Fabrinet (NYSE:FN) Shares Gap Up – Here’s What Happened

by · The Markets Daily

Shares of Fabrinet (NYSE:FN – Get Free Report) gapped up before the market opened on Thursday . The stock had previously closed at $477.05, but opened at $501.65. Fabrinet shares last traded at $504.3580, with a volume of 87,160 shares traded.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on FN shares. Zacks Research cut shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Barclays upgraded shares of Fabrinet from an “equal weight” rating to an “overweight” rating and lifted their price target for the stock from $499.00 to $537.00 in a research note on Wednesday. JPMorgan Chase & Co. upped their price objective on shares of Fabrinet from $430.00 to $530.00 and gave the company an “overweight” rating in a research note on Tuesday, November 4th. Northland Securities set a $600.00 target price on Fabrinet in a research report on Monday, December 22nd. Finally, Rosenblatt Securities upped their target price on Fabrinet from $425.00 to $550.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $474.63.

View Our Latest Report on FN

Fabrinet Price Performance

The firm has a market cap of $17.69 billion, a price-to-earnings ratio of 50.85 and a beta of 1.04. The firm’s 50 day moving average price is $458.43 and its two-hundred day moving average price is $389.70.

Insider Activity

In other Fabrinet news, Director Thomas F. Kelly sold 2,200 shares of the business’s stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $464.14, for a total value of $1,021,108.00. Following the transaction, the director directly owned 18,789 shares of the company’s stock, valued at approximately $8,720,726.46. The trade was a 10.48% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Homa Bahrami sold 3,500 shares of the company’s stock in a transaction on 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 owned 18,316 shares of the company’s stock, valued at approximately $8,310,885. The trade was a 16.04% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders have sold 28,151 shares of company stock valued at $12,643,707. Company insiders own 0.24% of the company’s stock.

Hedge Funds Weigh In On Fabrinet

A number of large investors have recently made changes to their positions in FN. Vanguard Group Inc. increased its stake in Fabrinet by 1.4% in the 3rd quarter. Vanguard Group Inc. now owns 4,135,345 shares of the technology company’s stock valued at $1,507,829,000 after purchasing an additional 59,002 shares in the last quarter. Wasatch Advisors LP increased its stake in shares of Fabrinet by 45.1% during the 2nd quarter. Wasatch Advisors LP now owns 1,779,665 shares of the technology company’s stock worth $524,432,000 after purchasing an additional 553,196 shares in the last quarter. Geode Capital Management LLC raised its holdings in shares of Fabrinet by 0.5% in the second quarter. Geode Capital Management LLC now owns 1,051,108 shares of the technology company’s stock worth $309,771,000 after acquiring an additional 5,114 shares during the last quarter. Invesco Ltd. lifted its holdings in Fabrinet by 33.3% in the 3rd quarter. Invesco Ltd. now owns 681,850 shares of the technology company’s stock valued at $248,616,000 after purchasing an additional 170,297 shares in the last quarter. Finally, Westfield Capital Management Co. LP grew its stake in Fabrinet by 102.8% in the 2nd quarter. Westfield Capital Management Co. LP now owns 663,310 shares of the technology company’s stock worth $195,464,000 after acquiring an additional 336,173 shares during the period. Hedge funds and other institutional investors own 97.38% of the company’s stock.

About Fabrinet

(Get Free Report)

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.

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