Fabrinet (NYSE:FN) Price Target Lowered to $194.00 at B. Riley

Fabrinet (NYSE:FN - Get Free Report) had its price target cut by equities researchers at B. Riley from $196.00 to $194.00 in a research report issued on Tuesday, Benzinga reports. The brokerage currently has a "neutral" rating on the technology company's stock. B. Riley's price target would indicate a potential downside of 15.74% from the company's current price.

A number of other research analysts have also commented on the stock. 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 note on Tuesday, August 20th. JPMorgan Chase & Co. lifted their price target on shares of Fabrinet from $240.00 to $285.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 20th. Finally, Needham & Company LLC started coverage on shares of Fabrinet in a research note on Tuesday. They issued a "buy" rating and a $280.00 price objective for the company. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $248.17.

Fabrinet Price Performance

Shares of FN stock traded down $9.38 during midday trading on Tuesday, reaching $230.23. 1,958,153 shares of the company traded hands, compared to its average volume of 488,446. The firm's 50 day simple moving average is $238.82 and its two-hundred day simple moving average is $231.22. Fabrinet has a 1-year low of $157.55 and a 1-year high of $278.38. The firm has a market cap of $8.35 billion, a PE ratio of 27.83 and a beta of 0.95.

Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings data on Monday, August 19th. The technology company reported $2.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.06 by $0.35. Fabrinet had a net margin of 10.27% and a return on equity of 18.10%. The company had revenue of $753.26 million during the quarter, compared to analysts' expectations of $732.63 million. During the same period in the previous year, the company earned $1.68 EPS. The business's quarterly revenue was up 14.8% compared to the same quarter last year. As a group, research analysts anticipate that Fabrinet will post 9.11 earnings per share for the current fiscal year.

Insider Activity at Fabrinet

In other 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 value of $2,508,503.04. Following the completion of the transaction, the chief financial officer now owns 19,768 shares of the company's stock, valued at $5,338,941.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, CFO Csaba Sverha sold 9,288 shares of the business's stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.08, for a total value of $2,508,503.04. Following the completion of the transaction, the chief financial officer now directly owns 19,768 shares in the company, valued at approximately $5,338,941.44. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Edward T. Archer sold 8,690 shares of the business's stock in a transaction that occurred on Thursday, September 5th. The stock was 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 directly owns 8,333 shares in the company, valued at $1,835,426.58. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 44,728 shares of company stock valued at $11,645,062. Corporate insiders own 0.38% of the company's stock.

Institutional Investors Weigh In On Fabrinet

A number of institutional investors have recently modified their holdings of the company. Legacy Wealth Asset Management LLC boosted its stake in shares of Fabrinet by 3.2% in the 3rd quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company's stock valued at $325,000 after purchasing an additional 43 shares during the last quarter. Wolff Wiese Magana LLC lifted its position in shares of Fabrinet by 2.7% during the 3rd quarter. Wolff Wiese Magana LLC now owns 1,765 shares of the technology company's stock valued at $417,000 after acquiring an additional 47 shares during the period. Trust Point Inc. lifted its position in shares of Fabrinet by 4.7% during the 3rd quarter. Trust Point Inc. now owns 1,272 shares of the technology company's stock valued at $301,000 after acquiring an additional 57 shares during the period. Cim LLC raised its holdings in Fabrinet by 1.0% during the second quarter. Cim LLC now owns 5,980 shares of the technology company's stock worth $1,344,000 after buying an additional 61 shares during the last quarter. Finally, Ausbil Investment Management Ltd raised its holdings in shares of Fabrinet by 0.5% in the third quarter. Ausbil Investment Management Ltd now owns 14,741 shares of the technology company's stock valued at $3,485,000 after purchasing an additional 76 shares during the last quarter. 97.38% of the stock is owned by institutional investors.

About Fabrinet

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.