Fabrinet (NYSE:FN) Stock Price Target Lowered at Susquehanna

Fabrinet (NYSE:FN) had its target price dropped by research analysts at Susquehanna from $850.00 to $600.00 in a research note issued on Wednesday, Benzinga reports. The firm currently has a “positive” rating on the technology company’s stock. Susquehanna’s price objective points to a potential upside of 68.69% from the stock’s previous close.

FN has been the subject of several other research reports. B. Riley Financial cut their price objective on Fabrinet from $598.00 to $431.00 and set a “neutral” rating for the company in a research report on Thursday, October 15th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $750.00 target price on shares of Fabrinet in a report on Tuesday, August 18th. Weiss Ratings downgraded Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, September 9th. Needham & Company LLC reaffirmed a “buy” rating and issued a $650.00 price target on shares of Fabrinet in a research report on Tuesday, August 18th. Finally, Wall Street Zen lowered Fabrinet from a “buy” rating to a “hold” rating in a report on Monday, July 20th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $650.62.

Fabrinet Price Performance

Fabrinet stock opened at $355.69 on Wednesday. The firm has a market cap of $12.74 billion, a price-to-earnings ratio of 27.26 and a beta of 1.23. Fabrinet has a fifty-two week low of $345.71 and a fifty-two week high of $748.89. The firm has a fifty day moving average price of $432.46 and a two-hundred day moving average price of $536.63.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Tuesday, August 18th. The technology company reported $4.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.81 by $0.29. The company had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Fabrinet had a net margin of 10.19% and a return on equity of 21.23%. The business’s quarterly revenue was up 44.6% compared to the same quarter last year. During the same period in the prior year, the company earned $2.65 earnings per share. As a group, sell-side analysts expect that Fabrinet will post 17.50 earnings per share for the current year.

Insider Transactions at Fabrinet

In other news, EVP Edward Archer sold 2,500 shares of the business’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total transaction of $964,775.00. Following the transaction, the executive vice president owned 7,007 shares in the company, valued at approximately $2,704,071.37. The trade was a 26.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.24% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the stock. Paradigm Capital Management Inc. NY acquired a new stake in Fabrinet during the second quarter valued at approximately $298,183,000. Allspring Global Investments Holdings LLC grew its stake in shares of Fabrinet by 108.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,146 shares of the technology company’s stock valued at $88,350,000 after purchasing an additional 85,780 shares during the period. Rokos Capital Management LLP acquired a new position in shares of Fabrinet in the 1st quarter worth approximately $31,753,000. Bowen Hanes & Co. Inc. raised its holdings in shares of Fabrinet by 97.4% in 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 in the last quarter. Finally, Janus Henderson Group PLC raised its holdings in shares of Fabrinet by 15.9% in the 1st quarter. Janus Henderson Group PLC now owns 291,659 shares of the technology company’s stock worth $152,071,000 after buying an additional 40,090 shares in the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Company Profile

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.