Fabrinet (NYSE:FN) Given Average Rating of "Hold" by Analysts

Key Points

• Fabrinet (NYSE:FN) has received an average rating of "Hold" from analysts, with four analysts rating it as hold and three as buy, and a 1-year price target averaging $261.33.
• Recent transactions by insiders include Director Rollance E. Olson selling 2,500 shares and COO Harpal Gill selling 18,675 shares, indicating a potential decrease in insider confidence.
• Fabrinet's latest earnings report showed $2.52 earnings per share, surpassing estimates, along with a 19.2% year-over-year revenue growth to $871.80 million.

Fabrinet (NYSE:FN - Get Free Report) has been assigned an average recommendation of "Hold" from the seven brokerages that are presently covering the company, Marketbeat.com reports. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $261.33.

FN has been the subject of a number of recent research reports. JPMorgan Chase & Co. raised their price target on shares of Fabrinet from $235.00 to $318.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Barclays set a $234.00 target price on shares of Fabrinet and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. Wolfe Research started coverage on shares of Fabrinet in a report on Tuesday, July 8th. They issued a "peer perform" rating on the stock. Rosenblatt Securities increased their price target on Fabrinet from $250.00 to $290.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. Finally, B. Riley upgraded Fabrinet from a "sell" rating to a "neutral" rating and reduced their price objective for the company from $178.00 to $176.00 in a research note on Friday, April 4th.

Insider Buying and Selling at Fabrinet

In other Fabrinet news, Director Rollance E. Olson sold 2,500 shares of Fabrinet stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total value of $559,950.00. Following the completion of the transaction, the director owned 23,201 shares of the company's stock, valued at approximately $5,196,559.98. The trade was a 9.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Harpal Gill sold 18,675 shares of the stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total transaction of $4,482,000.00. Following the sale, the chief operating officer directly owned 18,068 shares in the company, valued at approximately $4,336,320. The trade was a 50.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by company insiders.

Institutional Trading of Fabrinet

A number of institutional investors and hedge funds have recently made changes to their positions in FN. Vanguard Group Inc. grew its stake in Fabrinet by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 4,137,579 shares of the technology company's stock valued at $909,771,000 after acquiring an additional 113,186 shares during the period. FMR LLC lifted its holdings in Fabrinet by 13.1% during the fourth quarter. FMR LLC now owns 2,213,887 shares of the technology company's stock valued at $486,789,000 after purchasing an additional 257,164 shares in the last quarter. Wasatch Advisors LP lifted its holdings in Fabrinet by 47.0% during the fourth 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 in the last quarter. Geode Capital Management LLC grew its position in shares of Fabrinet by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 1,006,858 shares of the technology company's stock valued at $221,430,000 after purchasing an additional 20,045 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Fabrinet by 1.4% during the fourth quarter. JPMorgan Chase & Co. now owns 669,459 shares of the technology company's stock worth $147,201,000 after purchasing an additional 9,058 shares in the last quarter. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Fabrinet Price Performance

Shares of FN opened at $308.29 on Friday. The company's fifty day moving average price is $267.74 and its 200-day moving average price is $230.36. Fabrinet has a 1-year low of $148.55 and a 1-year high of $314.47. The firm has a market capitalization of $11.05 billion, a PE ratio of 34.33 and a beta of 1.04.

Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 earnings per share for the quarter, beating analysts' consensus estimates of $2.47 by $0.05. Fabrinet had a return on equity of 17.99% and a net margin of 10.00%. The business had revenue of $871.80 million for the quarter, compared to analyst estimates of $857.12 million. During the same period in the prior year, the company earned $2.39 earnings per share. The company's revenue was up 19.2% on a year-over-year basis. As a group, research analysts anticipate that Fabrinet will post 9.4 EPS for the current fiscal year.

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.

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