Shares of Fabrinet (NYSE:FN - Get Free Report) hit a new 52-week high during trading on Monday . The stock traded as high as $345.71 and last traded at $344.29, with a volume of 683717 shares traded. The stock had previously closed at $335.11.
Analyst Ratings Changes
Several analysts have commented on the stock. Needham & Company LLC reaffirmed a "buy" rating and issued a $280.00 price objective on shares of Fabrinet in a research report on Tuesday, May 6th. Rosenblatt Securities lifted their price objective on shares of Fabrinet from $250.00 to $290.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. Wolfe Research initiated coverage on shares of Fabrinet in a research report on Tuesday, July 8th. They issued a "peer perform" rating on the stock. Barclays set a $234.00 price target on shares of Fabrinet and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Fabrinet from $235.00 to $318.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of "Hold" and an average price target of $261.33.
Read Our Latest Research Report on FN
Fabrinet Stock Down 4.6%
The firm's 50-day moving average price is $294.80 and its 200-day moving average price is $239.08. The company has a market cap of $11.53 billion, a P/E ratio of 35.84 and a beta of 1.02.
Insider Activity
In related news, COO Harpal Gill sold 18,675 shares of the business's stock in a transaction that occurred on 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 transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.38% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Fabrinet
Hedge funds have recently bought and sold shares of the company. Maseco LLP purchased a new position in Fabrinet during the second quarter valued at approximately $25,000. Elevation Point Wealth Partners LLC purchased a new position in Fabrinet in the 2nd quarter worth approximately $35,000. First Horizon Advisors Inc. grew its stake in Fabrinet by 124.2% in the 2nd quarter. First Horizon Advisors Inc. now owns 139 shares of the technology company's stock worth $41,000 after buying an additional 77 shares in the last quarter. Cullen Frost Bankers Inc. grew its stake in Fabrinet by 118.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 142 shares of the technology company's stock worth $42,000 after buying an additional 77 shares in the last quarter. Finally, Banque Cantonale Vaudoise purchased a new position in Fabrinet in the 1st quarter worth approximately $29,000. Hedge funds and other institutional investors own 97.38% of the company's stock.
About Fabrinet
(
Get Free Report)
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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