Brokerages Set Fabrinet (NYSE:FN) Target Price at $247.50

Fabrinet (NYSE:FN - Get Free Report) has been assigned a consensus rating of "Moderate Buy" from the six research firms that are presently covering the company, MarketBeat reports. Three investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 1-year target price among analysts that have covered the stock in the last year is $247.50.

A number of equities analysts have weighed in on the company. Barclays set a $234.00 price objective on Fabrinet and gave the stock an "equal weight" rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. boosted their price target on shares of Fabrinet from $220.00 to $235.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. B. Riley upgraded shares of Fabrinet from a "sell" rating to a "neutral" rating and cut their price objective for the stock from $178.00 to $176.00 in a research report on Friday, April 4th. Rosenblatt Securities lifted their target price on shares of Fabrinet from $250.00 to $290.00 and gave the stock a "buy" rating in a research note on Thursday, June 12th. Finally, 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.

Insider Buying and Selling

In other news, COO Harpal Gill sold 18,675 shares of the 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 sale, the chief operating officer owned 18,068 shares of the company's stock, valued at approximately $4,336,320. This represents a 50.83% 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 the SEC website. Also, 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 transaction of $559,950.00. Following the completion of the transaction, the director owned 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 disclosure for this sale can be found here. 0.38% of the stock is owned by insiders.

Institutional Investors Weigh In On Fabrinet

A number of hedge funds have recently added to or reduced their stakes in the business. Vanguard Group Inc. raised its position in Fabrinet by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 4,137,579 shares of the technology company's stock valued at $909,771,000 after purchasing an additional 113,186 shares in the last quarter. FMR LLC increased its stake in shares of Fabrinet by 13.1% during the fourth quarter. FMR LLC now owns 2,213,887 shares of the technology company's stock worth $486,789,000 after buying an additional 257,164 shares during the period. Wasatch Advisors LP increased its stake in shares of Fabrinet by 47.0% during the fourth quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company's stock worth $249,044,000 after buying an additional 362,064 shares during the period. Geode Capital Management LLC raised its holdings in Fabrinet by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 1,006,858 shares of the technology company's stock valued at $221,430,000 after acquiring an additional 20,045 shares in the last quarter. Finally, JPMorgan Chase & Co. lifted its stake in Fabrinet by 1.4% in the fourth quarter. JPMorgan Chase & Co. now owns 669,459 shares of the technology company's stock worth $147,201,000 after acquiring an additional 9,058 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Fabrinet Stock Up 1.0%

Shares of NYSE FN traded up $2.76 during midday trading on Tuesday, hitting $291.59. The stock had a trading volume of 246,047 shares, compared to its average volume of 645,035. The stock has a 50 day simple moving average of $240.56 and a 200-day simple moving average of $222.13. The company has a market capitalization of $10.45 billion, a PE ratio of 32.47 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 released 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 analyst estimates of $857.12 million. Fabrinet had a net margin of 10.00% and a return on equity of 17.99%. The company's revenue for the quarter was up 19.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $2.39 earnings per share. As a group, analysts expect that Fabrinet will post 9.4 earnings per share for the current fiscal year.

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.