Fabrinet (NYSE:FN) Stock Price Up 4.8% - Time to Buy?

Key Points

• Fabrinet shares rose 4.8% to about $444.84, although trading volume was 69% below the average session volume.
• Analyst sentiment remains positive overall, with six Buy and four Hold ratings, an average rating of “Moderate Buy,” and a consensus price target of $649.50.
• The company exceeded quarterly expectations, reporting $4.10 in EPS versus $3.81 expected and $1.32 billion in revenue, up 44.6% year over year; however, an executive recently sold 2,500 shares.

Shares of Fabrinet (NYSE:FN - Get Free Report) rose 4.8% on Thursday. The stock traded as high as $444.94 and last traded at $444.8430. Approximately 260,804 shares were traded during trading, a decline of 69% from the average session volume of 843,824 shares. The stock had previously closed at $424.27.

Analyst Upgrades and Downgrades

FN has been the subject of a number of research reports. Zacks Research downgraded Fabrinet from a "strong-buy" rating to a "hold" rating in a report on Monday, June 15th. Fox Advisors upgraded shares of Fabrinet from an "equal weight" rating to an "overweight" rating in a research note on Wednesday, August 19th. Wall Street Zen lowered shares of Fabrinet from a "buy" rating to a "hold" rating in a research report on Monday, July 20th. Needham & Company LLC reiterated a "buy" rating and issued a $650.00 price objective on shares of Fabrinet in a research note on Tuesday, August 18th. Finally, Rosenblatt Securities reissued a "buy" rating and issued a $750.00 price objective on shares of Fabrinet in a report on Tuesday, August 18th. Six analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat, Fabrinet currently has an average rating of "Moderate Buy" and a consensus target price of $649.50.

Fabrinet Trading Up 6.0%

The firm has a market cap of $16.11 billion, a price-to-earnings ratio of 34.51 and a beta of 1.21. The company's 50-day moving average is $448.41 and its 200-day moving average is $546.46.

Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings data on Tuesday, August 18th. The technology company reported $4.10 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $3.81 by $0.29. The business had revenue of $1.32 billion for the quarter, compared to analysts' expectations of $1.28 billion. Fabrinet had a net margin of 10.19% and a return on equity of 21.23%. The firm's quarterly revenue was up 44.6% compared to the same quarter last year. During the same period last year, the firm posted $2.65 earnings per share. Equities research analysts forecast that Fabrinet will post 17.5 EPS for the current year.

Insider Activity at Fabrinet

In related news, EVP Edward Archer sold 2,500 shares of the company's stock in a transaction on Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total transaction of $964,775.00. Following the completion of the sale, the executive vice president directly owned 7,007 shares in the company, valued at $2,704,071.37. This represents a 26.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.24% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of FN. Continuum Advisory LLC bought a new stake in shares of Fabrinet during the 2nd quarter valued at approximately $25,000. Harbour Investments Inc. lifted its stake in 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 bought a new position in Fabrinet in the 1st quarter valued at approximately $31,000. Nomura Asset Management Co. Ltd. boosted its position in Fabrinet by 42.0% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 142 shares of the technology company's stock valued at $65,000 after buying an additional 42 shares in the last quarter. Finally, Sunbelt Securities Inc. acquired a new stake in Fabrinet in the first quarter valued at approximately $66,000. Institutional investors own 97.38% of the company's stock.

Fabrinet Company Profile

Fabrinet NYSE: FN provides advanced manufacturing services for companies that develop optical, electro-optical, and precision-engineered products. The company supports customers from product design and engineering through manufacturing, assembly, testing, and supply-chain management.

Its products and manufacturing capabilities include optical communications components, modules, and assemblies; precision optical and optoelectronic systems; industrial lasers; and other complex products used in communications, industrial, automotive, medical, and other technology markets.

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