Wolfe Research Initiates Coverage on Fabrinet (NYSE:FN)

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

FN has been the topic of several other research reports. Barclays set a $234.00 price target on Fabrinet and gave the company 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. JPMorgan Chase & Co. lifted their price target on Fabrinet from $220.00 to $235.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. B. Riley raised Fabrinet from a "sell" rating to a "neutral" rating and dropped their price target for the company from $178.00 to $176.00 in a research note on Friday, April 4th. Finally, Rosenblatt Securities raised their price objective on Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a report on Thursday, June 12th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $247.50.

Fabrinet Price Performance

Shares of NYSE FN traded down $0.93 during trading hours on Tuesday, hitting $285.73. 611,540 shares of the company's stock were exchanged, compared to its average volume of 645,796. The company's 50-day moving average price is $244.04 and its 200-day moving average price is $222.93. The stock has a market capitalization of $10.24 billion, a price-to-earnings ratio of 31.82 and a beta of 1.04. Fabrinet has a 1-year low of $148.55 and a 1-year high of $300.29.

Fabrinet (NYSE:FN - Get Free Report) last posted its quarterly earnings data 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. Fabrinet had a return on equity of 17.99% and a net margin of 10.00%. The firm had revenue of $871.80 million for the quarter, compared to the consensus estimate of $857.12 million. During the same quarter in the prior year, the business earned $2.39 EPS. The business's revenue for the quarter was up 19.2% compared to the same quarter last year. On average, research analysts expect that Fabrinet will post 9.4 earnings per share for the current year.

Insider Transactions at Fabrinet

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

Institutional Trading of Fabrinet

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