Fabrinet (NYSE:FN) Hits New 12-Month Low – What’s Next?

Fabrinet (NYSE:FN) shares hit a new 52-week low during trading on Thursday. The company traded as low as $364.41 and last traded at $373.1660, with a volume of 190,247 shares trading hands. The stock had previously closed at $392.95.

Wall Street Analysts Forecast Growth

FN has been the topic of a number of recent research reports. Zacks Research raised shares of Fabrinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. Needham & Company LLC reissued a “buy” rating and set a $650.00 target price on shares of Fabrinet in a research note on Tuesday, August 18th. Fox Advisors raised Fabrinet from an “equal weight” rating to an “overweight” rating in a research note on Wednesday, August 19th. Barclays boosted their price objective on shares of Fabrinet from $702.00 to $739.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 18th. Finally, Rosenblatt Securities restated a “buy” rating and issued a $750.00 price target on shares of Fabrinet in a research note on Tuesday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $646.88.

Fabrinet Trading Down 3.3%

The company has a market cap of $13.61 billion, a price-to-earnings ratio of 28.84 and a beta of 1.23. The business’s 50 day moving average price is $446.34 and its 200-day moving average price is $541.12.

Fabrinet (NYSE:FN) last posted its earnings results on Tuesday, August 18th. The technology company reported $4.10 EPS for the quarter, beating 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 the consensus estimate of $1.28 billion. During the same quarter in the prior year, the business earned $2.65 earnings per share. The firm’s revenue for the quarter was up 44.6% on a year-over-year basis. Equities research analysts forecast that Fabrinet will post 17.50 EPS for the current fiscal year.

Insider Buying and Selling at Fabrinet

In other news, EVP Edward Archer sold 2,500 shares of Fabrinet stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total value of $964,775.00. Following the completion of the sale, the executive vice president directly owned 7,007 shares in the company, 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 link. Insiders own 0.24% of the company’s stock.

Institutional Investors Weigh In On Fabrinet

Several institutional investors and hedge funds have recently bought and sold shares of FN. Continuum Advisory LLC acquired a new stake in shares of Fabrinet during the 2nd quarter worth approximately $25,000. Cassaday & Co Wealth Management LLC bought a new position in Fabrinet in the first quarter valued at about $31,000. Byrne Asset Management LLC bought a new stake in Fabrinet during the 3rd quarter worth approximately $27,000. Sunbelt Securities Inc. bought a new stake in shares of Fabrinet in the first quarter worth $66,000. Finally, Root Financial Partners LLC increased its stake in shares of Fabrinet by 29.2% in the first quarter. Root Financial Partners LLC now owns 146 shares of the technology company’s stock valued at $76,000 after buying an additional 33 shares during the period. 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.