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

Fabrinet (NYSE:FN - Get Free Report) shares reached a new 52-week high during trading on Wednesday . The stock traded as high as $288.72 and last traded at $287.72, with a volume of 219531 shares trading hands. The stock had previously closed at $276.50.

Analyst Upgrades and Downgrades

FN has been the topic of several research reports. 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 boosted their price objective on shares of Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a research report on Thursday, June 12th. B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and cut their price objective for the company from $178.00 to $176.00 in a research report on Friday, April 4th. Barclays set a $234.00 target price on shares of Fabrinet and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. increased their target price on shares of Fabrinet from $220.00 to $235.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $247.50.

Fabrinet Stock Down 1.1%

The company has a market cap of $10.59 billion, a P/E ratio of 32.93 and a beta of 0.98. The business has a fifty day moving average price of $232.02 and a 200-day moving average price of $220.80.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.05. Fabrinet had a net margin of 10.00% and a return on equity of 17.99%. The business had revenue of $871.80 million during the quarter, compared to analysts' expectations of $857.12 million. During the same quarter in the previous year, the company earned $2.39 EPS. The business's revenue was up 19.2% on a year-over-year basis. As a group, research analysts expect that Fabrinet will post 9.4 earnings per share for the current year.

Insider Buying and Selling at Fabrinet

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

Institutional Investors Weigh In On Fabrinet

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Banque Cantonale Vaudoise bought a new stake in shares of Fabrinet during the 1st quarter valued at approximately $29,000. Wayfinding Financial LLC bought a new stake in shares of Fabrinet during the 1st quarter valued at approximately $30,000. Berbice Capital Management LLC bought a new stake in shares of Fabrinet during the 1st quarter valued at approximately $30,000. Private Trust Co. NA grew its holdings in shares of Fabrinet by 44.3% during the 1st quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock valued at $33,000 after purchasing an additional 51 shares during the last quarter. Finally, SBI Securities Co. Ltd. grew its holdings in shares of Fabrinet by 93.5% during the 1st quarter. SBI Securities Co. Ltd. now owns 180 shares of the technology company's stock valued at $36,000 after purchasing an additional 87 shares during the last quarter. 97.38% of the stock is owned by institutional investors.

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.