B. Riley Downgrades Fabrinet (NYSE:FN) to Sell

Fabrinet (NYSE:FN) was downgraded by equities research analysts at B. Riley from a “neutral” rating to a “sell” rating in a note issued to investors on Wednesday, MarketBeat.com reports. They presently have a $178.00 target price on the technology company’s stock, down from their prior target price of $194.00. B. Riley’s target price suggests a potential downside of 22.65% from the company’s previous close.

FN has been the subject of a number of other research reports. Needham & Company LLC began coverage on shares of Fabrinet in a research note on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price target for the company. Rosenblatt Securities lifted their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Barclays started coverage on Fabrinet in a report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 target price on the stock. Finally, JPMorgan Chase & Co. lifted their price target on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Fabrinet has an average rating of “Hold” and an average price target of $252.14.

Fabrinet Stock Performance

Shares of FN stock opened at $230.13 on Wednesday. The stock has a market capitalization of $8.35 billion, a P/E ratio of 26.77 and a beta of 0.95. Fabrinet has a fifty-two week low of $159.30 and a fifty-two week high of $278.38. The company has a 50 day moving average price of $243.82 and a 200 day moving average price of $237.29.

Fabrinet (NYSE:FN) last posted its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.01. The business had revenue of $804.20 million for the quarter, compared to analyst estimates of $771.24 million. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The company’s revenue was up 17.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.78 earnings per share. On average, research analysts forecast that Fabrinet will post 9.1 EPS for the current fiscal year.

Insider Buying and Selling at Fabrinet

In other Fabrinet news, CFO Csaba Sverha sold 100 shares of Fabrinet stock in a transaction on Monday, August 26th. The shares were sold at an average price of $270.00, for a total value of $27,000.00. Following the transaction, the chief financial officer now directly owns 19,347 shares in the company, valued at approximately $5,223,690. The trade was a 0.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the completion of the sale, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at $1,835,426.58. The trade was a 51.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Fabrinet

Several institutional investors have recently added to or reduced their stakes in FN. Russell Investments Group Ltd. increased its stake in Fabrinet by 279.5% in the 1st quarter. Russell Investments Group Ltd. now owns 22,294 shares of the technology company’s stock valued at $4,214,000 after buying an additional 16,420 shares during the period. State Board of Administration of Florida Retirement System raised its holdings in Fabrinet by 9.3% during the first quarter. State Board of Administration of Florida Retirement System now owns 11,490 shares of the technology company’s stock worth $2,172,000 after purchasing an additional 980 shares in the last quarter. Vanguard Group Inc. lifted its position in Fabrinet by 0.9% in the first quarter. Vanguard Group Inc. now owns 4,348,671 shares of the technology company’s stock valued at $821,986,000 after purchasing an additional 38,999 shares during the period. O Shaughnessy Asset Management LLC boosted its holdings in Fabrinet by 20.5% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 3,020 shares of the technology company’s stock valued at $571,000 after purchasing an additional 514 shares in the last quarter. Finally, Healthcare of Ontario Pension Plan Trust Fund acquired a new position in Fabrinet during the 1st quarter worth approximately $244,000. Institutional investors and hedge funds own 97.38% of the company’s stock.

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.