Fabrinet (NYSE:FN) Reaches New 12-Month High - What's Next?

Fabrinet (NYSE:FN - Get Free Report) hit a new 52-week high on Tuesday . The company traded as high as $303.65 and last traded at $301.87, with a volume of 548885 shares trading hands. The stock had previously closed at $296.46.

Analyst Ratings Changes

FN has been the topic of a number of recent analyst reports. Needham & Company LLC restated a "buy" rating and set a $280.00 price objective on shares of Fabrinet in a research note on Tuesday, May 6th. Barclays set a $234.00 target price on Fabrinet and gave the company an "equal weight" rating in a research note on Tuesday, May 6th. B. Riley raised 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. Rosenblatt Securities raised their target price on Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a research note on Thursday, June 12th. Finally, JPMorgan Chase & Co. raised their target price on Fabrinet from $235.00 to $318.00 and gave the company a "neutral" rating in a research note on Thursday. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Fabrinet presently has an average rating of "Hold" and a consensus target price of $261.33.

Fabrinet Trading Up 0.9%

The firm has a market cap of $11.15 billion, a price-to-earnings ratio of 34.64 and a beta of 1.04. The stock has a 50-day moving average of $259.66 and a two-hundred day moving average of $227.63.

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

Insiders Place Their Bets

In other Fabrinet news, Director Rollance E. Olson sold 2,500 shares of the 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 transaction, the director directly owned 23,201 shares of the company's stock, valued at $5,196,559.98. This represents a 9.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. 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 transaction of $4,482,000.00. Following the transaction, the chief operating officer directly owned 18,068 shares in the company, valued at $4,336,320. The trade was 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 Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. Archford Capital Strategies LLC acquired a new stake in Fabrinet in the 2nd quarter valued at approximately $223,000. Avior Wealth Management LLC acquired a new stake in Fabrinet in the 2nd quarter worth $490,000. Public Employees Retirement System of Ohio grew its position in Fabrinet by 7,738.3% in the 2nd quarter. Public Employees Retirement System of Ohio now owns 21,477 shares of the technology company's stock worth $6,329,000 after purchasing an additional 21,203 shares during the last quarter. DB Fitzpatrick & Co Inc grew its position in Fabrinet by 1.8% in the 2nd quarter. DB Fitzpatrick & Co Inc now owns 4,330 shares of the technology company's stock worth $1,276,000 after purchasing an additional 76 shares during the last quarter. Finally, Maseco LLP acquired a new stake in Fabrinet in the 2nd quarter worth $25,000. Institutional investors and hedge funds own 97.38% of the company's stock.

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.