Fabrinet (NYSE:FN) Trading Up 7.9% – Time to Buy?

Fabrinet (NYSE:FN)’s stock price traded up 7.9% during trading on Tuesday . The stock traded as high as $254.61 and last traded at $240.60. 594,537 shares changed hands during trading, a decline of 16% from the average session volume of 710,042 shares. The stock had previously closed at $223.04.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the stock. B. Riley lowered shares of Fabrinet from a “neutral” rating to a “sell” rating and dropped their price objective for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. JPMorgan Chase & Co. dropped their price objective 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. Needham & Company LLC reissued a “buy” rating and set a $280.00 price objective on shares of Fabrinet in a research note on Tuesday, February 4th. Barclays dropped their price objective on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Finally, Fox Advisors began coverage on shares of Fabrinet in a report on Tuesday. They issued an “overweight” rating and a $270.00 target price for the company. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. According to MarketBeat.com, Fabrinet has a consensus rating of “Hold” and a consensus target price of $246.63.

Fabrinet Stock Down 3.6 %

The firm’s fifty day simple moving average is $227.03 and its 200-day simple moving average is $233.93. The firm has a market capitalization of $8.36 billion, a PE ratio of 25.78 and a beta of 0.92.

Fabrinet (NYSE:FN) last released its quarterly earnings data 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%. As a group, analysts predict that Fabrinet will post 9.4 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Orion Capital Management LLC purchased a new stake in Fabrinet during the fourth quarter valued at approximately $62,000. PharVision Advisers LLC purchased a new stake in Fabrinet during the fourth quarter valued at approximately $221,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its holdings in Fabrinet by 17.4% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 75,727 shares of the technology company’s stock valued at $16,651,000 after buying an additional 11,235 shares during the last quarter. Woodline Partners LP increased its holdings in Fabrinet by 298.8% during the fourth quarter. Woodline Partners LP now owns 43,329 shares of the technology company’s stock valued at $9,527,000 after buying an additional 32,465 shares during the last quarter. Finally, Vident Advisory LLC increased its holdings in Fabrinet by 154.4% during the fourth quarter. Vident Advisory LLC now owns 3,238 shares of the technology company’s stock valued at $712,000 after buying an additional 1,965 shares during the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.

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.