Fabrinet (NYSE:FN) Hits New 52-Week Low After Analyst Downgrade

Shares of Fabrinet (NYSE:FN) reached a new 52-week low during mid-day trading on Wednesday after Susquehanna lowered their price target on the stock from $850.00 to $600.00. Susquehanna currently has a positive rating on the stock. Fabrinet traded as low as $345.71 and last traded at $355.6870, with a volume of 833,048 shares traded. The stock had previously closed at $362.69.

FN has been the topic of a number of other research reports. Wall Street Zen cut shares of Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, July 20th. Needham & Company LLC reiterated a “buy” rating and set a $650.00 price target on shares of Fabrinet in a research report on Tuesday, August 18th. B. Riley Financial dropped their price target on shares of Fabrinet from $598.00 to $431.00 and set a “neutral” rating for the company in a research report on Thursday, October 15th. JPMorgan Chase & Co. boosted their price target on shares of Fabrinet from $680.00 to $695.00 and gave the company a “neutral” rating in a research note on Tuesday, August 18th. Finally, Zacks Research upgraded shares of Fabrinet from a “hold” rating to a “strong-buy” rating in a report on Monday, October 5th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $650.62.

Insiders Place Their Bets

In other news, EVP Edward Archer sold 2,500 shares of Fabrinet stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total transaction of $964,775.00. Following the completion of the sale, 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 position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.24% of the stock is currently owned by company insiders.

Institutional Trading of Fabrinet

A number of large investors have recently bought and sold shares of FN. Paradigm Capital Management Inc. NY acquired a new position in Fabrinet during the 2nd quarter worth approximately $298,183,000. Allspring Global Investments Holdings LLC raised its stake in shares of Fabrinet by 108.1% during the 1st 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 during the last quarter. Rokos Capital Management LLP purchased a new stake in shares of Fabrinet in the first quarter valued at about $31,753,000. Bowen Hanes & Co. Inc. lifted its stake in Fabrinet by 97.4% in the 1st quarter. Bowen Hanes & Co. Inc. now owns 98,715 shares of the technology company’s stock valued at $51,482,000 after buying an additional 48,715 shares in the last quarter. Finally, Janus Henderson Group PLC lifted its position in shares of Fabrinet by 15.9% in the first 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 in the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Trading Down 11.1%

The company’s 50 day simple moving average is $423.06 and its 200-day simple moving average is $533.53. The company has a market capitalization of $11.34 billion, a price-to-earnings ratio of 27.00 and a beta of 1.23.

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

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.