Fabrinet (NYSE:FN) Stock Price Down 4.2% Following Insider Selling

Shares of Fabrinet (NYSE:FN) fell 4.2% during trading on Monday following insider selling activity. The company traded as low as $254.72 and last traded at $256.20. 391,272 shares changed hands during mid-day trading, a decline of 11% from the average session volume of 441,965 shares. The stock had previously closed at $267.35.

Specifically, CFO Csaba Sverha sold 9,288 shares of the company’s 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 completion of the transaction, the chief financial officer now owns 19,768 shares of the company’s stock, valued at approximately $5,338,941.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.

Wall Street Analyst Weigh In

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

Fabrinet Stock Down 5.8 %

The business has a 50 day moving average price of $235.43 and a 200 day moving average price of $215.98. The stock has a market cap of $9.10 billion, a P/E ratio of 33.44 and a beta of 0.96.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, August 19th. The technology company reported $2.41 EPS for the quarter, topping analysts’ consensus estimates of $2.06 by $0.35. The firm had revenue of $753.26 million for the quarter, compared to analysts’ expectations of $732.63 million. Fabrinet had a net margin of 9.90% and a return on equity of 17.67%. The business’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same period in the prior year, the business posted $1.68 earnings per share. On average, research analysts expect that Fabrinet will post 7.95 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. California Public Employees Retirement System grew its holdings in Fabrinet by 3.1% in the fourth quarter. California Public Employees Retirement System now owns 60,275 shares of the technology company’s stock worth $11,472,000 after purchasing an additional 1,805 shares during the last quarter. GAMMA Investing LLC purchased a new stake in Fabrinet in the fourth quarter valued at about $34,000. Atria Wealth Solutions Inc. acquired a new stake in Fabrinet in the fourth quarter worth about $476,000. Truist Financial Corp grew its stake in shares of Fabrinet by 178.9% during the fourth quarter. Truist Financial Corp now owns 5,463 shares of the technology company’s stock worth $1,040,000 after acquiring an additional 3,504 shares during the last quarter. Finally, Van ECK Associates Corp increased its holdings in shares of Fabrinet by 36.6% during the fourth quarter. Van ECK Associates Corp now owns 10,472 shares of the technology company’s stock valued at $1,993,000 after acquiring an additional 2,804 shares in the last quarter. 97.38% of the stock is owned by institutional investors.

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.