Fabrinet (NYSE:FN) Stock Rating Raised to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Fabrinet (NYSE:FN) from a hold rating to a strong-buy rating in a research report report published on Monday morning,Zacks reports.

Several other analysts have also commented on FN. Wall Street Zen lowered shares of Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, July 20th. Rosenblatt Securities reissued a “buy” rating and set a $750.00 target price on shares of Fabrinet in a research report on Tuesday, August 18th. Weiss Ratings lowered shares of Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 9th. Fox Advisors raised shares of Fabrinet from an “equal weight” rating to an “overweight” rating in a report on Wednesday, August 19th. Finally, Needham & Company LLC reiterated a “buy” rating and issued a $650.00 price objective on shares of Fabrinet in a research note on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $649.50.

Fabrinet Trading Up 8.0%

Shares of Fabrinet stock opened at $490.16 on Monday. The business’s fifty day simple moving average is $447.34 and its 200 day simple moving average is $545.37. Fabrinet has a 12 month low of $358.28 and a 12 month high of $748.89. The firm has a market capitalization of $17.56 billion, a P/E ratio of 37.56 and a beta of 1.23.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Tuesday, August 18th. The technology company reported $4.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.81 by $0.29. Fabrinet had a return on equity of 21.23% and a net margin of 10.19%.The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter in the prior year, the company earned $2.65 EPS. The business’s revenue for the quarter was up 44.6% on a year-over-year basis. Analysts predict that Fabrinet will post 17.5 EPS for the current fiscal year.

Insider Buying and Selling

In other Fabrinet news, EVP Edward Archer sold 2,500 shares of the stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total transaction of $964,775.00. Following the completion of the transaction, the executive vice president owned 7,007 shares in the company, valued at $2,704,071.37. This trade represents a 26.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.24% of the stock is currently owned by company insiders.

Institutional Trading of Fabrinet

Institutional investors have recently modified their holdings of the business. Continuum Advisory LLC bought a new position in Fabrinet in the 2nd quarter worth approximately $25,000. Byrne Asset Management LLC purchased a new stake in shares of Fabrinet during the third quarter worth $27,000. Cassaday & Co Wealth Management LLC purchased a new position in shares of Fabrinet in the first quarter valued at $31,000. Sunbelt Securities Inc. bought a new stake in shares of Fabrinet during the 1st quarter valued at $66,000. Finally, Hilton Head Capital Partners LLC bought a new position in Fabrinet in the 4th quarter worth about $68,000. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

About Fabrinet

Fabrinet (NYSE: FN) provides advanced manufacturing services for companies that develop optical, electro-optical, and precision-engineered products. The company supports customers from product design and engineering through manufacturing, assembly, testing, and supply-chain management.

Its products and manufacturing capabilities include optical communications components, modules, and assemblies; precision optical and optoelectronic systems; industrial lasers; and other complex products used in communications, industrial, automotive, medical, and other technology markets.