Fabrinet (NYSE:FN) Reaches New 52-Week High – Still a Buy?

Fabrinet (NYSE:FN)’s share price reached a new 52-week high during mid-day trading on Wednesday . The company traded as high as $278.97 and last traded at $269.08, with a volume of 93640 shares. The stock had previously closed at $252.10.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on FN shares. B. Riley cut shares of Fabrinet from a “neutral” rating to a “sell” rating and lowered their price target for the company from $194.00 to $178.00 in a research report on Wednesday, November 20th. Barclays started coverage on shares of Fabrinet in a research report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price target on the stock. Finally, Needham & Company LLC started coverage on shares of Fabrinet in a research report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price target on the stock. One analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Fabrinet presently has an average rating of “Hold” and an average price target of $252.14.

Fabrinet Price Performance

The company has a market capitalization of $9.76 billion, a PE ratio of 31.84 and a beta of 0.93. The stock’s 50 day simple moving average is $232.41 and its 200-day simple moving average is $235.55.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, beating the consensus estimate of $2.38 by $0.01. The company had revenue of $804.20 million for the quarter, compared to analyst estimates of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The firm’s revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.78 earnings per share. On average, equities analysts predict that Fabrinet will post 9.1 earnings per share for the current year.

Institutional Investors Weigh In On Fabrinet

Several hedge funds have recently modified their holdings of the stock. Legacy Wealth Asset Management LLC lifted its holdings in Fabrinet by 3.2% in the third quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company’s stock valued at $325,000 after acquiring an additional 43 shares during the period. Wolff Wiese Magana LLC lifted its holdings in Fabrinet by 2.7% in the third quarter. Wolff Wiese Magana LLC now owns 1,765 shares of the technology company’s stock valued at $417,000 after acquiring an additional 47 shares during the period. Cynosure Group LLC increased its position in shares of Fabrinet by 3.4% in the third quarter. Cynosure Group LLC now owns 1,560 shares of the technology company’s stock valued at $369,000 after buying an additional 51 shares in the last quarter. Trust Point Inc. increased its position in shares of Fabrinet by 4.7% in the third quarter. Trust Point Inc. now owns 1,272 shares of the technology company’s stock valued at $301,000 after buying an additional 57 shares in the last quarter. Finally, Huntington National Bank increased its position in shares of 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 buying an additional 57 shares in the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

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.