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

Fabrinet (NYSE:FN)’s share price gapped up prior to trading on Wednesday . The stock had previously closed at $525.88, but opened at $569.41. Fabrinet shares last traded at $569.9390, with a volume of 91,107 shares changing hands.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FN. Zacks Research downgraded Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Monday, June 15th. Barclays raised their price target on shares of Fabrinet from $548.00 to $702.00 and gave the company an “overweight” rating in a report on Tuesday, May 5th. Weiss Ratings cut shares of Fabrinet from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, June 30th. Wall Street Zen downgraded shares of Fabrinet from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. Finally, Needham & Company LLC decreased their price objective on shares of Fabrinet from $800.00 to $650.00 and set a “buy” rating for the company in a research note on Wednesday, July 22nd. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, Fabrinet currently has a consensus rating of “Moderate Buy” and an average price target of $643.00.

Fabrinet Stock Up 10.4%

The firm has a market cap of $20.79 billion, a price-to-earnings ratio of 49.86 and a beta of 1.23. The business has a 50 day moving average price of $533.97 and a 200-day moving average price of $566.55.

Insider Activity

In other news, Director Homa Bahrami sold 2,500 shares of Fabrinet stock in a transaction that occurred on Friday, May 22nd. The shares were sold at an average price of $711.91, for a total transaction of $1,779,775.00. Following the sale, the director owned 16,233 shares in the company, valued at $11,556,435.03. This trade represents a 13.35% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.24% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Fabrinet

A number of large investors have recently added to or reduced their stakes in FN. Great Lakes Advisors LLC purchased a new stake in Fabrinet during the 2nd quarter worth $3,024,000. Wedge Capital Management L L P NC boosted its position in Fabrinet by 11.5% in the 2nd quarter. Wedge Capital Management L L P NC now owns 128,795 shares of the technology company’s stock valued at $72,393,000 after buying an additional 13,245 shares during the last quarter. Handelsbanken Fonder AB boosted its position in Fabrinet by 1.8% in the 2nd quarter. Handelsbanken Fonder AB now owns 11,566 shares of the technology company’s stock valued at $6,501,000 after buying an additional 200 shares during the last quarter. Fulton Bank N.A. acquired a new stake in shares of Fabrinet during the second quarter valued at about $280,000. Finally, Kopp Family Office LLC acquired a new stake in shares of Fabrinet during the second quarter valued at about $350,000. 97.38% of the stock is owned by institutional investors and hedge funds.

About Fabrinet

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.