Fabrinet (NYSE:FN) Stock Price Down 3.2% – Here’s Why

Fabrinet (NYSE:FN) shares fell 3.2% on Wednesday . The company traded as low as $227.55 and last traded at $227.90. 98,766 shares were traded during mid-day trading, a decline of 80% from the average session volume of 496,997 shares. The stock had previously closed at $235.50.

Analysts Set New Price Targets

FN has been the subject of several analyst reports. Needham & Company LLC began coverage on shares of Fabrinet in a research note on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price objective for the company. Rosenblatt Securities lifted their target price on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. B. Riley cut shares of Fabrinet from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. JPMorgan Chase & Co. lifted their target price on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Finally, Barclays began coverage on shares of Fabrinet in a research report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 target price on the stock. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $252.14.

Fabrinet Stock Performance

The company’s 50 day moving average price is $244.18 and its 200-day moving average price is $238.08. The company has a market cap of $8.08 billion, a PE ratio of 27.88 and a beta of 0.95.

Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The company had revenue of $804.20 million during the quarter, compared to analyst estimates of $771.24 million. During the same quarter last year, the business posted $1.78 EPS. Fabrinet’s quarterly revenue was up 17.3% compared to the same quarter last year. Equities research analysts expect that Fabrinet will post 9.1 EPS for the current year.

Insider Activity at Fabrinet

In other news, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction on 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 directly owns 8,333 shares in the company, valued at $1,835,426.58. The trade was a 51.05 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.38% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in the company. Wellington Management Group LLP grew its position in shares of Fabrinet by 1.7% during the 3rd quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company’s stock valued at $276,437,000 after purchasing an additional 19,677 shares in the last quarter. Geode Capital Management LLC grew its position in shares of Fabrinet by 7.6% during the 3rd quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company’s stock valued at $233,359,000 after purchasing an additional 69,554 shares in the last quarter. Whale Rock Capital Management LLC grew its position in shares of Fabrinet by 25.8% during the 3rd quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock valued at $202,338,000 after purchasing an additional 175,684 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in shares of Fabrinet by 14.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock worth $113,621,000 after acquiring an additional 61,491 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Fabrinet by 4.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 314,665 shares of the technology company’s stock worth $77,027,000 after acquiring an additional 12,409 shares during the last quarter. 97.38% of the stock is currently owned by hedge funds and other 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.