Fabrinet (NYSE:FN) Shares Up 6.4% – Still a Buy?

Shares of Fabrinet (NYSE:FN) rose 6.4% during mid-day trading on Tuesday . The stock traded as high as $490.88 and last traded at $492.5650. Approximately 134,788 shares were traded during trading, a decline of 77% from the average daily volume of 577,305 shares. The stock had previously closed at $462.94.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on the company. Rosenblatt Securities raised their price target on Fabrinet from $425.00 to $550.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. JPMorgan Chase & Co. raised their target price on shares of Fabrinet from $430.00 to $530.00 and gave the company an “overweight” rating in a report on Tuesday, November 4th. Weiss Ratings restated a “buy (b-)” rating on shares of Fabrinet in a research report on Monday, December 29th. Barclays increased their price target on shares of Fabrinet from $329.00 to $499.00 and gave the company an “equal weight” rating in a research report on Wednesday, November 5th. Finally, Northland Securities set a $600.00 price objective on Fabrinet in a research report on Monday, December 22nd. Six equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $469.88.

Fabrinet Trading Up 5.5%

The company’s 50 day simple moving average is $456.35 and its 200 day simple moving average is $385.57. The stock has a market capitalization of $17.49 billion, a PE ratio of 50.28 and a beta of 1.04.

Insider Activity at Fabrinet

In other Fabrinet news, CEO Seamus Grady sold 22,451 shares of Fabrinet stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $446.95, for a total value of $10,034,474.45. Following the completion of the sale, the chief executive officer owned 23,573 shares in the company, valued at $10,535,952.35. The trade was a 48.78% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas F. Kelly sold 2,200 shares of the stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $464.14, for a total transaction of $1,021,108.00. Following the transaction, the director owned 18,789 shares in the company, valued at approximately $8,720,726.46. The trade was a 10.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 28,151 shares of company stock worth $12,643,707. 0.24% of the stock is currently owned by insiders.

Institutional Trading of Fabrinet

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Wealth Enhancement Advisory Services LLC lifted its position in Fabrinet by 4.2% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 14,590 shares of the technology company’s stock valued at $6,991,000 after buying an additional 584 shares in the last quarter. Park Avenue Securities LLC lifted its holdings in shares of Fabrinet by 8.7% during the 4th quarter. Park Avenue Securities LLC now owns 7,415 shares of the technology company’s stock valued at $3,376,000 after acquiring an additional 591 shares in the last quarter. GAMMA Investing LLC lifted its holdings in shares of Fabrinet by 14.0% during the 4th quarter. GAMMA Investing LLC now owns 1,404 shares of the technology company’s stock valued at $639,000 after acquiring an additional 172 shares in the last quarter. Allworth Financial LP boosted its position in Fabrinet by 36.1% during 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. Finally, Swiss Life Asset Management Ltd increased its holdings in Fabrinet by 78.2% in the 3rd quarter. Swiss Life Asset Management Ltd now owns 1,648 shares of the technology company’s stock valued at $601,000 after purchasing an additional 723 shares in the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Company Profile

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.