Fabrinet (NYSE:FN) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Friday. The brokerage currently has a $49.00 price objective on the technology company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 12.23% from the company’s current price.

According to Zacks, “Fabrinet provides precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers of complex products, such as optical communication components, modules and sub-systems, industrial lasers and sensors. The Company offers a broad range of advanced optical capabilities across the entire manufacturing process, including process engineering, design for manufacturability, supply chain management, manufacturing, final assembly and test. Fabrinet manufactures, assembles, and tests products for customers at its main manufacturing facilities in Bangkok, Thailand. The Company designs and manufactures its own bulk optical materials and components at its facilities in Fuzhou, the People’s Republic of China, and New Jersey, USA. “

FN has been the subject of several other research reports. ValuEngine cut shares of Fabrinet from a “sell” rating to a “strong sell” rating in a research report on Tuesday, June 26th. Northland Securities cut shares of Fabrinet from an “outperform” rating to a “market perform” rating and set a $33.00 price objective for the company. in a research report on Wednesday, May 30th. B. Riley boosted their price objective on shares of Fabrinet to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, May 8th. Finally, Needham & Company LLC boosted their price objective on shares of Fabrinet from $40.00 to $45.00 and gave the stock a “strong-buy” rating in a research report on Thursday, June 14th. One analyst has rated the stock with a sell rating, three have given a hold rating, four have given a buy rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $43.57.

Shares of FN traded up $0.20 on Friday, hitting $43.66. The company’s stock had a trading volume of 388,500 shares, compared to its average volume of 502,194. The company has a market capitalization of $1.55 billion, a P/E ratio of 16.99, a PEG ratio of 1.09 and a beta of 0.61. The company has a debt-to-equity ratio of 0.02, a current ratio of 2.84 and a quick ratio of 2.01. Fabrinet has a fifty-two week low of $24.02 and a fifty-two week high of $44.00.

In other Fabrinet news, insider David T. Mitchell sold 40,000 shares of the company’s stock in a transaction on Friday, June 1st. The shares were sold at an average price of $35.12, for a total transaction of $1,404,800.00. Following the completion of the sale, the insider now owns 111,057 shares in the company, valued at approximately $3,900,321.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Toh-Seng Ng sold 27,188 shares of the company’s stock in a transaction on Friday, May 25th. The shares were sold at an average price of $36.91, for a total transaction of $1,003,509.08. Following the sale, the chief financial officer now owns 200,887 shares of the company’s stock, valued at approximately $7,414,739.17. The disclosure for this sale can be found here. Insiders sold a total of 224,730 shares of company stock valued at $8,325,854 in the last 90 days. 3.30% of the stock is currently owned by corporate insiders.

Institutional investors have recently modified their holdings of the business. Optimum Investment Advisors bought a new stake in shares of Fabrinet during the 1st quarter valued at $115,000. First Mercantile Trust Co. bought a new stake in shares of Fabrinet during the 1st quarter valued at $134,000. 6 Meridian bought a new stake in shares of Fabrinet during the 1st quarter valued at $203,000. Profund Advisors LLC bought a new stake in shares of Fabrinet during the 1st quarter valued at $207,000. Finally, Xact Kapitalforvaltning AB bought a new stake in shares of Fabrinet during the 2nd quarter valued at $226,000. Institutional investors own 97.70% of the company’s stock.

About Fabrinet

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services to original equipment manufacturers of optical communication components, modules and sub-systems, industrial lasers, medical devices, and sensors. It offers a range of optical and electro-mechanical capabilities across the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, packaging, integration, final assembly, and test.

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