Fabrinet (NYSE:FN) Stock Price Down 2.2% – Here’s Why

Fabrinet (NYSE:FN)’s stock price traded down 2.2% on Friday . The company traded as low as $212.02 and last traded at $218.80. 246,324 shares traded hands during trading, a decline of 68% from the average session volume of 759,171 shares. The stock had previously closed at $223.66.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Fox Advisors started coverage on Fabrinet in a research report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 target price on the stock. JPMorgan Chase & Co. decreased their price target on Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a report on Tuesday, February 4th. Barclays decreased their price objective on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a report on Tuesday, February 4th. Needham & Company LLC restated a “buy” rating and set a $280.00 price objective on shares of Fabrinet in a report on Tuesday, February 4th. Finally, B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $246.63.

Fabrinet Stock Down 1.3 %

The firm has a market capitalization of $8.01 billion, a P/E ratio of 24.70 and a beta of 0.89. The firm’s 50-day simple moving average is $219.44 and its 200-day simple moving average is $230.88.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. As a group, analysts expect that Fabrinet will post 9.4 EPS for the current fiscal year.

Institutional Investors Weigh In On Fabrinet

A number of hedge funds have recently made changes to their positions in the business. Cim LLC increased its stake in shares of Fabrinet by 1.4% in the fourth quarter. Cim LLC now owns 6,013 shares of the technology company’s stock worth $1,322,000 after buying an additional 82 shares during the period. Menard Financial Group LLC lifted its holdings in Fabrinet by 34.1% in the fourth quarter. Menard Financial Group LLC now owns 1,707 shares of the technology company’s stock worth $375,000 after buying an additional 434 shares during the period. Polar Asset Management Partners Inc. purchased a new position in shares of Fabrinet during the fourth quarter valued at approximately $3,364,000. Orion Capital Management LLC purchased a new position in shares of Fabrinet during the fourth quarter valued at approximately $62,000. Finally, PharVision Advisers LLC purchased a new position in shares of Fabrinet during the fourth quarter valued at approximately $221,000. 97.38% of the stock is currently owned by 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.