Fabrinet (NYSE:FN) Downgraded to Sell Rating by B. Riley

Fabrinet (NYSE:FN) was downgraded by B. Riley from a “neutral” rating to a “sell” rating in a report released on Wednesday,Briefing.com Automated Import reports. They presently have a $178.00 target price on the technology company’s stock, down from their previous target price of $194.00. B. Riley’s price target would suggest a potential downside of 28.46% from the stock’s current price.

A number of other analysts have also issued reports on the stock. Rosenblatt Securities boosted their price target on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Barclays began coverage on shares of Fabrinet in a research report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price target for the company. Needham & Company LLC initiated coverage on Fabrinet in a report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 target price for the company. Finally, JPMorgan Chase & Co. upped their price target on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, Fabrinet has an average rating of “Hold” and an average target price of $252.14.

Fabrinet Trading Up 7.1 %

Shares of FN opened at $248.82 on Wednesday. The company’s 50-day moving average price is $243.63 and its 200 day moving average price is $237.37. The firm has a market cap of $9.02 billion, a P/E ratio of 29.45 and a beta of 0.95. Fabrinet has a 12-month low of $159.30 and a 12-month high of $278.38.

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 10.28% and a return on equity of 18.08%. 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. Equities research analysts forecast that Fabrinet will post 9.1 earnings per share for the current year.

Insider Buying and Selling at Fabrinet

In other Fabrinet news, 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 transaction of $7,195,500.00. Following the sale, the chief executive officer now owns 37,643 shares of the company’s stock, valued at approximately $10,163,610. This trade represents a 41.45 % 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 this link. Also, EVP Edward T. Archer sold 8,690 shares of the company’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 owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. The trade was a 51.05 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,728 shares of company stock worth $11,645,062 over the last ninety days. Corporate insiders own 0.38% of the company’s stock.

Institutional Trading of Fabrinet

Institutional investors and hedge funds have recently made changes to their positions in the company. Coldstream Capital Management Inc. increased its stake in Fabrinet by 10.2% in the third quarter. Coldstream Capital Management Inc. now owns 1,037 shares of the technology company’s stock valued at $246,000 after purchasing an additional 96 shares during the period. Geode Capital Management LLC increased its position in shares of Fabrinet by 7.6% in the third quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company’s stock valued at $233,359,000 after buying an additional 69,554 shares in the last quarter. Barclays PLC raised its stake in shares of Fabrinet by 304.6% during the 3rd quarter. Barclays PLC now owns 69,128 shares of the technology company’s stock worth $16,345,000 after buying an additional 52,042 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new stake in shares of Fabrinet in the 3rd quarter worth about $61,000. Finally, Y Intercept Hong Kong Ltd acquired a new stake in Fabrinet in the 3rd quarter valued at about $780,000. 97.38% of the stock is owned by hedge funds and other institutional investors.

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.