Brokerages Set Fabrinet (NYSE:FN) Target Price at $239.29

Shares of Fabrinet (NYSE:FN - Get Free Report) have earned a consensus recommendation of "Hold" from the seven analysts that are currently covering the stock, Marketbeat.com reports. Four analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month target price among brokerages that have updated their coverage on the stock in the last year is $239.29.

FN has been the topic of a number of recent research reports. Needham & Company LLC restated a "buy" rating and issued a $280.00 target price on shares of Fabrinet in a report on Tuesday, May 6th. B. Riley upgraded shares of Fabrinet from a "sell" rating to a "neutral" rating and cut their price objective for the stock from $178.00 to $176.00 in a report on Friday, April 4th. Barclays set a $234.00 price objective on shares of Fabrinet and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. Rosenblatt Securities increased their price objective on shares of Fabrinet from $230.00 to $250.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. increased their price objective on shares of Fabrinet from $220.00 to $235.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th.

Fabrinet Price Performance

NYSE:FN traded down $2.24 on Friday, reaching $232.71. The stock had a trading volume of 383,909 shares, compared to its average volume of 632,356. The company has a market cap of $8.34 billion, a price-to-earnings ratio of 26.03 and a beta of 0.98. The firm's fifty day moving average is $209.06 and its two-hundred day moving average is $217.50. Fabrinet has a 12-month low of $148.55 and a 12-month high of $281.79.

Fabrinet (NYSE:FN - Get Free Report) last released its earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.47 by $0.05. The company had revenue of $871.80 million for the quarter, compared to analyst estimates of $857.12 million. Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. The firm's quarterly revenue was up 19.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.39 EPS. As a group, research analysts forecast that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, Director Rollance E. Olson sold 2,500 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total transaction of $559,950.00. Following the completion of the sale, the director now owns 23,201 shares of the company's stock, valued at approximately $5,196,559.98. This represents a 9.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Harpal Gill sold 18,675 shares of the stock in a transaction that occurred on 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 now directly owns 18,068 shares of the company's stock, valued at approximately $4,336,320. This trade represents a 50.83% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company's stock.

Institutional Trading of Fabrinet

Several large investors have recently bought and sold shares of the company. Vanguard Group Inc. grew its position in Fabrinet by 2.8% in the fourth 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 in the last quarter. FMR LLC boosted 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 buying an additional 257,164 shares during the last quarter. Wasatch Advisors LP boosted its stake 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 buying an additional 362,064 shares during the last quarter. Geode Capital Management LLC boosted its stake in shares of Fabrinet by 2.0% during the 4th quarter. Geode Capital Management LLC now owns 1,006,858 shares of the technology company's stock valued at $221,430,000 after buying an additional 20,045 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its stake in shares of Fabrinet by 1.4% during the 4th quarter. JPMorgan Chase & Co. now owns 669,459 shares of the technology company's stock valued at $147,201,000 after buying an additional 9,058 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company's stock.

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.