Fabrinet (NYSE:FN) Price Target Cut to $194.00 by Analysts at B. Riley

Fabrinet (NYSE:FN) had its target price trimmed by B. Riley from $196.00 to $194.00 in a research note released on Tuesday,Benzinga reports. The brokerage currently has a neutral rating on the technology company’s stock.

Several other brokerages also recently issued reports on FN. JPMorgan Chase & Co. upped their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Rosenblatt Securities boosted their target price on Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Finally, Needham & Company LLC assumed coverage on shares of Fabrinet in a report on Tuesday. They issued a “buy” rating and a $280.00 price target on the stock. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $248.17.

Fabrinet Stock Up 2.9 %

NYSE:FN traded up $7.60 during midday trading on Tuesday, reaching $270.00. The stock had a trading volume of 191,060 shares, compared to its average volume of 489,448. Fabrinet has a 12-month low of $159.30 and a 12-month high of $278.38. The stock has a market cap of $9.79 billion, a P/E ratio of 31.95 and a beta of 0.95. The firm has a fifty day simple moving average of $238.94 and a two-hundred day simple moving average of $232.02.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, beating the consensus estimate of $2.38 by $0.01. The firm had revenue of $804.20 million during the quarter, compared to analysts’ expectations of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.50%. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. During the same quarter last year, the business earned $1.78 earnings per share. On average, sell-side analysts anticipate that Fabrinet will post 9.11 earnings per share for the current fiscal year.

Insider Activity

In other Fabrinet news, CFO Csaba Sverha sold 9,288 shares of Fabrinet stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.08, for a total value of $2,508,503.04. Following the completion of the sale, the chief financial officer now directly owns 19,768 shares in the company, valued at approximately $5,338,941.44. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, CEO Seamus Grady sold 26,650 shares of Fabrinet stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.00, for a total value of $7,195,500.00. Following the transaction, the chief executive officer now owns 37,643 shares in the company, valued at approximately $10,163,610. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Csaba Sverha sold 9,288 shares of the business’s 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 owns 19,768 shares in the company, valued at $5,338,941.44. The trade was 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 owned by insiders.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in FN. Legacy Wealth Asset Management LLC boosted its position in shares of Fabrinet by 3.2% during the third quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company’s stock valued at $325,000 after buying an additional 43 shares during the last quarter. Wolff Wiese Magana LLC increased its holdings in shares of Fabrinet by 2.7% in the third quarter. Wolff Wiese Magana LLC now owns 1,765 shares of the technology company’s stock worth $417,000 after purchasing an additional 47 shares during the last quarter. Trust Point Inc. raised its stake in shares of Fabrinet by 4.7% in the third quarter. Trust Point Inc. now owns 1,272 shares of the technology company’s stock valued at $301,000 after acquiring an additional 57 shares during the period. Huntington National Bank lifted its position in shares of Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after purchasing an additional 57 shares during the last quarter. Finally, Cim LLC increased its stake in shares of Fabrinet by 1.0% during the second quarter. Cim LLC now owns 5,980 shares of the technology company’s stock valued at $1,344,000 after buying an additional 61 shares during the period. Institutional investors 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.