Fabrinet (NYSE:FN) Shares Gap Up - Here's What Happened

Key Points

• Fabrinet shares jumped 10.4%, opening at $569.41 versus the prior close of $525.88, with the stock last trading near $569.94.
• Analyst sentiment remains broadly positive, with six Buy ratings and four Holds. The consensus rating is Moderate Buy, with an average price target of $643, though recent targets and ratings were mixed.
• Institutional investors own 97.38% of Fabrinet, while an insider recently sold 2,500 shares for approximately $1.78 million; insiders retain just 0.24% ownership.

Fabrinet (NYSE:FN - Get Free Report) shares gapped up prior to trading on Wednesday . The stock had previously closed at $525.88, but opened at $569.41. Fabrinet shares last traded at $569.9390, with a volume of 91,107 shares traded.

Analysts Set New Price Targets

A number of analysts have commented on FN shares. Rosenblatt Securities boosted their target price on Fabrinet from $715.00 to $750.00 and gave the stock a "buy" rating in a research report on Tuesday, May 5th. JPMorgan Chase & Co. cut their price target on Fabrinet from $700.00 to $680.00 and set a "neutral" rating for the company in a research note on Tuesday, May 5th. Fox Advisors lowered shares of Fabrinet from a "strong-buy" rating to an "equal weight" rating in a research report on Tuesday, May 5th. Wall Street Zen cut shares of Fabrinet from a "buy" rating to a "hold" rating in a research note on Monday, July 20th. Finally, Northland Securities set a $800.00 target price on shares of Fabrinet in a report on Monday, April 20th. Six research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to data from MarketBeat, Fabrinet has an average rating of "Moderate Buy" and a consensus price target of $643.00.

Fabrinet Stock Up 10.4%

The firm has a fifty day moving average price of $533.97 and a 200-day moving average price of $566.55. The firm has a market cap of $20.79 billion, a price-to-earnings ratio of 49.86 and a beta of 1.23.

Insiders Place Their Bets

In other Fabrinet news, Director Homa Bahrami sold 2,500 shares of the firm's stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $711.91, for a total value of $1,779,775.00. Following the sale, the director directly owned 16,233 shares of the company's stock, valued at approximately $11,556,435.03. This trade represents a 13.35% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.24% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Core Wealth Advisors LLC acquired a new position in Fabrinet during the fourth quarter worth approximately $25,000. Harbour Investments Inc. boosted its holdings in shares of Fabrinet by 75.0% in the 4th quarter. Harbour Investments Inc. now owns 63 shares of the technology company's stock valued at $29,000 after purchasing an additional 27 shares during the last quarter. Cassaday & Co Wealth Management LLC acquired a new position in shares of Fabrinet in the 1st quarter valued at $31,000. Creative Financial Designs Inc. ADV purchased a new stake in shares of Fabrinet during the 4th quarter valued at $32,000. Finally, Quarry LP grew its stake in shares of Fabrinet by 300.0% during the 4th quarter. Quarry LP now owns 72 shares of the technology company's stock valued at $33,000 after buying an additional 54 shares during the period. Institutional investors and hedge funds own 97.38% of the company's stock.

Fabrinet Company Profile

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.

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