JPMorgan Chase & Co. Issues Positive Forecast for Fabrinet (NYSE:FN) Stock Price

Fabrinet (NYSE:FN - Free Report) had its price objective increased by JPMorgan Chase & Co. from $235.00 to $318.00 in a report issued on Thursday,Benzinga reports. They currently have a neutral rating on the technology company's stock.

Several other equities analysts have also issued reports on the company. B. Riley upgraded Fabrinet from a "sell" rating to a "neutral" rating and decreased their price objective for the company from $178.00 to $176.00 in a research report on Friday, April 4th. 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. Needham & Company LLC restated a "buy" rating and issued a $280.00 price target on shares of Fabrinet in a research note on Tuesday, May 6th. Wolfe Research assumed coverage on Fabrinet in a research report on Tuesday, July 8th. They set a "peer perform" rating on the stock. Finally, Rosenblatt Securities raised their price target on Fabrinet from $250.00 to $290.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, Fabrinet currently has an average rating of "Hold" and a consensus price target of $261.33.

Fabrinet Stock Performance

Shares of FN traded up $0.96 during trading hours on Thursday, hitting $311.91. 168,856 shares of the company were exchanged, compared to its average volume of 649,079. The company has a market cap of $11.18 billion, a PE ratio of 34.74 and a beta of 1.04. The firm's 50 day moving average is $259.66 and its 200-day moving average is $227.73. Fabrinet has a 52 week low of $148.55 and a 52 week high of $314.42.

Fabrinet (NYSE:FN - Get Free Report) last issued its earnings results on Monday, May 5th. The technology company reported $2.52 EPS for the quarter, topping the consensus estimate of $2.47 by $0.05. Fabrinet had a return on equity of 17.99% and a net margin of 10.00%. The firm had revenue of $871.80 million during the quarter, compared to analysts' expectations of $857.12 million. During the same period last year, the business earned $2.39 earnings per share. Fabrinet's quarterly revenue was up 19.2% compared to the same quarter last year. As a group, equities analysts forecast that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, COO Harpal Gill sold 18,675 shares of the company's stock in a transaction on 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 sale, the chief operating officer directly owned 18,068 shares of the company's stock, valued at $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 is available at this link. Also, Director Rollance E. Olson sold 2,500 shares of the business's 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 sale, the director owned 23,201 shares in the company, valued at approximately $5,196,559.98. This trade represents a 9.73% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.38% of the company's stock.

Institutional Investors Weigh In On Fabrinet

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Maseco LLP purchased a new stake in Fabrinet during the 2nd quarter valued at approximately $25,000. Banque Cantonale Vaudoise purchased a new position in shares of Fabrinet in the first quarter valued at $29,000. Wayfinding Financial LLC purchased a new position in shares of Fabrinet in the first quarter valued at $30,000. Berbice Capital Management LLC purchased a new position in shares of Fabrinet in the first quarter valued at $30,000. Finally, Private Trust Co. NA grew its holdings in shares of Fabrinet by 44.3% in the first quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock valued at $33,000 after purchasing an additional 51 shares in the last quarter. Institutional investors 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.