B. Riley Issues Pessimistic Forecast for Fabrinet (NYSE:FN) Stock Price

Fabrinet (NYSE:FN) had its price objective dropped by stock analysts at B. Riley from $196.00 to $194.00 in a report released on Tuesday, Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. B. Riley’s price objective points to a potential downside of 21.37% from the stock’s previous close.

FN has been the subject of a number of other reports. Rosenblatt Securities increased their target price on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. JPMorgan Chase & Co. lifted their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Finally, Needham & Company LLC started coverage on shares of Fabrinet in a research report on Tuesday. They set a “buy” rating and a $280.00 target price on the stock. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $248.17.

Fabrinet Stock Up 7.2 %

NYSE FN opened at $246.72 on Tuesday. Fabrinet has a 52 week low of $157.55 and a 52 week high of $278.38. The company has a market capitalization of $8.95 billion, a P/E ratio of 29.20 and a beta of 0.95. The stock’s 50-day moving average price is $238.55 and its 200-day moving average price is $231.81.

Fabrinet (NYSE:FN) last released its earnings results on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.50%. The firm had revenue of $804.20 million for the quarter, compared to the consensus estimate of $771.24 million. During the same quarter in the previous year, the firm earned $1.78 earnings per share. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. Research analysts anticipate that Fabrinet will post 9.11 EPS for the current year.

Insider Activity

In related news, CFO Csaba Sverha sold 9,288 shares of Fabrinet stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the completion of the transaction, the chief financial officer now directly owns 19,768 shares of the company’s stock, valued at approximately $5,338,941.44. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, CFO Csaba Sverha sold 9,288 shares of the firm’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the completion of the sale, the chief financial officer now directly owns 19,768 shares of the company’s stock, valued at approximately $5,338,941.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the transaction, the executive vice president now directly owns 8,333 shares in the company, valued at $1,835,426.58. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 44,728 shares of company stock valued at $11,645,062. 0.38% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Fabrinet

Several large investors have recently added to or reduced their stakes in the stock. nVerses Capital LLC purchased a new position in shares of Fabrinet during the third quarter valued at $567,000. Pitcairn Co. purchased a new position in Fabrinet during the 1st quarter valued at about $544,000. Seven Eight Capital LP bought a new stake in shares of Fabrinet in the 1st quarter valued at about $1,588,000. DekaBank Deutsche Girozentrale raised its holdings in shares of Fabrinet by 27.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 79,088 shares of the technology company’s stock valued at $15,036,000 after purchasing an additional 17,000 shares in the last quarter. Finally, M&G Plc purchased a new stake in shares of Fabrinet in the 1st quarter worth approximately $9,719,000. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Company Profile

Fabrinet provides optical packaging and precision optical, electro-mechanical, and electronic manufacturing services in North America, the Asia-Pacific, and Europe. The company offers a range of advanced optical and electro-mechanical capabilities in the manufacturing process, including process design and engineering, supply chain management, manufacturing, printed circuit board assembly, advanced packaging, integration, final assembly, and testing.