Fabrinet (NYSE:FN) Hits New 1-Year High - Still a Buy?

Fabrinet (NYSE:FN - Get Free Report) reached a new 52-week high on Monday . The stock traded as high as $313.85 and last traded at $311.83, with a volume of 106876 shares changing hands. The stock had previously closed at $310.95.

Analyst Upgrades and Downgrades

FN has been the subject of a number of research analyst reports. Barclays set a $234.00 target price on shares of Fabrinet and gave the stock an "equal weight" rating in a research report on Tuesday, May 6th. JPMorgan Chase & Co. boosted their price target on Fabrinet from $235.00 to $318.00 and gave the stock a "neutral" rating in a research note on Thursday. Rosenblatt Securities boosted their target price on shares of Fabrinet from $250.00 to $290.00 and gave the stock a "buy" rating in a research note on Thursday, June 12th. Wolfe Research assumed coverage on Fabrinet in a research note on Tuesday, July 8th. They set a "peer perform" rating for the company. Finally, B. Riley upgraded Fabrinet from a "sell" rating to a "neutral" rating and decreased their target price for the stock from $178.00 to $176.00 in a report on Friday, April 4th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $261.33.

Fabrinet Stock Performance

The firm's 50 day moving average is $259.66 and its 200 day moving average is $227.73. The stock has a market cap of $11.09 billion, a P/E ratio of 34.48 and a beta of 1.04.

Fabrinet (NYSE:FN - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 EPS for the quarter, topping 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 firm had revenue of $871.80 million for the quarter, compared to the consensus estimate of $857.12 million. During the same quarter in the prior year, the company posted $2.39 earnings per share. The firm's revenue was up 19.2% on a year-over-year basis. As a group, analysts expect that Fabrinet will post 9.4 EPS for the current fiscal year.

Insider Activity at Fabrinet

In related news, Director Rollance E. Olson sold 2,500 shares of the firm's stock in a transaction 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 sale, the director directly owned 23,201 shares in the company, valued at $5,196,559.98. This trade represents a 9.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Harpal Gill sold 18,675 shares of the company's 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 of the company's stock, valued at $4,336,320. This represents a 50.83% decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fabrinet

Several institutional investors and hedge funds have recently modified their holdings of FN. Archford Capital Strategies LLC acquired a new position in Fabrinet during the second quarter worth $223,000. Avior Wealth Management LLC purchased a new position in Fabrinet during the second quarter valued at approximately $490,000. Public Employees Retirement System of Ohio increased its position in Fabrinet by 7,738.3% during the second quarter. Public Employees Retirement System of Ohio now owns 21,477 shares of the technology company's stock valued at $6,329,000 after acquiring an additional 21,203 shares during the last quarter. DB Fitzpatrick & Co Inc grew its holdings in Fabrinet by 1.8% during the 2nd quarter. DB Fitzpatrick & Co Inc now owns 4,330 shares of the technology company's stock worth $1,276,000 after acquiring an additional 76 shares in the last quarter. Finally, Maseco LLP purchased a new position in Fabrinet during the 2nd quarter worth approximately $25,000. 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.

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