Fabrinet (NYSE:FN) Reaches New 12-Month High – What’s Next?

Fabrinet (NYSE:FN) reached a new 52-week high during trading on Tuesday . The stock traded as high as $499.97 and last traded at $498.3810, with a volume of 266257 shares changing hands. The stock had previously closed at $491.03.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on FN shares. Barclays increased their target price on shares of Fabrinet from $329.00 to $499.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 5th. Rosenblatt Securities raised their price objective on shares of Fabrinet from $425.00 to $550.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. B. Riley boosted their target price on shares of Fabrinet from $184.00 to $220.00 and gave the company a “neutral” rating in a report on Tuesday, August 19th. JPMorgan Chase & Co. increased their target price on Fabrinet from $430.00 to $530.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 4th. Finally, Zacks Research upgraded Fabrinet from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 23rd. One equities research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $451.29.

Fabrinet Stock Up 1.4%

The firm’s 50-day simple moving average is $420.76 and its 200-day simple moving average is $346.51. The firm has a market capitalization of $17.84 billion, a P/E ratio of 51.32 and a beta of 1.05.

Insider Activity

In related news, Director Homa Bahrami sold 3,500 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $453.75, for a total transaction of $1,588,125.00. Following the transaction, the director directly owned 18,316 shares of the company’s stock, valued at approximately $8,310,885. This trade represents a 16.04% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Thomas F. Kelly sold 2,200 shares of the business’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $464.14, for a total value of $1,021,108.00. Following the completion of the sale, the director owned 18,789 shares of the company’s stock, valued at $8,720,726.46. The trade was a 10.48% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 28,151 shares of company stock worth $12,643,707. 0.24% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fabrinet

Institutional investors have recently made changes to their positions in the business. Allworth Financial LP raised its position in Fabrinet by 36.1% in the 3rd quarter. Allworth Financial LP now owns 377 shares of the technology company’s stock worth $137,000 after purchasing an additional 100 shares during the period. Swiss Life Asset Management Ltd increased its holdings in shares of Fabrinet by 78.2% in the third quarter. Swiss Life Asset Management Ltd now owns 1,648 shares of the technology company’s stock worth $601,000 after buying an additional 723 shares during the period. Strategic Advocates LLC bought a new stake in shares of Fabrinet in the 3rd quarter valued at about $103,000. CIBC Bancorp USA Inc. purchased a new stake in Fabrinet during the 3rd quarter valued at about $1,405,000. Finally, Danske Bank A S bought a new position in Fabrinet during the 3rd quarter worth approximately $1,136,000. Hedge funds and other 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.