JPMorgan Chase & Co. Forecasts Strong Price Appreciation for Fabrinet (NYSE:FN) Stock

Fabrinet (NYSE:FN - Get Free Report) had its target price upped by research analysts at JPMorgan Chase & Co. from $235.00 to $318.00 in a report released on Thursday,Benzinga reports. The brokerage presently has a "neutral" rating on the technology company's stock. JPMorgan Chase & Co.'s price target suggests a potential upside of 2.80% from the company's current price.

Other equities research analysts also recently issued reports about the stock. B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and cut their price target for the company from $178.00 to $176.00 in a report on Friday, April 4th. Needham & Company LLC reissued a "buy" rating and set a $280.00 price target on shares of Fabrinet in a research report on Tuesday, May 6th. Barclays set a $234.00 price target on shares of Fabrinet and gave the stock an "equal weight" rating in a research report on Tuesday, May 6th. Wolfe Research initiated coverage on shares of Fabrinet in a report on Tuesday, July 8th. They set a "peer perform" rating on the stock. Finally, Rosenblatt Securities raised their price objective on shares of Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a research report on Thursday, June 12th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, Fabrinet has an average rating of "Hold" and an average price target of $261.33.

Fabrinet Stock Up 4.0%

FN stock traded up $11.90 during trading on Thursday, hitting $309.35. 200,920 shares of the company's stock traded hands, compared to its average volume of 731,695. The stock has a market capitalization of $11.08 billion, a price-to-earnings ratio of 34.45 and a beta of 1.04. Fabrinet has a 52 week low of $148.55 and a 52 week high of $310.12. The stock has a fifty day moving average price of $255.44 and a two-hundred day moving average price of $226.35.

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, topping the consensus estimate of $2.47 by $0.05. Fabrinet had a net margin of 10.00% and a return on equity of 17.99%. The firm had revenue of $871.80 million for the quarter, compared to analyst estimates of $857.12 million. During the same quarter in the prior year, the business earned $2.39 earnings per share. Fabrinet's quarterly revenue was up 19.2% on a year-over-year basis. As a group, equities research analysts expect that Fabrinet will post 9.4 EPS for the current fiscal year.

Insider Buying and Selling

In other 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 value of $559,950.00. Following the completion of the sale, the director directly owned 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, COO Harpal Gill sold 18,675 shares of the company's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $240.00, for a total transaction of $4,482,000.00. Following the transaction, the chief operating officer owned 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

Several hedge funds and other institutional investors have recently modified their holdings of FN. Maseco LLP bought a new position in shares of Fabrinet in the second quarter valued at about $25,000. Banque Cantonale Vaudoise bought a new stake in shares of Fabrinet during the first quarter worth $29,000. Wayfinding Financial LLC acquired a new position in shares of Fabrinet during the first quarter worth about $30,000. Berbice Capital Management LLC bought a new position in shares of Fabrinet during the 1st quarter worth approximately $30,000. Finally, Private Trust Co. NA increased its position in shares of Fabrinet by 44.3% during the 1st quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock worth $33,000 after purchasing an additional 51 shares during the last quarter. Institutional investors own 97.38% of the company's stock.

About Fabrinet

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.

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