Fabrinet (NYSE:FN) Stock Falls 7.6% – Time to Sell?

Fabrinet (NYSE:FN) traded down 7.6% during mid-day trading on Monday. The company traded as low as $451.26 and last traded at $449.1380. 559,818 shares traded hands during trading, a decline of 34% from the average daily volume of 848,707 shares. The stock had previously closed at $486.28.

Analyst Upgrades and Downgrades

FN has been the topic of a number of research reports. Fox Advisors upgraded Fabrinet from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, August 19th. Needham & Company LLC reiterated a “buy” rating and set a $650.00 price objective on shares of Fabrinet in a research report on Tuesday, August 18th. Rosenblatt Securities restated a “buy” rating and issued a $750.00 target price on shares of Fabrinet in a research report on Tuesday, August 18th. Wall Street Zen cut shares of Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, July 20th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Fabrinet from $680.00 to $695.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 18th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $649.50.

Fabrinet Price Performance

The stock has a market capitalization of $15.99 billion, a P/E ratio of 34.21 and a beta of 1.23. The firm’s 50 day moving average price is $450.98 and its 200 day moving average price is $544.53.

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

Insider Buying and Selling at Fabrinet

In other news, EVP Edward Archer sold 2,500 shares of the business’s 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 directly owned 7,007 shares of the company’s stock, valued at approximately $2,704,071.37. The trade was a 26.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.24% of the company’s stock.

Institutional Trading of Fabrinet

Several large investors have recently added to or reduced their stakes in the stock. Polar Capital Holdings Plc lifted its position in shares of Fabrinet by 58.9% in the 4th quarter. Polar Capital Holdings Plc now owns 551,916 shares of the technology company’s stock worth $251,276,000 after purchasing an additional 204,612 shares during the period. Paradigm Capital Management Inc. NY purchased a new position in shares of Fabrinet during the second quarter valued at about $298,183,000. Arrowstreet Capital Limited Partnership raised its stake in Fabrinet by 42.1% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 473,902 shares of the technology company’s stock worth $215,758,000 after buying an additional 140,347 shares in the last quarter. Janus Henderson Group PLC raised its stake in Fabrinet by 15.9% in the first quarter. Janus Henderson Group PLC now owns 291,659 shares of the technology company’s stock worth $152,071,000 after buying an additional 40,090 shares in the last quarter. Finally, Principal Financial Group Inc. raised its stake in Fabrinet by 15.0% in the first quarter. Principal Financial Group Inc. now owns 216,049 shares of the technology company’s stock worth $112,674,000 after buying an additional 28,166 shares in the last quarter. Institutional investors own 97.38% of the company’s stock.

Fabrinet Company Profile

Fabrinet (NYSE: FN) provides advanced manufacturing services for companies that develop optical, electro-optical, and precision-engineered products. The company supports customers from product design and engineering through manufacturing, assembly, testing, and supply-chain management.

Its products and manufacturing capabilities include optical communications components, modules, and assemblies; precision optical and optoelectronic systems; industrial lasers; and other complex products used in communications, industrial, automotive, medical, and other technology markets.