Fabrinet (NYSE:FN) Stock Gets Price Target Trim from Rosenblatt Securities

Fabrinet (NYSE:FN) had its price target cut by Rosenblatt Securities from $750.00 to $600.00 in a report released on Tuesday,Benzinga reports. They currently have a buy rating on the technology company’s stock.

Several other equities research analysts have also recently commented on FN. Weiss Ratings cut Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, September 9th. JPMorgan Chase & Co. boosted their price objective on Fabrinet from $680.00 to $695.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 18th. Fox Advisors upgraded Fabrinet from an “equal weight” rating to an “overweight” rating in a report on Wednesday, August 19th. Needham & Company LLC dropped their target price on Fabrinet from $650.00 to $500.00 and set a “buy” rating for the company in a report on Tuesday, October 27th. Finally, Wall Street Zen downgraded Fabrinet from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $548.88.

Fabrinet Trading Down 14.1%

Shares of FN opened at $293.62 on Tuesday. Fabrinet has a 52-week low of $286.07 and a 52-week high of $748.89. The stock has a market cap of $10.49 billion, a PE ratio of 23.48 and a beta of 1.35. The firm’s fifty day moving average is $396.23 and its two-hundred day moving average is $519.09. The company has a quick ratio of 1.52, a current ratio of 2.04 and a debt-to-equity ratio of 0.03.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, November 2nd. The technology company reported $4.34 EPS for the quarter, beating analysts’ consensus estimates of $4.21 by $0.13. The business had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.42 billion. Fabrinet had a net margin of 9.35% and a return on equity of 22.32%. The company’s quarterly revenue was up 50.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.92 earnings per share. Research analysts forecast that Fabrinet will post 17.57 earnings per share for the current fiscal year.

Insider Activity

In other Fabrinet news, EVP Edward Archer sold 2,500 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The stock was 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 of the company’s stock, valued at approximately $2,704,071.37. This trade represents a 26.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.22% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in FN. Maryland State Retirement & Pension System lifted its position in Fabrinet by 9.9% during the 3rd quarter. Maryland State Retirement & Pension System now owns 2,038 shares of the technology company’s stock worth $865,000 after acquiring an additional 184 shares in the last quarter. Jacobi Capital Management LLC acquired a new stake in Fabrinet during the 3rd quarter valued at $51,000. Illinois Municipal Retirement Fund grew its holdings in Fabrinet by 14.7% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 8,200 shares of the technology company’s stock valued at $3,479,000 after purchasing an additional 1,053 shares in the last quarter. Csenge Advisory Group grew its stake in shares of Fabrinet by 22.7% during the third quarter. Csenge Advisory Group now owns 606 shares of the technology company’s stock valued at $257,000 after acquiring an additional 112 shares in the last quarter. Finally, AlphaCore Capital LLC acquired a new stake in Fabrinet during the 3rd quarter valued at approximately $232,000. Hedge funds and other institutional investors own 97.38% of the company’s stock.

About Fabrinet

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.