Fabrinet (NYSE:FN) Shares Gap Down Following Analyst Downgrade

Fabrinet (NYSE:FN) shares gapped down before the market opened on Tuesday after B. Riley lowered their price target on the stock from $196.00 to $194.00. The stock had previously closed at $239.61, but opened at $217.80. B. Riley currently has a neutral rating on the stock. Fabrinet shares last traded at $214.00, with a volume of 186,850 shares.

Several other research analysts also recently commented on FN. Rosenblatt Securities lifted their price objective on Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. 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 report on Tuesday, August 20th. Finally, Needham & Company LLC started coverage on Fabrinet in a research note on Tuesday. They set a “buy” rating and a $280.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $248.17.

Insider Transactions at Fabrinet

In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of Fabrinet stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total value of $1,914,059.40. Following the transaction, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CFO Csaba Sverha sold 9,288 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.08, for a total value of $2,508,503.04. Following the sale, the chief financial officer now owns 19,768 shares in the company, valued at $5,338,941.44. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the sale, the executive vice president now owns 8,333 shares in the company, valued at $1,835,426.58. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders sold 44,728 shares of company stock valued at $11,645,062. Corporate insiders own 0.38% of the company’s stock.

Hedge Funds Weigh In On Fabrinet

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

Fabrinet Price Performance

The stock has a market capitalization of $8.95 billion, a price-to-earnings ratio of 30.46 and a beta of 0.95. The business has a fifty day moving average of $238.55 and a 200 day moving average of $231.81.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.01. Fabrinet had a net margin of 10.27% and a return on equity of 18.10%. The firm had revenue of $804.20 million during the quarter, compared to the consensus estimate of $771.24 million. During the same quarter last year, the firm earned $1.78 EPS. The firm’s revenue for the quarter was up 17.3% on a year-over-year basis. On average, equities research analysts expect that Fabrinet will post 9.11 EPS for the current year.

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.