Fabrinet (NYSE:FN) Hits New 12-Month High - Time to Buy?

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

Analysts Set New Price Targets

A number of equities analysts have recently commented on FN shares. Needham & Company LLC reaffirmed a "buy" rating and set a $280.00 price objective on shares of Fabrinet in a report on Tuesday, May 6th. Wolfe Research began coverage on shares of Fabrinet in a research report on Tuesday, July 8th. They issued a "peer perform" rating for the company. B. Riley upgraded shares of Fabrinet from a "sell" rating to a "neutral" rating and cut their price target for the stock from $178.00 to $176.00 in a research note on Friday, April 4th. Rosenblatt Securities upped their price objective on Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a research note on Thursday, June 12th. Finally, JPMorgan Chase & Co. raised their target price on Fabrinet from $235.00 to $318.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $261.33.

Fabrinet Trading Down 0.2%

The company has a 50 day simple moving average of $266.18 and a 200-day simple moving average of $229.81. The stock has a market cap of $10.91 billion, a price-to-earnings ratio of 33.90 and a beta of 1.04.

Fabrinet (NYSE:FN - Get Free Report) last released its quarterly earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate 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 last year, the business posted $2.39 EPS. The company's revenue for the quarter was up 19.2% on a year-over-year basis. Equities analysts forecast that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Investors Weigh In On Fabrinet

Several institutional investors and hedge funds have recently bought and sold shares of FN. 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 during the last quarter. FMR LLC grew its position in Fabrinet by 13.1% in the fourth quarter. FMR LLC now owns 2,213,887 shares of the technology company's stock valued at $486,789,000 after acquiring an additional 257,164 shares during the last quarter. Wasatch Advisors LP raised its position in Fabrinet by 47.0% in 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 during the last quarter. Geode Capital Management LLC raised its position in 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 last quarter. Finally, JPMorgan Chase & Co. raised its position in Fabrinet by 1.4% in the fourth quarter. JPMorgan Chase & Co. now owns 669,459 shares of the technology company's stock valued at $147,201,000 after purchasing an additional 9,058 shares during the last quarter. Institutional investors 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.