Fabrinet (NYSE:FN) Trading 3.8% Higher Following Analyst Upgrade

Fabrinet (NYSE:FN - Get Free Report)'s stock price was up 3.8% during mid-day 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 traded 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.

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

Insiders Place Their Bets

In other Fabrinet news, Director Rollance E. Olson sold 2,500 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total value of $559,950.00. Following the sale, the director now directly owns 23,201 shares of the company's stock, valued at approximately $5,196,559.98. This trade represents a 9.73% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, COO Harpal Gill sold 18,675 shares of the firm's stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total value of $4,482,000.00. Following the completion of the sale, the chief operating officer now directly owns 18,068 shares in the company, 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. 0.38% of the stock is owned by corporate insiders.

Institutional Trading of Fabrinet

A number of hedge funds have recently added to or reduced their stakes in FN. First Hawaiian Bank acquired a new position in shares of Fabrinet in the 1st quarter valued at about $1,133,000. Strs Ohio acquired a new position in shares of Fabrinet in the 1st quarter valued at about $1,699,000. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its stake in shares of Fabrinet by 4.9% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 79,444 shares of the technology company's stock valued at $15,691,000 after purchasing an additional 3,717 shares in the last quarter. Empowered Funds LLC acquired a new position in shares of Fabrinet in the 1st quarter valued at about $2,331,000. Finally, United Services Automobile Association acquired a new position in shares of Fabrinet in the 1st quarter valued at about $473,000. 97.38% of the stock is owned by institutional investors and hedge funds.

Fabrinet Trading Up 5.5%

The firm has a market capitalization of $9.19 billion, a price-to-earnings ratio of 28.70 and a beta of 0.98. The firm has a 50 day moving average price of $211.80 and a two-hundred day moving average price of $217.81.

Fabrinet (NYSE:FN - Get Free Report) last released its quarterly earnings data 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 business had revenue of $871.80 million for the quarter, compared to analyst estimates of $857.12 million. Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. The company's revenue was up 19.2% compared to the same quarter last year. During the same period in the previous year, the company posted $2.39 EPS. As a group, research analysts forecast that Fabrinet will post 9.4 earnings per share 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.