Fabrinet (NYSE:FN) Stock Moved Up to Strong-Buy by Zacks Research

Key Points

• Zacks Research upgraded Fabrinet to “strong buy” from “hold.” Other analysts have issued mixed views, but the stock has a consensus “Moderate Buy” rating and a $649.50 target price.
• Fabrinet reported quarterly EPS of $4.10, exceeding the $3.81 consensus estimate, while revenue reached $1.32 billion and rose 44.6% year over year.
• The stock opened at $490.16, with a market capitalization of $17.56 billion and a 52-week range of $358.28 to $748.89; institutional investors own 97.38% of shares.

Fabrinet (NYSE:FN - Get Free Report) was upgraded by investment analysts at Zacks Research from a "hold" rating to a "strong-buy" rating in a note issued to investors on Monday, Zacks reports.

A number of other research firms have also recently issued reports on FN. Fox Advisors upgraded shares of Fabrinet from an "equal weight" rating to an "overweight" rating in a research note on Wednesday, August 19th. JPMorgan Chase & Co. raised their price target on Fabrinet from $680.00 to $695.00 and gave the company a "neutral" rating in a report on Tuesday, August 18th. Weiss Ratings downgraded Fabrinet from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Wednesday, September 9th. Needham & Company LLC restated a "buy" rating and issued a $650.00 target price on shares of Fabrinet in a research note on Tuesday, August 18th. Finally, Barclays boosted their target price on shares of Fabrinet from $702.00 to $739.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat, Fabrinet currently has a consensus rating of "Moderate Buy" and a consensus target price of $649.50.

Fabrinet Stock Performance

FN opened at $490.16 on Monday. The firm's 50-day simple moving average is $447.34 and its 200-day simple moving average is $545.37. Fabrinet has a twelve month low of $358.28 and a twelve month high of $748.89. The firm has a market cap of $17.56 billion, a price-to-earnings ratio of 37.56 and a beta of 1.23.

Fabrinet (NYSE:FN - Get Free Report) last announced 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 firm 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%. The firm's quarterly revenue was up 44.6% on a year-over-year basis. During the same period last year, the firm posted $2.65 EPS. As a group, sell-side analysts anticipate that Fabrinet will post 17.5 EPS for the current fiscal year.

Insider Activity

In other news, EVP Edward Archer sold 2,500 shares of Fabrinet stock in a transaction that occurred on 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 sale, the executive vice president owned 7,007 shares in the company, valued at $2,704,071.37. The trade was a 26.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.24% of the company's stock.

Institutional Trading of Fabrinet

Institutional investors have recently bought and sold shares of the business. Byrne Asset Management LLC bought a new stake in shares of Fabrinet during the 3rd quarter valued at $27,000. Cim Investment Management Inc. boosted its position in shares of Fabrinet by 7.4% in the 2nd quarter. Cim Investment Management Inc. now owns 1,113 shares of the technology company's stock worth $626,000 after purchasing an additional 77 shares during the last quarter. QRG Capital Management Inc. grew its stake in shares of Fabrinet by 13.9% during the second quarter. QRG Capital Management Inc. now owns 2,008 shares of the technology company's stock worth $1,128,000 after purchasing an additional 245 shares during the period. SkyView Investment Advisors LLC acquired a new stake in shares of Fabrinet during the second quarter worth $141,000. Finally, Sequoia Financial Advisors LLC increased its holdings in Fabrinet by 3.8% in the second quarter. Sequoia Financial Advisors LLC now owns 2,459 shares of the technology company's stock valued at $1,382,000 after purchasing an additional 91 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company's stock.

Fabrinet Company Profile

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.

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