Fabrinet (NYSE:FN) Stock Has Consensus Target Price of $646.88

Key Points

• Analysts maintain a “Moderate Buy” consensus on Fabrinet, with six buy ratings, one strong-buy rating and three holds. The average 12-month price target is $646.88, although B. Riley recently cut its target to $431 and rated the stock neutral.
• Fabrinet shares opened at $362.78, near the company’s 12-month low of $359.39 and well below its $748.89 high. The stock’s 50-day and 200-day moving averages were $435.89 and $537.90, respectively.
• The company exceeded quarterly expectations, reporting $4.10 in EPS versus the $3.81 consensus and $1.32 billion in revenue versus $1.28 billion expected. Revenue increased 44.6% year over year, while institutional investors own 97.38% of outstanding shares.

Fabrinet (NYSE:FN - Get Free Report) has earned a consensus rating of "Moderate Buy" from the ten analysts that are presently covering the company, Marketbeat.com reports. Three equities research analysts have rated the stock with a hold rating, six have issued a buy rating and one has given a strong buy rating to the company. The average 12 month target price among brokers that have covered the stock in the last year is $646.88.

A number of brokerages have recently issued reports on FN. B. Riley Financial dropped their target price on Fabrinet from $598.00 to $431.00 and set a "neutral" rating on the stock in a research report on Thursday. Weiss Ratings downgraded Fabrinet from a "buy (b-)" rating to a "hold (c+)" rating in a report on Wednesday, September 9th. Rosenblatt Securities reissued a "buy" rating and issued a $750.00 price target on shares of Fabrinet in a report on Tuesday, August 18th. Zacks Research upgraded Fabrinet from a "hold" rating to a "strong-buy" rating in a research note on Monday, October 5th. Finally, Fox Advisors upgraded Fabrinet from an "equal weight" rating to an "overweight" rating in a report on Wednesday, August 19th.

Fabrinet Price Performance

Fabrinet stock opened at $362.78 on Tuesday. Fabrinet has a 12-month low of $359.39 and a 12-month high of $748.89. The company has a market capitalization of $13.00 billion, a price-to-earnings ratio of 27.80 and a beta of 1.23. The firm's fifty day moving average price is $435.89 and its 200 day moving average price is $537.90.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 18th. The technology company reported $4.10 EPS for the quarter, topping 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 net margin of 10.19% and a return on equity of 21.23%. The firm's revenue was up 44.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.65 EPS. Analysts forecast that Fabrinet will post 17.50 earnings per share for the current fiscal year.

Insider Activity at Fabrinet

In other news, EVP Edward Archer sold 2,500 shares of the stock in a transaction that occurred on Thursday, September 3rd. The stock was 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 approximately $2,704,071.37. This represents a 26.30% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 0.24% of the company's stock.

Institutional Trading of Fabrinet

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Glenmede Trust Co. NA grew its stake in shares of Fabrinet by 1.7% in the 1st quarter. Glenmede Trust Co. NA now owns 1,168 shares of the technology company's stock valued at $609,000 after purchasing an additional 19 shares during the period. HB Wealth Management LLC raised its holdings in shares of Fabrinet by 2.9% in the 2nd quarter. HB Wealth Management LLC now owns 865 shares of the technology company's stock worth $486,000 after buying an additional 24 shares in the last quarter. Root Financial Partners LLC lifted its position in shares of Fabrinet by 29.2% during the 1st quarter. Root Financial Partners LLC now owns 146 shares of the technology company's stock worth $76,000 after buying an additional 33 shares during the period. Waverly Advisors LLC lifted its position in shares of Fabrinet by 4.5% during the 2nd quarter. Waverly Advisors LLC now owns 841 shares of the technology company's stock worth $473,000 after buying an additional 36 shares during the period. Finally, Fifth Third Wealth Advisors LLC lifted its position in shares of Fabrinet by 3.6% during the 1st quarter. Fifth Third Wealth Advisors LLC now owns 1,069 shares of the technology company's stock worth $558,000 after buying an additional 37 shares during the period. Institutional investors own 97.38% of the company's stock.

Fabrinet Company Profile

Fabrinet NYSE: FN is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.

Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.

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