Wolfe Research Initiates Coverage on Fabrinet (NYSE:FN)

Wolfe Research started coverage on shares of Fabrinet (NYSE:FN - Free Report) in a research report report published on Tuesday, Marketbeat.com reports. The brokerage issued a peer perform rating on the technology company's stock.

Several other equities research analysts have also issued reports on the stock. Needham & Company LLC restated a "buy" rating and issued a $280.00 target price on shares of Fabrinet in a report on Tuesday, May 6th. JPMorgan Chase & Co. raised 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. Rosenblatt Securities raised their target price on shares of Fabrinet from $250.00 to $290.00 and gave the stock a "buy" rating in a report on Thursday, June 12th. B. Riley upgraded shares of Fabrinet from a "sell" rating to a "neutral" rating and lowered their target price for the stock from $178.00 to $176.00 in a report on Friday, April 4th. Finally, 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. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Hold" and a consensus price target of $247.50.

Fabrinet Stock Performance

Shares of NYSE FN traded up $2.02 during midday trading on Tuesday, reaching $291.27. The stock had a trading volume of 444,977 shares, compared to its average volume of 649,327. The stock has a 50-day moving average of $250.27 and a 200-day moving average of $224.76. The company has a market capitalization of $10.44 billion, a price-to-earnings ratio of 32.44 and a beta of 1.04. Fabrinet has a 12-month low of $148.55 and a 12-month high of $300.29.

Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings data 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. Fabrinet had a net margin of 10.00% and a return on equity of 17.99%. The firm had revenue of $871.80 million during the quarter, compared to analysts' expectations of $857.12 million. During the same period in the prior year, the company posted $2.39 earnings per share. The company's revenue for the quarter was up 19.2% compared to the same quarter last year. As a group, analysts forecast that Fabrinet will post 9.4 EPS for the current fiscal year.

Insider Buying and Selling

In related news, Director Rollance E. Olson sold 2,500 shares of Fabrinet stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total value of $559,950.00. Following the completion of the sale, the director directly owned 23,201 shares in the company, valued at $5,196,559.98. This trade represents a 9.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, COO Harpal Gill sold 18,675 shares of Fabrinet stock in a transaction that occurred on Wednesday, June 4th. The stock was 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 $4,336,320. This trade 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 owned by company insiders.

Institutional Trading of Fabrinet

Institutional investors and hedge funds have recently bought and sold shares of the business. Banque Cantonale Vaudoise acquired a new stake in Fabrinet during the 1st quarter valued at approximately $29,000. Berbice Capital Management LLC purchased a new position in shares of Fabrinet during the 1st quarter valued at approximately $30,000. Wayfinding Financial LLC purchased a new position in shares of Fabrinet during the 1st quarter valued at approximately $30,000. Private Trust Co. NA increased 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 in the last quarter. Finally, SBI Securities Co. Ltd. increased 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 in the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

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.