Fabrinet (NYSE:FN) Shares Gap Down - Here's Why

Fabrinet (NYSE:FN - Get Free Report) gapped down before the market opened on Monday . The stock had previously closed at $220.00, but opened at $215.29. Fabrinet shares last traded at $218.40, with a volume of 37,806 shares trading hands.

Wall Street Analysts Forecast Growth

A number of equities research analysts have weighed in on FN shares. Fox Advisors assumed coverage on shares of Fabrinet in a report on Tuesday, February 18th. They issued an "overweight" rating and a $270.00 price objective on the stock. Rosenblatt Securities restated a "buy" rating and issued a $285.00 price target on shares of Fabrinet in a research note on Friday, March 14th. JPMorgan Chase & Co. lowered their price objective on Fabrinet from $275.00 to $265.00 and set a "neutral" rating for the company in a research note on Tuesday, February 4th. Barclays dropped their target price on Fabrinet from $292.00 to $245.00 and set an "equal weight" rating on the stock in a report on Tuesday, February 4th. Finally, Needham & Company LLC restated a "buy" rating and set a $280.00 price target on shares of Fabrinet in a report on Monday. One investment analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. According to MarketBeat, Fabrinet has a consensus rating of "Hold" and an average price target of $246.63.

Fabrinet Price Performance

The stock has a market cap of $8.00 billion, a PE ratio of 24.67 and a beta of 0.89. The company has a 50 day moving average price of $218.70 and a two-hundred day moving average price of $230.39.

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Fabrinet (NYSE:FN - Get Free Report) last released its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. As a group, equities analysts predict that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fabrinet

Several institutional investors and hedge funds have recently added to or reduced their stakes in FN. Norges Bank purchased a new stake in Fabrinet during the 4th quarter valued at $95,084,000. Capital Research Global Investors grew its holdings in shares of Fabrinet by 675.2% in the fourth quarter. Capital Research Global Investors now owns 417,020 shares of the technology company's stock worth $91,694,000 after acquiring an additional 363,228 shares during the period. Wasatch Advisors LP increased its position in Fabrinet by 47.0% during the fourth quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company's stock valued at $249,044,000 after acquiring an additional 362,064 shares during the last quarter. Wedge Capital Management L L P NC purchased a new stake in Fabrinet during the fourth quarter valued at $63,222,000. Finally, FMR LLC lifted its holdings in Fabrinet by 13.1% in the fourth quarter. FMR LLC now owns 2,213,887 shares of the technology company's stock valued at $486,789,000 after acquiring an additional 257,164 shares during the period. Hedge funds and other institutional investors 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.