Fabrinet (NYSE:FN – Get Free Report)’s share price fell 3.1% during trading on Monday after Needham & Company LLC lowered their price target on the stock from $230.00 to $220.00. Needham & Company LLC currently has a buy rating on the stock. Fabrinet traded as low as $190.63 and last traded at $191.06. 49,054 shares changed hands during trading, a decline of 89% from the average session volume of 446,115 shares. The stock had previously closed at $197.14.
Several other brokerages have also weighed in on FN. Rosenblatt Securities reissued a “buy” rating and set a $230.00 target price on shares of Fabrinet in a research report on Tuesday, February 6th. Northland Securities raised Fabrinet from a “market perform” rating to an “outperform” rating and lifted their price target for the stock from $200.00 to $220.00 in a research report on Thursday. Finally, JPMorgan Chase & Co. lowered Fabrinet from an “overweight” rating to a “neutral” rating and lifted their price target for the stock from $185.00 to $210.00 in a research report on Monday, January 8th. Three investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $159.29.
Insider Activity at Fabrinet
In other Fabrinet news, Director Rollance E. Olson sold 10,000 shares of the business’s stock in a transaction on Monday, February 12th. The stock was sold at an average price of $205.52, for a total transaction of $2,055,200.00. Following the sale, the director now directly owns 25,981 shares in the company, valued at $5,339,615.12. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Company insiders own 0.51% of the company’s stock.
Institutional Trading of Fabrinet
A number of institutional investors have recently bought and sold shares of the company. First Eagle Investment Management LLC raised its holdings in shares of Fabrinet by 0.8% in the fourth quarter. First Eagle Investment Management LLC now owns 7,508 shares of the technology company’s stock worth $1,429,000 after acquiring an additional 60 shares during the last quarter. Campbell Newman Asset Management Inc. increased its stake in Fabrinet by 0.4% in the fourth quarter. Campbell Newman Asset Management Inc. now owns 17,895 shares of the technology company’s stock valued at $3,406,000 after purchasing an additional 64 shares during the last quarter. Signaturefd LLC increased its stake in Fabrinet by 15.9% in the third quarter. Signaturefd LLC now owns 503 shares of the technology company’s stock valued at $84,000 after purchasing an additional 69 shares during the last quarter. Raymond James Financial Services Advisors Inc. increased its stake in Fabrinet by 3.5% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 2,208 shares of the technology company’s stock valued at $368,000 after purchasing an additional 75 shares during the last quarter. Finally, Sequoia Financial Advisors LLC grew its position in Fabrinet by 3.2% during the third quarter. Sequoia Financial Advisors LLC now owns 2,396 shares of the technology company’s stock valued at $399,000 after acquiring an additional 75 shares during the period. 97.38% of the stock is currently owned by hedge funds and other institutional investors.
Fabrinet Price Performance
The stock has a 50-day simple moving average of $203.64 and a 200-day simple moving average of $181.89. The stock has a market cap of $6.98 billion, a PE ratio of 28.49 and a beta of 1.05.
Fabrinet (NYSE:FN – Get Free Report) last issued its earnings results on Monday, February 5th. The technology company reported $1.89 earnings per share for the quarter, topping the consensus estimate of $1.84 by $0.05. Fabrinet had a return on equity of 17.27% and a net margin of 9.35%. The company had revenue of $712.69 million during the quarter, compared to the consensus estimate of $699.76 million. As a group, equities research analysts anticipate that Fabrinet will post 7.64 EPS for the current 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.