Fabrinet (NYSE:FN) Shares Gap Down to $210.74

Fabrinet (NYSE:FN) shares gapped down before the market opened on Monday . The stock had previously closed at $210.74, but opened at $204.00. Fabrinet shares last traded at $204.93, with a volume of 63,582 shares traded.

Analyst Upgrades and Downgrades

FN has been the topic of several research reports. Jefferies Financial Group began coverage on shares of Fabrinet in a research note on Wednesday, June 26th. They issued a “hold” rating and a $230.00 price target on the stock. Needham & Company LLC increased their target price on shares of Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. JPMorgan Chase & Co. lifted their price target on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. B. Riley increased their price target on Fabrinet from $171.00 to $196.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Finally, Rosenblatt Securities lifted their price objective on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, Fabrinet currently has a consensus rating of “Hold” and a consensus price target of $219.00.

Fabrinet Trading Down 0.5 %

The firm has a market cap of $7.58 billion, a price-to-earnings ratio of 27.99 and a beta of 0.95. The company’s 50-day moving average is $233.10 and its 200-day moving average is $218.31.

Fabrinet (NYSE:FN) last issued its 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 return on equity of 18.10% and a net margin of 10.27%. The firm had revenue of $753.26 million for the quarter, compared to the consensus estimate of $732.63 million. During the same quarter last year, the business posted $1.68 EPS. The company’s revenue was up 14.8% compared to the same quarter last year. Equities research analysts forecast that Fabrinet will post 9.11 EPS for the current year.

Insider Buying and Selling at Fabrinet

In related news, CFO Csaba Sverha sold 9,288 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the completion of the transaction, the chief financial officer now directly owns 19,768 shares in the company, valued at approximately $5,338,941.44. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Csaba Sverha sold 9,288 shares of the business’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.08, for a total value of $2,508,503.04. Following the sale, the chief financial officer now owns 19,768 shares in the company, valued at $5,338,941.44. 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 90 days. Insiders own 0.51% of the company’s stock.

Institutional Investors Weigh In On Fabrinet

Several hedge funds have recently added to or reduced their stakes in the business. Congress Asset Management Co. MA bought a new stake in Fabrinet in the fourth quarter valued at approximately $99,045,000. TD Asset Management Inc boosted its stake in shares of Fabrinet by 216.1% in the 1st quarter. TD Asset Management Inc now owns 409,761 shares of the technology company’s stock valued at $77,453,000 after purchasing an additional 280,145 shares during the last quarter. Epoch Investment Partners Inc. increased its position in shares of Fabrinet by 291.0% during the first quarter. Epoch Investment Partners Inc. now owns 275,531 shares of the technology company’s stock worth $52,081,000 after buying an additional 205,057 shares during the period. Driehaus Capital Management LLC increased its position in shares of Fabrinet by 183.5% during the second quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock worth $68,046,000 after buying an additional 179,943 shares during the period. Finally, Clearbridge Investments LLC bought a new position in Fabrinet during the second quarter worth $27,911,000. 97.38% of the stock is currently owned by institutional investors and hedge funds.

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.