Fabrinet (NYSE:FN) Shares Gap Up - Time to Buy?

Fabrinet (NYSE:FN - Get Free Report) gapped up before the market opened 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 trading hands.

Analyst Ratings Changes

FN has been the topic of several recent analyst reports. Barclays cut their target price on Fabrinet from $292.00 to $245.00 and set an "equal weight" rating on the stock in a research note on Tuesday, February 4th. B. Riley lowered shares of Fabrinet from a "neutral" rating to a "sell" rating and decreased their price objective for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. Needham & Company LLC reiterated a "buy" rating and set a $280.00 target price on shares of Fabrinet in a research note on Tuesday, February 4th. Fox Advisors started coverage on shares of Fabrinet in a research note on Tuesday, February 18th. They set an "overweight" rating and a $270.00 target price for the company. Finally, Rosenblatt Securities boosted their target price on shares of Fabrinet from $280.00 to $285.00 and gave the company a "buy" rating in a research note on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Fabrinet currently has an average rating of "Hold" and an average price target of $246.63.

Fabrinet Stock Performance

The firm's fifty day moving average is $219.55 and its two-hundred day moving average is $231.25. The company has a market cap of $8.12 billion, a P/E ratio of 25.22 and a beta of 0.89.

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Fabrinet (NYSE:FN - Get Free Report) last released its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 EPS 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%. On average, equities research analysts expect that Fabrinet will post 9.4 EPS for the current year.

Institutional Trading of Fabrinet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Cim LLC grew its stake in Fabrinet by 1.4% in the 4th quarter. Cim LLC now owns 6,013 shares of the technology company's stock worth $1,322,000 after acquiring an additional 82 shares in the last quarter. Menard Financial Group LLC raised its holdings in shares of Fabrinet by 34.1% during the fourth quarter. Menard Financial Group LLC now owns 1,707 shares of the technology company's stock worth $375,000 after purchasing an additional 434 shares during the last quarter. Polar Asset Management Partners Inc. purchased a new position in Fabrinet in the fourth quarter valued at $3,364,000. Orion Capital Management LLC purchased a new stake in shares of Fabrinet during the fourth quarter worth about $62,000. Finally, PharVision Advisers LLC purchased a new stake in Fabrinet during the 4th quarter valued at about $221,000. 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.

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