,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of 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 purchasing an additional 140,347 shares in the last quarter. Finally, Janus Henderson Group PLC boosted its holdings in shares of Fabrinet by 15.9% in the 1st 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. 97.38% of the stock is currently owned by institutional investors and hedge funds.

About Fabrinet

Fabrinet (NYSE: FN) provides advanced manufacturing services for companies that develop optical, electro-optical, and precision-engineered products. The company supports customers from product design and engineering through manufacturing, assembly, testing, and supply-chain management.

Its products and manufacturing capabilities include optical communications components, modules, and assemblies; precision optical and optoelectronic systems; industrial lasers; and other complex products used in communications, industrial, automotive, medical, and other technology markets.