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

Shares of Fabrinet (NYSE:FN) gapped up before the market opened on Thursday . The stock had previously closed at $201.88, but opened at $220.00. Fabrinet shares last traded at $221.64, with a volume of 205,855 shares.

Wall Street Analyst Weigh In

Several research analysts have commented on the stock. Rosenblatt Securities reissued a “buy” rating and set a $285.00 price target on shares of Fabrinet in a research note on Friday. JPMorgan Chase & Co. decreased their price target on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 4th. Needham & Company LLC reissued a “buy” rating and set a $280.00 price target on shares of Fabrinet in a research note on Tuesday, February 4th. Fox Advisors assumed coverage on shares of Fabrinet in a research note on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price target on the stock. Finally, Barclays decreased their price target on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat, Fabrinet has an average rating of “Hold” and an average price target of $246.63.

Fabrinet Stock Performance

The firm has a 50-day moving average price of $219.44 and a 200-day moving average price of $230.99. The stock has a market cap of $8.01 billion, a PE ratio of 24.70 and a beta of 0.89.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) 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, sell-side analysts anticipate that Fabrinet will post 9.4 EPS for the current fiscal year.

Hedge Funds Weigh In On Fabrinet

A number of hedge funds have recently bought and sold shares of FN. Norges Bank purchased a new position in Fabrinet in the 4th quarter worth about $95,084,000. Capital Research Global Investors increased its position in shares of Fabrinet by 675.2% during the 4th quarter. Capital Research Global Investors now owns 417,020 shares of the technology company’s stock valued at $91,694,000 after purchasing an additional 363,228 shares during the last quarter. Wasatch Advisors LP increased its position in shares of Fabrinet by 47.0% during the 4th quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company’s stock valued at $249,044,000 after purchasing an additional 362,064 shares during the last quarter. Wedge Capital Management L L P NC purchased a new stake in shares of Fabrinet during the 4th quarter valued at about $63,222,000. Finally, FMR LLC grew its stake in shares of Fabrinet by 13.1% during the 4th quarter. FMR LLC now owns 2,213,887 shares of the technology company’s stock valued at $486,789,000 after acquiring an additional 257,164 shares during the period. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Company Profile

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.