Fabrinet (NYSE:FN) Receives Consensus Rating of “Hold” from Brokerages

Fabrinet (NYSE:FN) has received a consensus recommendation of “Hold” from the seven ratings firms that are currently covering the company, Marketbeat Ratings reports. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year price target among brokers that have updated their coverage on the stock in the last year is $219.00.

FN has been the topic of several research reports. Needham & Company LLC boosted their price objective on shares of Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Rosenblatt Securities lifted their price objective on Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Jefferies Financial Group started coverage on Fabrinet in a research report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 target price for the company. B. Riley boosted their price target on shares of Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Finally, JPMorgan Chase & Co. lifted their target price on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th.

Insider Activity at Fabrinet

In other news, CFO Csaba Sverha sold 100 shares of Fabrinet stock in a transaction on Monday, August 26th. The stock was sold at an average price of $270.00, for a total value of $27,000.00. Following the completion of the sale, the chief financial officer now directly owns 19,347 shares of the company’s stock, valued at approximately $5,223,690. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Fabrinet news, CEO Seamus Grady sold 26,650 shares of Fabrinet stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the completion of the sale, the chief executive officer now owns 37,643 shares of the company’s stock, valued at approximately $10,163,610. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Csaba Sverha sold 100 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $270.00, for a total transaction of $27,000.00. Following the sale, the chief financial officer now owns 19,347 shares of the company’s stock, valued at $5,223,690. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 44,728 shares of company stock valued at $11,645,062 over the last quarter. Corporate insiders own 0.51% of the company’s stock.

Institutional Trading of Fabrinet

A number of hedge funds have recently modified their holdings of FN. TD Asset Management Inc lifted its holdings in Fabrinet by 216.1% during the first quarter. TD Asset Management Inc now owns 409,761 shares of the technology company’s stock worth $77,453,000 after acquiring an additional 280,145 shares in the last quarter. Epoch Investment Partners Inc. lifted its holdings in shares of Fabrinet by 291.0% during the 1st quarter. Epoch Investment Partners Inc. now owns 275,531 shares of the technology company’s stock valued at $52,081,000 after purchasing an additional 205,057 shares in the last quarter. Driehaus Capital Management LLC grew its position in shares of Fabrinet by 183.5% in the 2nd quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock valued at $68,046,000 after purchasing an additional 179,943 shares during the period. Clearbridge Investments LLC bought a new stake in Fabrinet during the 2nd quarter worth approximately $27,911,000. Finally, Kennedy Capital Management LLC acquired a new stake in Fabrinet during the 1st quarter worth approximately $15,637,000. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Fabrinet Stock Performance

Shares of NYSE FN opened at $246.65 on Thursday. The business’s 50-day simple moving average is $239.85 and its 200-day simple moving average is $226.95. Fabrinet has a 52 week low of $149.19 and a 52 week high of $278.38. The firm has a market cap of $8.92 billion, a price-to-earnings ratio of 32.76 and a beta of 0.95.

Fabrinet (NYSE:FN) last released its earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share for the quarter, topping analysts’ consensus estimates of $2.06 by $0.35. The firm had revenue of $753.26 million during the quarter, compared to analyst estimates of $732.63 million. Fabrinet had a net margin of 10.27% and a return on equity of 18.10%. The business’s revenue was up 14.8% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.68 EPS. As a group, equities research analysts forecast that Fabrinet will post 9.11 earnings per share for the current year.

About Fabrinet

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.