Fabrinet (NYSE:FN) Hits New 52-Week High - Time to Buy?

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

Analysts Set New Price Targets

A number of equities research analysts have issued reports on FN shares. B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and decreased their target price for the company from $178.00 to $176.00 in a research note on Friday, April 4th. JPMorgan Chase & Co. boosted their target price on Fabrinet from $220.00 to $235.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Barclays set a $234.00 price target on Fabrinet and gave the stock an "equal weight" rating in a research note on Tuesday, May 6th. Needham & Company LLC reissued a "buy" rating and issued a $280.00 price target on shares of Fabrinet in a research note on Tuesday, May 6th. Finally, Rosenblatt Securities raised their target price on Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a report on Thursday, June 12th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $245.00.

Fabrinet Stock Performance

The company has a market capitalization of $10.26 billion, a price-to-earnings ratio of 31.86 and a beta of 0.98. The company has a 50-day moving average price of $225.46 and a 200-day moving average price of $219.49.

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

Insider Activity at Fabrinet

In other Fabrinet news, Director Rollance E. Olson sold 2,500 shares of the company'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 sale, the director now owns 23,201 shares in the company, valued at approximately $5,196,559.98. This represents a 9.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Harpal Gill sold 18,675 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total value of $4,482,000.00. Following the completion of the sale, 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. 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 added to or reduced their stakes in the stock. Norges Bank bought a new stake in Fabrinet during the fourth quarter valued at about $95,084,000. Capital Research Global Investors lifted its position in shares of Fabrinet by 675.2% during the 4th quarter. Capital Research Global Investors now owns 417,020 shares of the technology company's stock valued at $91,694,000 after buying an additional 363,228 shares in the last quarter. Wasatch Advisors LP grew its stake in shares of Fabrinet by 47.0% during the 4th quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company's stock valued at $249,044,000 after acquiring an additional 362,064 shares during the period. Nuveen LLC purchased a new stake in Fabrinet in the 1st quarter worth approximately $64,274,000. Finally, FMR LLC raised its stake in Fabrinet by 13.1% during the 4th quarter. FMR LLC now owns 2,213,887 shares of the technology company's stock worth $486,789,000 after acquiring an additional 257,164 shares during the period. Hedge funds and other 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.

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