Fabrinet (NYSE:FN – Free Report) had its price objective cut by Barclays from $739.00 to $496.00 in a report issued on Wednesday morning,Benzinga reports. They currently have an overweight rating on the technology company’s stock.
FN has been the subject of several other research reports. Wall Street Zen cut Fabrinet from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. Susquehanna cut their target price on shares of Fabrinet from $850.00 to $600.00 and set a “positive” rating on the stock in a research note on Wednesday, October 21st. Rosenblatt Securities reduced their target price on shares of Fabrinet from $750.00 to $600.00 and set a “buy” rating on the stock in a report on Tuesday. Needham & Company LLC reiterated a “buy” rating and issued a $500.00 price target on shares of Fabrinet in a research note on Tuesday. Finally, Weiss Ratings downgraded shares of Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 9th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $548.88.
Fabrinet Stock Performance
Shares of Fabrinet stock traded up $35.25 during trading hours on Wednesday, reaching $328.22. 1,996,205 shares of the company were exchanged, compared to its average volume of 1,022,200. The firm has a market cap of $11.76 billion, a PE ratio of 24.77 and a beta of 1.35. Fabrinet has a 1 year low of $286.07 and a 1 year high of $748.89. The stock’s fifty day moving average is $394.16 and its 200 day moving average is $518.32.
Fabrinet (NYSE:FN – Get Free Report) last released its earnings results on Monday, November 2nd. The technology company reported $4.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $4.21 by $0.13. Fabrinet had a return on equity of 22.81% and a net margin of 9.35%. The firm had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same period last year, the business posted $2.92 earnings per share. Fabrinet’s revenue was up 50.7% compared to the same quarter last year. Research analysts expect that Fabrinet will post 17.57 earnings per share for the current year.
Insider Activity at Fabrinet
In other news, EVP Edward Archer sold 2,500 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total transaction of $964,775.00. Following the sale, the executive vice president owned 7,007 shares of the company’s stock, valued at approximately $2,704,071.37. This trade represents a 26.30% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.22% of the company’s stock.
Institutional Investors Weigh In On Fabrinet
Several institutional investors have recently added to or reduced their stakes in FN. Paradigm Capital Management Inc. NY purchased a new position in Fabrinet in the second quarter valued at approximately $298,183,000. Allspring Global Investments Holdings LLC lifted its position in shares of Fabrinet by 108.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,146 shares of the technology company’s stock worth $88,350,000 after buying an additional 85,780 shares during the last quarter. Rokos Capital Management LLP purchased a new stake in shares of Fabrinet during the 1st quarter worth approximately $31,753,000. Bowen Hanes & Co. Inc. lifted its position in shares of Fabrinet by 97.4% during the 1st quarter. Bowen Hanes & Co. Inc. now owns 98,715 shares of the technology company’s stock worth $51,482,000 after buying an additional 48,715 shares during the last quarter. Finally, Calamos Advisors LLC boosted its holdings in shares of Fabrinet by 1,469.7% in the 3rd quarter. Calamos Advisors LLC now owns 51,800 shares of the technology company’s stock valued at $21,977,000 after buying an additional 48,500 shares in the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.
About Fabrinet
Fabrinet (NYSE: FN) is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.
Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.
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