Fabrinet (NYSE:FN) Shares Up 8.1% – Here’s What Happened

Fabrinet (NYSE:FN)’s share price was up 8.1% on Tuesday . The company traded as high as $196.72 and last traded at $203.09. Approximately 66,686 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 720,408 shares. The stock had previously closed at $187.88.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on FN. B. Riley lowered shares of Fabrinet from a “neutral” rating to a “sell” rating and decreased their price target for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. Barclays lowered their price target on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Rosenblatt Securities raised their price objective on Fabrinet from $280.00 to $285.00 and gave the stock a “buy” rating in a research report on Tuesday, February 4th. Needham & Company LLC reissued a “buy” rating and set a $280.00 price objective on shares of Fabrinet in a report on Tuesday, February 4th. Finally, Fox Advisors started coverage on Fabrinet in a research note on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 target price for the company. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $246.63.

Fabrinet Price Performance

The stock has a 50 day moving average price of $220.36 and a two-hundred day moving average price of $231.95. The company has a market capitalization of $7.02 billion, a price-to-earnings ratio of 21.64 and a beta of 0.89.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. Sell-side analysts forecast that Fabrinet will post 9.4 EPS for the current fiscal year.

Hedge Funds Weigh In On Fabrinet

Hedge funds have recently made changes to their positions in the business. Barclays PLC increased its position in shares of Fabrinet by 304.6% in the third quarter. Barclays PLC now owns 69,128 shares of the technology company’s stock valued at $16,345,000 after acquiring an additional 52,042 shares during the last quarter. Charles Schwab Investment Management Inc. increased its position in shares of Fabrinet by 14.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock worth $113,621,000 after purchasing an additional 61,491 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in shares of Fabrinet during the 3rd quarter worth approximately $2,398,000. Pathstone Holdings LLC grew its stake in shares of Fabrinet by 40.7% in the third quarter. Pathstone Holdings LLC now owns 8,219 shares of the technology company’s stock valued at $1,943,000 after buying an additional 2,378 shares in the last quarter. Finally, Freedom Investment Management Inc. increased its holdings in Fabrinet by 106.2% during the third quarter. Freedom Investment Management Inc. now owns 4,969 shares of the technology company’s stock worth $1,175,000 after buying an additional 2,559 shares during the last quarter. 97.38% of the stock is owned by institutional investors.

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.