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

Fabrinet (NYSE:FN)’s stock price gapped down prior to trading 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.

Other equities research analysts also recently issued reports about the company. JPMorgan Chase & Co. increased their price target on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Rosenblatt Securities lifted their price target 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 started coverage on Fabrinet in a research report on Tuesday. They issued a “buy” rating and a $280.00 price objective on the stock. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Fabrinet has a consensus rating of “Moderate Buy” and an average target price of $248.17.

Insider Activity

In other news, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the completion of the transaction, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at $1,835,426.58. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. In related news, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the completion of the transaction, the executive vice president now owns 8,333 shares in the company, valued at $1,835,426.58. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Seamus Grady sold 26,650 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.00, for a total value of $7,195,500.00. Following the completion of the transaction, the chief executive officer now owns 37,643 shares in the company, valued at approximately $10,163,610. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 44,728 shares of company stock worth $11,645,062 in the last ninety days. Company insiders own 0.38% of the company’s stock.

Institutional Trading of Fabrinet

Large investors have recently bought and sold shares of the business. Opal Wealth Advisors LLC purchased a new stake in shares of Fabrinet in the 2nd quarter valued at approximately $28,000. Banque Cantonale Vaudoise acquired a new stake in Fabrinet during the second quarter worth $35,000. Kimelman & Baird LLC purchased a new stake in Fabrinet in the second quarter valued at $49,000. NBC Securities Inc. raised its position in Fabrinet by 732.0% in the third quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock valued at $49,000 after purchasing an additional 183 shares during the period. Finally, UMB Bank n.a. lifted its stake in shares of Fabrinet by 252.9% in the 3rd quarter. UMB Bank n.a. now owns 240 shares of the technology company’s stock valued at $57,000 after purchasing an additional 172 shares during the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Performance

The stock has a market capitalization of $8.36 billion, a price-to-earnings ratio of 28.46 and a beta of 0.95. The business has a 50-day moving average of $238.50 and a 200-day moving average of $231.70.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share for the quarter, beating analysts’ consensus estimates of $2.06 by $0.35. Fabrinet had a net margin of 10.27% and a return on equity of 18.10%. The business had revenue of $753.26 million during the quarter, compared to analysts’ expectations of $732.63 million. During the same period last year, the business earned $1.68 earnings per share. The business’s revenue for the quarter was up 14.8% on a year-over-year basis. Equities analysts predict that Fabrinet will post 9.11 earnings per share for the current fiscal 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.