Fabrinet (NYSE:FN) Stock Price Down 3.2% – Time to Sell?

Fabrinet (NYSE:FN) traded down 3.2% during mid-day trading on Wednesday . The company traded as low as $227.55 and last traded at $227.90. 98,766 shares traded hands during mid-day trading, a decline of 80% from the average session volume of 496,997 shares. The stock had previously closed at $235.50.

Wall Street Analysts Forecast Growth

FN has been the topic of a number of analyst reports. Needham & Company LLC began coverage on shares of Fabrinet in a research report on Tuesday, November 5th. They set a “buy” rating and a $280.00 target price on the stock. 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. B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and dropped their price target for the company from $194.00 to $178.00 in a research report on Wednesday, November 20th. Rosenblatt Securities lifted their price target on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Finally, 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. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $252.14.

Fabrinet Stock Down 5.4 %

The business’s 50 day simple moving average is $244.18 and its two-hundred day simple moving average is $238.08. The stock has a market cap of $8.08 billion, a P/E ratio of 27.88 and a beta of 0.95.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.01. The firm had revenue of $804.20 million for the quarter, compared to analysts’ expectations of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The company’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.78 earnings per share. As a group, research analysts forecast that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Fabrinet news, 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 sale, the executive vice president now owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. This represents a 51.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.38% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fabrinet

Several institutional investors have recently made changes to their positions in FN. Driehaus Capital Management LLC raised its holdings 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 valued at $68,046,000 after purchasing an additional 179,943 shares during the period. Whale Rock Capital Management LLC raised its holdings in shares of Fabrinet by 25.8% in the 3rd quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock worth $202,338,000 after acquiring an additional 175,684 shares during the last quarter. Clearbridge Investments LLC acquired a new stake in shares of Fabrinet in the 2nd quarter worth about $27,911,000. World Investment Advisors LLC acquired a new stake in shares of Fabrinet in the 3rd quarter worth about $20,187,000. Finally, DekaBank Deutsche Girozentrale raised its holdings in shares of Fabrinet by 3,831.4% in the 3rd quarter. DekaBank Deutsche Girozentrale now owns 82,088 shares of the technology company’s stock worth $19,465,000 after acquiring an additional 80,000 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Company Profile

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.