Fabrinet (NYSE:FN) Trading 8.1% Higher – What’s Next?

Fabrinet (NYSE:FN) shares were up 8.1% during mid-day trading on Tuesday . The stock 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.

Analyst Ratings Changes

Several analysts recently weighed in on the company. Barclays dropped their price objective on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 4th. Rosenblatt Securities increased their target price on shares of Fabrinet from $280.00 to $285.00 and gave the stock a “buy” rating in a report on Tuesday, February 4th. Needham & Company LLC restated a “buy” rating and issued a $280.00 price target on shares of Fabrinet in a research note on Tuesday, February 4th. B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and dropped their price objective for the company from $194.00 to $178.00 in a research note on Wednesday, November 20th. Finally, JPMorgan Chase & Co. decreased their target price on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $246.63.

Fabrinet Trading Up 11.3 %

The firm’s 50-day moving average price is $219.55 and its 200 day moving average price is $231.25. The company has a market cap of $8.15 billion, a price-to-earnings ratio of 25.14 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 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%. Analysts forecast that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Fabrinet

A number of institutional investors have recently modified their holdings of the company. Huntington National Bank grew its position in Fabrinet by 70.4% in the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after purchasing an additional 57 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new position in shares of Fabrinet during the third quarter valued at about $52,000. Quarry LP grew its holdings in shares of 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 last quarter. Public Employees Retirement System of Ohio acquired a new stake in shares of Fabrinet in the 3rd quarter worth about $61,000. Finally, Orion Capital Management LLC bought a new position in Fabrinet in the 4th quarter valued at about $62,000. 97.38% of the stock is owned by institutional investors and hedge funds.

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.