Fabrinet (NYSE:FN) Shares Gap Up – Still a Buy?

Shares of Fabrinet (NYSE:FN) gapped up prior to trading on Thursday . The stock had previously closed at $201.88, but opened at $220.00. Fabrinet shares last traded at $221.64, with a volume of 205,855 shares.

Analysts Set New Price Targets

Several research analysts have weighed in on the company. JPMorgan Chase & Co. dropped their price target on Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a research note on Tuesday, February 4th. B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. Fox Advisors began coverage on shares of Fabrinet in a research note on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 target price on the stock. Rosenblatt Securities reissued a “buy” rating and set a $285.00 price target on shares of Fabrinet in a research note on Friday. Finally, Barclays dropped their price objective on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a report 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 assigned a buy rating to the company’s stock. According to MarketBeat.com, Fabrinet presently has a consensus rating of “Hold” and an average target price of $246.63.

Fabrinet Trading Down 1.3 %

The business has a 50-day moving average price of $219.44 and a 200-day moving average price of $230.99. The firm has a market cap of $8.01 billion, a P/E ratio of 24.70 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 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%. On average, equities analysts anticipate that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fabrinet

A number of institutional investors have recently added to or reduced their stakes in FN. Huntington National Bank boosted its position in Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after purchasing an additional 57 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Fabrinet in the third quarter worth about $52,000. Quarry LP raised its stake in shares of Fabrinet by 315.8% in the fourth quarter. Quarry LP now owns 237 shares of the technology company’s stock worth $52,000 after purchasing an additional 180 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in shares of Fabrinet in the third quarter worth about $61,000. Finally, Orion Capital Management LLC purchased a new position in shares of Fabrinet in the fourth quarter worth about $62,000. Institutional investors own 97.38% of the company’s stock.

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.