Fabrinet (NYSE:FN) Hits New 1-Year High - What's Next?

Key Points

• Fabrinet's share price reached a new **52-week high** of **$333.79** during trading, settling at **$324.10**, indicating strong investor interest with a volume of **56,383 shares** traded.
• Analyst ratings are mixed with **four hold** ratings and **three buy** ratings, while the average price target is **$261.33**, showing cautious optimism for the stock's performance.
• The company reported a **19.2% increase** in quarterly revenue year-over-year at **$871.80 million**, exceeding analyst estimates and posting an **EPS of $2.52**, which is above the consensus estimate of **$2.47**.

Fabrinet (NYSE:FN - Get Free Report)'s share price hit a new 52-week high during trading on Tuesday . The stock traded as high as $333.79 and last traded at $324.10, with a volume of 56383 shares changing hands. The stock had previously closed at $329.57.

Analyst Ratings Changes

A number of equities analysts have weighed in on the company. Wolfe Research assumed coverage on Fabrinet in a research note on Tuesday, July 8th. They set a "peer perform" rating for the company. Needham & Company LLC reaffirmed a "buy" rating and set a $280.00 price objective on shares of Fabrinet in a research report on Tuesday, May 6th. JPMorgan Chase & Co. increased their target price on Fabrinet from $235.00 to $318.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Barclays set a $234.00 price objective on Fabrinet and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. Finally, Rosenblatt Securities increased 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. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Fabrinet presently has an average rating of "Hold" and a consensus price target of $261.33.

Fabrinet Trading Down 0.7%

The stock has a market capitalization of $11.73 billion, a P/E ratio of 36.45 and a beta of 1.02. The firm's fifty day moving average is $278.85 and its 200-day moving average is $234.08.

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

Insiders Place Their Bets

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

Hedge Funds Weigh In On Fabrinet

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Private Trust Co. NA grew its holdings in Fabrinet by 44.3% in the 1st quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock valued at $33,000 after buying an additional 51 shares in the last quarter. KBC Group NV increased its holdings in Fabrinet by 12.1% during the 1st quarter. KBC Group NV now owns 1,594 shares of the technology company's stock worth $315,000 after purchasing an additional 172 shares during the period. T. Rowe Price Investment Management Inc. purchased a new stake in Fabrinet during the 4th quarter worth about $1,945,000. SG Americas Securities LLC purchased a new stake in Fabrinet during the 1st quarter worth about $369,000. Finally, Stephens Investment Management Group LLC increased its holdings in shares of Fabrinet by 22.6% in the 1st quarter. Stephens Investment Management Group LLC now owns 157,282 shares of the technology company's stock valued at $31,065,000 after acquiring an additional 28,948 shares during the last quarter. 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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