Fabrinet (NYSE:FN) Shares Gap Down Following Analyst Downgrade

Shares of Fabrinet (NYSE:FN - Get Free Report) gapped down before the market opened on Tuesday after B. Riley lowered their price target on the stock from $196.00 to $194.00. The stock had previously closed at $239.61, but opened at $217.80. B. Riley currently has a neutral rating on the stock. Fabrinet shares last traded at $214.00, with a volume of 186,850 shares.

Several other research firms also recently issued reports on FN. JPMorgan Chase & Co. increased their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the company a "neutral" rating in a report on Tuesday, August 20th. Needham & Company LLC initiated coverage on shares of Fabrinet in a research report on Tuesday. They set a "buy" rating and a $280.00 price objective for the company. Finally, Rosenblatt Securities boosted their price target on shares of Fabrinet from $260.00 to $280.00 and gave the company a "buy" rating in a research note on Tuesday, August 20th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, Fabrinet has a consensus rating of "Moderate Buy" and a consensus price target of $248.17.

Insider Transactions at Fabrinet

In other Fabrinet news, CEO Seamus Grady sold 26,650 shares of Fabrinet stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.00, for a total value of $7,195,500.00. Following the completion of the transaction, the chief executive officer now owns 37,643 shares of the company's stock, valued at $10,163,610. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CFO Csaba Sverha sold 9,288 shares of Fabrinet stock in a transaction dated 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 sale, the chief financial officer now directly owns 19,768 shares in the company, valued at $5,338,941.44. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Seamus Grady sold 26,650 shares of Fabrinet stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the sale, the chief executive officer now owns 37,643 shares in the company, valued at approximately $10,163,610. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 44,728 shares of company stock valued at $11,645,062. 0.38% of the stock is currently owned by corporate insiders.

Institutional Trading of Fabrinet

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Aigen Investment Management LP purchased a new stake in shares of Fabrinet during the third quarter valued at $442,000. WCM Investment Management LLC lifted its holdings in shares of Fabrinet by 31.2% during the third quarter. WCM Investment Management LLC now owns 51,723 shares of the technology company's stock valued at $12,402,000 after purchasing an additional 12,289 shares during the last quarter. Nations Financial Group Inc. IA ADV purchased a new stake in shares of Fabrinet during the third quarter valued at $679,000. Versor Investments LP lifted its stake in Fabrinet by 118.3% in the 3rd quarter. Versor Investments LP now owns 7,374 shares of the technology company's stock worth $1,744,000 after acquiring an additional 3,996 shares in the last quarter. Finally, Chartwell Investment Partners LLC lifted its stake in Fabrinet by 101.7% in the 3rd quarter. Chartwell Investment Partners LLC now owns 5,283 shares of the technology company's stock worth $1,250,000 after acquiring an additional 2,664 shares in the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

Fabrinet Stock Performance

The firm has a 50 day moving average of $238.50 and a 200-day moving average of $231.70. The stock has a market capitalization of $8.36 billion, a PE ratio of 28.46 and a beta of 0.95.

Fabrinet (NYSE:FN - Get Free Report) last issued its earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share for the quarter, topping the consensus estimate of $2.06 by $0.35. The company had revenue of $753.26 million for the quarter, compared to analyst estimates of $732.63 million. Fabrinet had a return on equity of 18.10% and a net margin of 10.27%. The business's revenue was up 14.8% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.68 EPS. On average, sell-side analysts predict that Fabrinet will post 9.11 earnings per share for the current year.

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.