Fabrinet (NYSE:FN) Sets New 1-Year Low on Analyst Downgrade

Fabrinet (NYSE:FN)’s stock price hit a new 52-week low during mid-day trading on Wednesday after Susquehanna lowered their price target on the stock from $850.00 to $600.00. Susquehanna currently has a positive rating on the stock. Fabrinet traded as low as $345.71 and last traded at $355.6870, with a volume of 833,048 shares. The stock had previously closed at $362.69.

A number of other analysts also recently commented on FN. JPMorgan Chase & Co. upped their target price on Fabrinet from $680.00 to $695.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 18th. B. Riley Financial reduced their price target on Fabrinet from $598.00 to $431.00 and set a “neutral” rating for the company in a research report on Thursday, October 15th. Fox Advisors raised Fabrinet from an “equal weight” rating to an “overweight” rating in a report on Wednesday, August 19th. Wall Street Zen downgraded Fabrinet from a “buy” rating to a “hold” rating in a report on Monday, July 20th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $750.00 price objective on shares of Fabrinet in a research report on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat.com, Fabrinet currently has a consensus rating of “Moderate Buy” and a consensus target price of $650.62.

Insiders Place Their Bets

In other Fabrinet news, EVP Edward Archer sold 2,500 shares of the stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total transaction of $964,775.00. Following the transaction, the executive vice president owned 7,007 shares in the company, valued at approximately $2,704,071.37. This represents a 26.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.24% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in the business. Paradigm Capital Management Inc. NY acquired a new stake in Fabrinet in the 2nd quarter valued at $298,183,000. Janus Henderson Group PLC increased its holdings in Fabrinet by 15.9% in the 1st quarter. Janus Henderson Group PLC now owns 291,659 shares of the technology company’s stock worth $152,071,000 after acquiring an additional 40,090 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Fabrinet by 15.0% in the 1st quarter. Principal Financial Group Inc. now owns 216,049 shares of the technology company’s stock worth $112,674,000 after acquiring an additional 28,166 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in Fabrinet by 108.1% during the first quarter. Allspring Global Investments Holdings LLC now owns 165,146 shares of the technology company’s stock worth $88,350,000 after acquiring an additional 85,780 shares during the period. Finally, Wedge Capital Management L L P NC raised its position in Fabrinet by 11.5% during the second quarter. Wedge Capital Management L L P NC now owns 128,795 shares of the technology company’s stock worth $72,393,000 after acquiring an additional 13,245 shares during the period. 97.38% of the stock is owned by institutional investors and hedge funds.

Fabrinet Stock Down 11.1%

The company has a market capitalization of $11.34 billion, a price-to-earnings ratio of 27.00 and a beta of 1.23. The stock’s 50-day simple moving average is $423.06 and its two-hundred day simple moving average is $533.53.

Fabrinet (NYSE:FN) last announced its earnings results on Tuesday, August 18th. The technology company reported $4.10 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.81 by $0.29. The business had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Fabrinet had a net margin of 10.19% and a return on equity of 21.23%. The company’s revenue for the quarter was up 44.6% compared to the same quarter last year. During the same quarter last year, the business earned $2.65 earnings per share. On average, sell-side analysts forecast that Fabrinet will post 17.50 EPS for the current year.

About Fabrinet

Fabrinet (NYSE: FN) is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.

Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.