Fabrinet (NYSE:FN) Stock Price Down 9.2% – Should You Sell?

Fabrinet (NYSE:FN) fell 9.2% on Friday. The company traded as low as $319.01 and last traded at $321.1140. 119,717 shares were traded during trading, a decline of 86% from the average session volume of 885,097 shares. The stock had previously closed at $353.83.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the stock. Weiss Ratings lowered shares of Fabrinet from a “hold (c+)” rating to a “hold (c)” rating in a report on Monday, November 9th. Barclays dropped their price objective on Fabrinet from $739.00 to $496.00 and set an “overweight” rating on the stock in a research note on Wednesday, November 4th. B. Riley Financial decreased their target price on Fabrinet from $431.00 to $385.00 and set a “neutral” rating for the company in a research note on Friday, October 30th. Needham & Company LLC restated a “buy” rating and issued a $500.00 price target on shares of Fabrinet in a report on Tuesday, November 3rd. Finally, Wall Street Zen lowered Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, July 20th. 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’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $548.88.

Fabrinet Trading Down 7.8%

The company has a quick ratio of 1.33, a current ratio of 2.04 and a debt-to-equity ratio of 0.03. The business’s fifty day moving average is $389.08 and its 200 day moving average is $515.16. The firm has a market capitalization of $11.65 billion, a price-to-earnings ratio of 24.61 and a beta of 1.35.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, November 2nd. The technology company reported $4.34 earnings per share for the quarter, topping analysts’ consensus estimates of $4.21 by $0.13. The firm had revenue of $1.47 billion during the quarter, compared to analyst estimates of $1.42 billion. Fabrinet had a net margin of 9.35% and a return on equity of 22.32%. The company’s revenue for the quarter was up 50.7% compared to the same quarter last year. During the same period in the prior year, the business earned $2.92 EPS. Equities analysts predict that Fabrinet will post 18.96 earnings per share for the current year.

Insider Activity

In related news, EVP Edward Archer sold 2,500 shares of Fabrinet stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total value of $964,775.00. Following the sale, the executive vice president owned 7,007 shares of the company’s stock, valued at approximately $2,704,071.37. This trade represents a 26.30% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.22% of the company’s stock.

Hedge Funds Weigh In On Fabrinet

Several hedge funds have recently made changes to their positions in the business. Glenmede Trust Co. NA lifted its stake in Fabrinet by 1.7% during the first quarter. Glenmede Trust Co. NA now owns 1,168 shares of the technology company’s stock worth $609,000 after purchasing an additional 19 shares during the last quarter. HB Wealth Management LLC boosted its holdings in shares of Fabrinet by 2.9% in the 2nd quarter. HB Wealth Management LLC now owns 865 shares of the technology company’s stock worth $486,000 after purchasing an additional 24 shares in the last quarter. Waverly Advisors LLC increased its position in shares of Fabrinet by 4.5% during the 2nd quarter. Waverly Advisors LLC now owns 841 shares of the technology company’s stock valued at $473,000 after purchasing an additional 36 shares during the last quarter. Bogart Wealth LLC increased its position in shares of Fabrinet by 94.9% during the 3rd quarter. Bogart Wealth LLC now owns 76 shares of the technology company’s stock valued at $32,000 after purchasing an additional 37 shares during the last quarter. Finally, Richardson Financial Services Inc. raised its holdings in shares of Fabrinet by 26.8% during the 3rd quarter. Richardson Financial Services Inc. now owns 189 shares of the technology company’s stock valued at $80,000 after buying an additional 40 shares in the last quarter. 97.38% of the stock is owned by institutional investors.

Fabrinet Company Profile

Fabrinet (NYSE: FN) is a provider of advanced optical packaging and precision manufacturing services. The company works with original equipment manufacturers and other technology companies to produce complex products that require specialized engineering and manufacturing capabilities. Its services include product design and engineering support, prototyping, supply-chain management, and manufacturing. Fabrinet’s products serve markets including optical communications, industrial lasers, automotive technology, and medical devices.