Fabrinet (FN) Shares Gap Up After Analyst Upgrade

Shares of Fabrinet (NYSE:FN) gapped up prior to trading on Monday after Needham & Company raised their price target on the stock from $56.00 to $60.00. The stock had previously closed at $38.84, but opened at $40.02. Needham & Company currently has a strong-buy rating on the stock. Fabrinet shares last traded at $46.23, with a volume of 3,419,172 shares traded.

A number of other analysts have also weighed in on FN. B. Riley reissued a “buy” rating and set a $44.75 price objective on shares of Fabrinet in a research note on Tuesday, May 9th. JPMorgan Chase & Co. set a $57.00 price objective on Fabrinet and gave the company a “buy” rating in a research note on Thursday, June 1st. ValuEngine lowered Fabrinet from a “buy” rating to a “hold” rating in a research note on Friday, June 2nd. Piper Jaffray Companies reissued an “overweight” rating on shares of Fabrinet in a research note on Wednesday, May 10th. Finally, Zacks Investment Research lowered Fabrinet from a “hold” rating to a “sell” rating in a research note on Tuesday, May 2nd. One analyst has rated the stock with a sell rating, one has issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the stock. The company has an average rating of “Buy” and an average target price of $53.13.

In other Fabrinet news, CEO David T. Mitchell sold 75,000 shares of the stock in a transaction on Monday, May 1st. The stock was sold at an average price of $34.73, for a total value of $2,604,750.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO David T. Mitchell sold 52,500 shares of the stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $37.02, for a total value of $1,943,550.00. Following the completion of the transaction, the chief executive officer now owns 102,114 shares of the company’s stock, valued at approximately $3,780,260.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 202,500 shares of company stock valued at $7,648,050. 4.30% of the stock is owned by corporate insiders.

A number of institutional investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in Fabrinet by 60,498.5% in the first quarter. BlackRock Inc. now owns 4,311,581 shares of the technology company’s stock worth $181,218,000 after buying an additional 4,304,466 shares during the period. Congress Asset Management Co. MA purchased a new position in Fabrinet during the first quarter worth about $58,716,000. Royce & Associates LP increased its position in Fabrinet by 372.7% in the first quarter. Royce & Associates LP now owns 997,915 shares of the technology company’s stock worth $41,942,000 after buying an additional 786,799 shares during the period. FMR LLC increased its position in Fabrinet by 23.9% in the fourth quarter. FMR LLC now owns 2,322,831 shares of the technology company’s stock worth $93,610,000 after buying an additional 448,000 shares during the period. Finally, Whale Rock Capital Management LLC increased its position in Fabrinet by 48.7% in the first quarter. Whale Rock Capital Management LLC now owns 915,836 shares of the technology company’s stock worth $38,493,000 after buying an additional 300,081 shares during the period. Institutional investors and hedge funds own 94.28% of the company’s stock.

The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of 19.43 and a beta of 1.11. The stock has a 50-day moving average price of $36.48 and a 200-day moving average price of $39.66.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, May 8th. The technology company reported $0.57 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.74 by $0.17. The firm had revenue of $366.80 million for the quarter, compared to the consensus estimate of $362.07 million. Fabrinet had a net margin of 6.74% and a return on equity of 14.95%. The company’s revenue for the quarter was up 46.1% on a year-over-year basis. During the same period last year, the firm earned $0.56 earnings per share. Analysts forecast that Fabrinet will post $3.36 EPS for the current year.

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Fabrinet Company Profile

Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of products, such as optical communication components, modules and sub-systems, industrial lasers, medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test.

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