Fabrinet (NYSE:FN) Stock Price Down 6.9% – What’s Next?

Fabrinet (NYSE:FN) was down 6.9% on Monday . The stock traded as low as $444.06 and last traded at $446.4280. Approximately 219,772 shares were traded during trading, a decline of 9% from the average daily volume of 242,547 shares. The stock had previously closed at $479.42.

Analyst Ratings Changes

FN has been the topic of several recent analyst reports. Rosenblatt Securities increased their price target on shares of Fabrinet from $425.00 to $550.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. JPMorgan Chase & Co. raised their price objective on Fabrinet from $430.00 to $530.00 and gave the stock an “overweight” rating in a report on Tuesday, November 4th. Barclays raised their price target on Fabrinet from $329.00 to $499.00 and gave the stock an “equal weight” rating in a research note on Wednesday, November 5th. Northland Securities set a $600.00 price target on Fabrinet in a research report on Monday, December 22nd. Finally, Needham & Company LLC increased their price objective on Fabrinet from $440.00 to $540.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. One 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. According to MarketBeat, Fabrinet has a consensus rating of “Moderate Buy” and a consensus target price of $469.88.

Fabrinet Stock Down 4.6%

The stock has a fifty day moving average price of $453.78 and a 200-day moving average price of $377.86. The firm has a market cap of $16.39 billion, a price-to-earnings ratio of 47.11 and a beta of 1.04.

Insider Transactions at Fabrinet

In other news, Director Thomas F. Kelly sold 2,200 shares of the business’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $464.14, for a total transaction of $1,021,108.00. Following the transaction, the director directly owned 18,789 shares in the company, valued at $8,720,726.46. The trade was a 10.48% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Homa Bahrami sold 3,500 shares of the stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $453.75, for a total value of $1,588,125.00. Following the transaction, the director directly owned 18,316 shares of the company’s stock, valued at approximately $8,310,885. This trade represents a 16.04% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 28,151 shares of company stock worth $12,643,707. Company insiders own 0.24% of the company’s stock.

Institutional Trading of Fabrinet

Several hedge funds and other institutional investors have recently made changes to their positions in FN. Maseco LLP acquired a new stake in shares of Fabrinet in the 2nd quarter worth approximately $25,000. Root Financial Partners LLC purchased a new stake in Fabrinet during the third quarter worth $34,000. Elevation Point Wealth Partners LLC acquired a new stake in Fabrinet in the second quarter valued at $35,000. First Horizon Advisors Inc. increased its position in shares of Fabrinet by 124.2% in the second quarter. First Horizon Advisors Inc. now owns 139 shares of the technology company’s stock valued at $41,000 after buying an additional 77 shares in the last quarter. Finally, Cullen Frost Bankers Inc. boosted its position in shares of Fabrinet by 118.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 142 shares of the technology company’s stock worth $42,000 after buying an additional 77 shares in the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

About Fabrinet

Fabrinet is a global provider of advanced optical packaging and precision optical, electro?mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high?precision fiber alignment, micro?assembly, testing and diagnostics, and integration of electro?optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.