Fabrinet (NYSE:FN) Shares Gap Down – Time to Sell?

Fabrinet (NYSE:FN) shares gapped down before the market opened on Friday . The stock had previously closed at $266.87, but opened at $254.04. Fabrinet shares last traded at $252.48, with a volume of 249,794 shares.

Analyst Ratings Changes

Several research firms recently issued reports on FN. Jefferies Financial Group assumed coverage on shares of Fabrinet in a report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 target price on the stock. B. Riley boosted their price objective on Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. raised their target price on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Rosenblatt Securities boosted their price target on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Finally, Needham & Company LLC raised their price objective on shares of Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $219.00.

Fabrinet Stock Performance

The business has a fifty day moving average of $237.83 and a 200-day moving average of $225.70. The company has a market capitalization of $8.78 billion, a P/E ratio of 32.27 and a beta of 0.95.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, August 19th. The technology company reported $2.41 earnings per share for the quarter, beating analysts’ consensus estimates of $2.06 by $0.35. The firm had revenue of $753.26 million for 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 quarterly revenue was up 14.8% compared to the same quarter last year. During the same period last year, the firm earned $1.68 earnings per share. Sell-side analysts anticipate that Fabrinet will post 9.11 EPS for the current year.

Insider Transactions at Fabrinet

In related news, CFO Csaba Sverha sold 100 shares of Fabrinet stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $270.00, for a total transaction of $27,000.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other Fabrinet news, CEO Seamus Grady sold 26,650 shares of the stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.00, for a total value of $7,195,500.00. Following the completion of the sale, the chief executive officer now owns 37,643 shares in the company, valued at approximately $10,163,610. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Csaba Sverha sold 100 shares of the business’s stock in a transaction that occurred 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 transaction, the chief financial officer now owns 19,347 shares in the company, 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 ninety days. 0.51% of the stock is currently owned by insiders.

Institutional Trading of Fabrinet

A number of institutional investors and hedge funds have recently modified their holdings of the business. Opal Wealth Advisors LLC bought a new position in Fabrinet in the 2nd quarter valued at $28,000. Banque Cantonale Vaudoise purchased a new position in Fabrinet in the second quarter valued at about $35,000. Kimelman & Baird LLC bought a new position in shares of Fabrinet during the 2nd quarter valued at approximately $49,000. NBC Securities Inc. increased its stake in shares of Fabrinet by 732.0% during the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock worth $49,000 after purchasing an additional 183 shares during the last quarter. Finally, GAMMA Investing LLC raised its holdings in shares of Fabrinet by 60.6% in the 1st quarter. GAMMA Investing LLC now owns 289 shares of the technology company’s stock worth $55,000 after purchasing an additional 109 shares during the period. 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.