Fabrinet (NYSE:FN) Shares Gap Down – Time to Sell?

Shares of Fabrinet (NYSE:FN) gapped down before the market opened on Friday . The stock had previously closed at $266.87, but opened at $254.04. Fabrinet shares last traded at $252.48, with a volume of 249,794 shares.

Analyst Ratings Changes

FN has been the topic of a number of research reports. JPMorgan Chase & Co. boosted their price objective on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Rosenblatt Securities boosted their price target on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Needham & Company LLC raised their price objective on shares of Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. B. Riley boosted their target price on shares of Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Finally, Jefferies Financial Group assumed coverage on Fabrinet in a report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 price target for the company. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Fabrinet has an average rating of “Hold” and an average price target of $219.00.

Fabrinet Stock Performance

The company’s 50 day simple moving average is $237.83 and its 200-day simple moving average is $225.70. The firm has a market capitalization of $8.78 billion, a PE ratio of 32.27 and a beta of 0.95.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, August 19th. The technology company reported $2.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.06 by $0.35. Fabrinet had a return on equity of 18.10% and a net margin of 10.27%. The company had revenue of $753.26 million for the quarter, compared to the consensus estimate of $732.63 million. During the same quarter last year, the business posted $1.68 earnings per share. The firm’s revenue was up 14.8% compared to the same quarter last year. On average, equities research analysts forecast that Fabrinet will post 9.11 earnings per share for the current fiscal year.

Insider Activity

In other Fabrinet news, CFO Csaba Sverha sold 100 shares of the business’s stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $270.00, for a total value of $27,000.00. Following the completion of the transaction, the chief financial officer now owns 19,347 shares of the company’s stock, valued at $5,223,690. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, CEO Seamus Grady sold 26,650 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.00, for a total value of $7,195,500.00. Following the completion of the sale, the chief executive officer now owns 37,643 shares in the company, valued at $10,163,610. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CFO Csaba Sverha sold 100 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $270.00, for a total value of $27,000.00. Following the completion of the sale, the chief financial officer now directly owns 19,347 shares of the company’s stock, valued at approximately $5,223,690. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 44,728 shares of company stock worth $11,645,062. 0.51% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fabrinet

Institutional investors have recently made changes to their positions in the business. TD Asset Management Inc grew its position in Fabrinet by 216.1% during the 1st quarter. TD Asset Management Inc now owns 409,761 shares of the technology company’s stock worth $77,453,000 after acquiring an additional 280,145 shares during the last quarter. Epoch Investment Partners Inc. grew its holdings in shares of Fabrinet by 291.0% in the first quarter. Epoch Investment Partners Inc. now owns 275,531 shares of the technology company’s stock worth $52,081,000 after purchasing an additional 205,057 shares during the last quarter. Driehaus Capital Management LLC increased its stake in shares of Fabrinet by 183.5% in the second quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock worth $68,046,000 after buying an additional 179,943 shares during the period. Clearbridge Investments LLC bought a new stake in Fabrinet during the 2nd quarter valued at $27,911,000. Finally, Kennedy Capital Management LLC purchased a new stake in Fabrinet during the 1st quarter valued at $15,637,000. Hedge funds and other institutional investors own 97.38% of the company’s stock.

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.