Fabrinet (NYSE:FN) Shares Up 7.9% – Here’s Why

Fabrinet (NYSE:FN)’s share price shot up 7.9% during trading on Tuesday . The company traded as high as $254.61 and last traded at $240.60. 594,537 shares changed hands during trading, a decline of 16% from the average session volume of 710,042 shares. The stock had previously closed at $223.04.

Analysts Set New Price Targets

A number of analysts have issued reports on FN shares. JPMorgan Chase & Co. decreased their price target on Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 4th. Fox Advisors began coverage on Fabrinet in a research note on Tuesday. They issued an “overweight” rating and a $270.00 price objective on the stock. Needham & Company LLC reissued a “buy” rating and set a $280.00 price target on shares of Fabrinet in a research report on Tuesday, February 4th. Rosenblatt Securities boosted their price target on Fabrinet from $280.00 to $285.00 and gave the stock a “buy” rating in a research report on Tuesday, February 4th. Finally, B. Riley lowered Fabrinet from a “neutral” rating to a “sell” rating and reduced their price target for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the company. According to data from MarketBeat, Fabrinet has a consensus rating of “Hold” and an average target price of $246.63.

Fabrinet Stock Performance

The firm has a market capitalization of $8.72 billion, a P/E ratio of 26.89 and a beta of 0.92. The stock has a fifty day moving average price of $226.93 and a two-hundred day moving average price of $233.63.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. As a group, research analysts anticipate that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Institutional Trading of Fabrinet

Several institutional investors have recently modified their holdings of FN. Huntington National Bank lifted its holdings in shares of Fabrinet by 70.4% in the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after buying an additional 57 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in Fabrinet during the third quarter valued at $52,000. Quarry LP raised its position in Fabrinet by 315.8% during the fourth quarter. Quarry LP now owns 237 shares of the technology company’s stock valued at $52,000 after buying an additional 180 shares during the period. Eastern Bank acquired a new position in Fabrinet during the third quarter valued at $59,000. Finally, Public Employees Retirement System of Ohio acquired a new position in Fabrinet in the 3rd quarter worth about $61,000. Institutional investors and hedge funds 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.