Fabrinet (NYSE:FN) Stock Price Up 3.8% on Analyst Upgrade

Fabrinet (NYSE:FN - Get Free Report) shares rose 3.8% during trading on Thursday after Rosenblatt Securities raised their price target on the stock from $250.00 to $290.00. Rosenblatt Securities currently has a buy rating on the stock. Fabrinet traded as high as $252.51 and last traded at $252.40. Approximately 76,113 shares changed hands during mid-day trading, a decline of 90% from the average daily volume of 763,468 shares. The stock had previously closed at $243.20.

Several other equities analysts also recently weighed in on FN. Needham & Company LLC reiterated a "buy" rating and set a $280.00 target price on shares of Fabrinet in a research report on Tuesday, May 6th. Barclays set a $234.00 target price on Fabrinet and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. Fox Advisors assumed coverage on Fabrinet in a research report on Tuesday, February 18th. They set an "overweight" rating and a $270.00 target price on the stock. B. Riley upgraded Fabrinet from a "sell" rating to a "neutral" rating and lowered their target price for the company from $178.00 to $176.00 in a research report on Friday, April 4th. Finally, JPMorgan Chase & Co. lifted their target price on Fabrinet from $220.00 to $235.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, Fabrinet presently has a consensus rating of "Hold" and a consensus target price of $245.00.

Insider Activity

In related news, Director Rollance E. Olson sold 2,500 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total transaction of $559,950.00. Following the completion of the transaction, the director now directly owns 23,201 shares of the company's stock, valued at approximately $5,196,559.98. This represents a 9.73% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, COO Harpal Gill sold 18,675 shares of the stock in a transaction that occurred 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 transaction, the chief operating officer now directly owns 18,068 shares of the company's stock, valued at approximately $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. Company insiders own 0.38% of the company's stock.

Hedge Funds Weigh In On Fabrinet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Banque Cantonale Vaudoise bought a new position in Fabrinet during the first quarter valued at approximately $29,000. Wayfinding Financial LLC bought a new position in Fabrinet during the first quarter valued at approximately $30,000. Berbice Capital Management LLC bought a new position in Fabrinet during the first quarter valued at approximately $30,000. Private Trust Co. NA boosted its stake in Fabrinet by 44.3% during the first quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock valued at $33,000 after buying an additional 51 shares during the last quarter. Finally, SBI Securities Co. Ltd. boosted its stake in Fabrinet by 93.5% during the first quarter. SBI Securities Co. Ltd. now owns 180 shares of the technology company's stock valued at $36,000 after buying an additional 87 shares during the last quarter. 97.38% of the stock is owned by institutional investors.

Fabrinet Stock Down 4.7%

The business has a 50 day moving average of $214.78 and a 200 day moving average of $218.02. The company has a market capitalization of $8.78 billion, a P/E ratio of 27.40 and a beta of 0.98.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.05. Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. The company had revenue of $871.80 million for the quarter, compared to analysts' expectations of $857.12 million. During the same period in the previous year, the firm posted $2.39 earnings per share. The firm's revenue for the quarter was up 19.2% on a year-over-year basis. On average, research analysts anticipate that Fabrinet will post 9.4 EPS for the current year.

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.