Fabrinet (NYSE:FN) Stock Gets Price Target Reduction from B. Riley Financial

Fabrinet (NYSE:FN) had its target price decreased by B. Riley Financial from $431.00 to $385.00 in a research note issued to investors on Friday morning,Benzinga reports. B. Riley Financial currently has a neutral rating on the technology company’s stock.

FN has been the topic of several other research reports. Zacks Research upgraded shares of Fabrinet from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. Weiss Ratings lowered Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Wednesday, September 9th. Rosenblatt Securities reissued a “buy” rating and set a $750.00 target price on shares of Fabrinet in a report on Tuesday, August 18th. Barclays raised their price target on shares of Fabrinet from $702.00 to $739.00 and gave the company an “overweight” rating in a research note on Tuesday, August 18th. Finally, Wall Street Zen cut shares of Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, July 20th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat, Fabrinet presently has a consensus rating of “Moderate Buy” and an average price target of $626.12.

Fabrinet Stock Performance

Shares of NYSE:FN opened at $326.39 on Friday. The company has a market capitalization of $11.69 billion, a PE ratio of 25.01 and a beta of 1.35. Fabrinet has a 52 week low of $305.63 and a 52 week high of $748.89. The company has a 50 day moving average price of $404.52 and a two-hundred day moving average price of $522.32.

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

Insider Transactions at Fabrinet

In other news, EVP Edward Archer sold 2,500 shares of Fabrinet stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total value of $964,775.00. Following the transaction, 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 document filed with the SEC, which is accessible through this hyperlink. 0.22% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of FN. Paradigm Capital Management Inc. NY bought a new position in shares of Fabrinet in the 2nd quarter valued at $298,183,000. Janus Henderson Group PLC lifted its position in shares of Fabrinet by 15.9% during the 1st quarter. Janus Henderson Group PLC now owns 291,659 shares of the technology company’s stock valued at $152,071,000 after acquiring an additional 40,090 shares during the period. Principal Financial Group Inc. lifted its holdings in shares of 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 purchasing an additional 28,166 shares in the last quarter. Allspring Global Investments Holdings LLC grew its holdings 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 buying an additional 85,780 shares in the last quarter. Finally, Wedge Capital Management L L P NC lifted its holdings 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. Institutional investors own 97.38% of the company’s stock.

Fabrinet Company Profile

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.