Fabrinet (NYSE:FN) Shares Down 4.7% – What’s Next?

Fabrinet (NYSE:FN)’s stock price fell 4.7% during mid-day trading on Monday . The stock traded as low as $234.71 and last traded at $236.30. 278,586 shares were traded during mid-day trading, a decline of 44% from the average session volume of 494,283 shares. The stock had previously closed at $247.86.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on the company. Rosenblatt Securities raised their price objective 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. Needham & Company LLC started coverage on shares of Fabrinet in a research report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price target on the stock. Barclays assumed coverage on Fabrinet in a research report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price objective for the company. JPMorgan Chase & Co. lifted their target price on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Finally, B. Riley lowered Fabrinet from a “neutral” rating to a “sell” rating and cut their target price for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Fabrinet has a consensus rating of “Hold” and a consensus price target of $252.14.

Fabrinet Stock Performance

The firm has a market capitalization of $8.40 billion, a price-to-earnings ratio of 27.41 and a beta of 0.92. The business’s 50 day moving average is $244.65 and its 200-day moving average is $238.03.

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

Hedge Funds Weigh In On Fabrinet

Institutional investors have recently added to or reduced their stakes in the company. Retirement Systems of Alabama bought a new position in Fabrinet in the third quarter valued at about $10,382,000. Franklin Resources Inc. lifted its position in Fabrinet by 41.3% during the 3rd quarter. Franklin Resources Inc. now owns 133,791 shares of the technology company’s stock valued at $31,634,000 after purchasing an additional 39,076 shares during the period. Tidal Investments LLC boosted its stake in shares of Fabrinet by 46.3% in the 3rd quarter. Tidal Investments LLC now owns 3,089 shares of the technology company’s stock valued at $730,000 after purchasing an additional 978 shares during the last quarter. Wilmington Savings Fund Society FSB acquired a new stake in shares of Fabrinet during the 3rd quarter worth approximately $70,000. Finally, World Investment Advisors LLC bought a new stake in shares of Fabrinet during the third quarter worth approximately $20,187,000. 97.38% of the stock is owned by institutional investors.

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.