Fabrinet (NYSE:FN) Shares Gap Up – Should You Buy?

Fabrinet (NYSE:FN) gapped up prior to trading on Thursday . The stock had previously closed at $201.88, but opened at $220.00. Fabrinet shares last traded at $221.64, with a volume of 205,855 shares changing hands.

Wall Street Analysts Forecast Growth

FN has been the subject of several recent analyst reports. Rosenblatt Securities raised their target price on shares of Fabrinet from $280.00 to $285.00 and gave the stock a “buy” rating in a research note on Tuesday, February 4th. Needham & Company LLC restated a “buy” rating and set a $280.00 target price on shares of Fabrinet in a research report on Tuesday, February 4th. B. Riley cut shares of Fabrinet from a “neutral” rating to a “sell” rating and cut their target price for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. Barclays cut their target price on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 4th. Finally, JPMorgan Chase & Co. cut their target price on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a research report on Tuesday, February 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus price target of $246.63.

Fabrinet Price Performance

The stock has a market capitalization of $8.12 billion, a price-to-earnings ratio of 25.22 and a beta of 0.89. The business’s 50-day simple moving average is $219.55 and its two-hundred day simple moving average is $231.25.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, February 3rd. The technology company reported $2.38 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. As a group, sell-side analysts expect that Fabrinet will post 9.4 EPS for the current year.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. Huntington National Bank raised its holdings in Fabrinet by 70.4% in the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after acquiring an additional 57 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new stake in Fabrinet in the third quarter valued at $52,000. Quarry LP raised its holdings in Fabrinet by 315.8% in the fourth quarter. Quarry LP now owns 237 shares of the technology company’s stock valued at $52,000 after acquiring an additional 180 shares in the last quarter. Public Employees Retirement System of Ohio bought a new stake in Fabrinet during the third quarter valued at $61,000. Finally, Orion Capital Management LLC bought a new stake in Fabrinet during the fourth quarter valued at $62,000. 97.38% of the stock is owned by institutional investors and hedge funds.

Fabrinet Company Profile

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.