Fabrinet (NYSE:FN) Trading Up 8.1% – Time to Buy?

Shares of Fabrinet (NYSE:FN) rose 8.1% on Tuesday . The company traded as high as $196.72 and last traded at $203.09. Approximately 66,686 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 720,408 shares. The stock had previously closed at $187.88.

Analyst Ratings Changes

A number of analysts recently commented on the stock. Needham & Company LLC restated a “buy” rating and issued a $280.00 price objective on shares of Fabrinet in a research report on Tuesday, February 4th. JPMorgan Chase & Co. lowered their price target on Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a report on Tuesday, February 4th. Barclays dropped their price target on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. Fox Advisors assumed coverage on Fabrinet in a research report on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price objective for the company. Finally, B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the company’s stock. Based on data from MarketBeat, Fabrinet has a consensus rating of “Hold” and an average price target of $246.63.

Fabrinet Price Performance

The business has a 50-day moving average of $219.55 and a 200-day moving average of $231.25. The firm has a market cap of $8.15 billion, a price-to-earnings ratio of 25.14 and a beta of 0.89.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 earnings per share for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. As a group, equities analysts anticipate that Fabrinet will post 9.4 EPS for the current fiscal year.

Hedge Funds Weigh In On Fabrinet

Institutional investors and hedge funds have recently modified their holdings of the stock. Huntington National Bank boosted its holdings in shares of Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after acquiring an additional 57 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in Fabrinet in the 3rd quarter valued at $52,000. Quarry LP increased its position in Fabrinet by 315.8% during the 4th quarter. Quarry LP now owns 237 shares of the technology company’s stock worth $52,000 after buying an additional 180 shares during the period. Public Employees Retirement System of Ohio bought a new stake in shares of Fabrinet in the third quarter valued at about $61,000. Finally, Orion Capital Management LLC bought a new stake in shares of Fabrinet in the fourth quarter valued at about $62,000. 97.38% of the stock is currently owned by institutional investors and hedge funds.

About Fabrinet

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.