Fabrinet (NYSE:FN) Stock Rating Lowered by Zacks Research

Fabrinet (NYSE:FN) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Monday,Zacks.com reports.

Several other research analysts have also issued reports on FN. Weiss Ratings restated a “buy (b-)” rating on shares of Fabrinet in a research report on Monday, December 29th. Rosenblatt Securities upped their price target on shares of Fabrinet from $425.00 to $550.00 and gave the stock a “buy” rating in a report on Tuesday, November 4th. Northland Securities set a $600.00 target price on shares of Fabrinet in a research note on Monday, December 22nd. Susquehanna assumed coverage on shares of Fabrinet in a research note on Monday, December 15th. They set a “positive” rating and a $550.00 price target for the company. Finally, JPMorgan Chase & Co. increased their price objective on Fabrinet from $430.00 to $530.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 4th. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Fabrinet has an average rating of “Moderate Buy” and a consensus price target of $469.88.

Fabrinet Trading Up 4.8%

Shares of FN opened at $478.70 on Monday. The company’s fifty day simple moving average is $455.26 and its 200-day simple moving average is $380.71. The company has a market cap of $17.15 billion, a P/E ratio of 49.30 and a beta of 1.04. Fabrinet has a twelve month low of $148.55 and a twelve month high of $531.22.

Insider Buying and Selling

In related news, Director Homa Bahrami sold 3,500 shares of the firm’s stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $453.75, for a total transaction of $1,588,125.00. Following the sale, the director owned 18,316 shares of the company’s stock, valued at $8,310,885. This trade represents a 16.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Thomas F. Kelly sold 2,200 shares of the business’s stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $464.14, for a total transaction of $1,021,108.00. Following the completion of the transaction, the director owned 18,789 shares of the company’s stock, valued at $8,720,726.46. This represents a 10.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold 28,151 shares of company stock worth $12,643,707 in the last three months. 0.24% of the stock is owned by insiders.

Hedge Funds Weigh In On Fabrinet

A number of large investors have recently made changes to their positions in FN. Vanguard Group Inc. raised its stake in Fabrinet by 1.4% in the third quarter. Vanguard Group Inc. now owns 4,135,345 shares of the technology company’s stock valued at $1,507,829,000 after buying an additional 59,002 shares during the last quarter. Wasatch Advisors LP raised its position in shares of Fabrinet by 45.1% in the 2nd quarter. Wasatch Advisors LP now owns 1,779,665 shares of the technology company’s stock valued at $524,432,000 after purchasing an additional 553,196 shares during the last quarter. Geode Capital Management LLC raised its position in shares of Fabrinet by 0.5% in the 2nd quarter. Geode Capital Management LLC now owns 1,051,108 shares of the technology company’s stock valued at $309,771,000 after purchasing an additional 5,114 shares during the last quarter. Invesco Ltd. raised its holdings in shares of Fabrinet by 33.3% in the third quarter. Invesco Ltd. now owns 681,850 shares of the technology company’s stock worth $248,616,000 after buying an additional 170,297 shares during the last quarter. Finally, Westfield Capital Management Co. LP raised its holdings in shares of Fabrinet by 102.8% in the second quarter. Westfield Capital Management Co. LP now owns 663,310 shares of the technology company’s stock worth $195,464,000 after buying an additional 336,173 shares during the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

About Fabrinet

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.