Fabrinet (NYSE:FN) Stock Price Target Cut by B. Riley Financial

Fabrinet (NYSE:FN) had its target price lowered by equities research analysts at B. Riley Financial from $431.00 to $385.00 in a report released on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the technology company’s stock. B. Riley Financial‘s target price suggests a potential upside of 14.86% from the stock’s previous close.

FN has been the topic of several other reports. JPMorgan Chase & Co. upped their price target on shares of Fabrinet from $680.00 to $695.00 and gave the company a “neutral” rating in a report on Tuesday, August 18th. Rosenblatt Securities reiterated a “buy” rating and issued a $750.00 price target on shares of Fabrinet in a research note on Tuesday, August 18th. Zacks Research upgraded Fabrinet from a “hold” rating to a “strong-buy” rating in a research note on Monday, October 5th. Susquehanna reduced their target price on Fabrinet from $850.00 to $600.00 and set a “positive” rating on the stock in a report on Wednesday, October 21st. Finally, Fox Advisors upgraded Fabrinet from an “equal weight” rating to an “overweight” rating in a research report on Wednesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat, Fabrinet currently has an average rating of “Moderate Buy” and a consensus target price of $626.12.

Fabrinet Stock Performance

FN opened at $335.19 on Friday. The firm has a 50 day moving average price of $406.88 and a 200 day moving average price of $523.00. The company has a market cap of $12.01 billion, a PE ratio of 25.68 and a beta of 1.23. Fabrinet has a 1 year low of $305.63 and a 1 year high of $748.89.

Fabrinet (NYSE:FN) last issued its earnings results on Tuesday, August 18th. The technology company reported $4.10 earnings per share for the quarter, topping the consensus estimate of $3.81 by $0.29. The company had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fabrinet had a return on equity of 21.23% and a net margin of 10.19%. The company’s revenue was up 44.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.65 earnings per share. On average, sell-side analysts predict that Fabrinet will post 17.50 earnings per share for the current year.

Insider Activity at Fabrinet

In related news, EVP Edward Archer sold 2,500 shares of the stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total value of $964,775.00. Following the transaction, the executive vice president owned 7,007 shares in the company, valued at approximately $2,704,071.37. This represents a 26.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 0.22% of the stock is currently owned by corporate insiders.

Institutional Trading of Fabrinet

A number of institutional investors and hedge funds have recently modified their holdings of FN. Paradigm Capital Management Inc. NY acquired a new position in Fabrinet during the second quarter worth approximately $298,183,000. Janus Henderson Group PLC raised its stake in Fabrinet by 15.9% in the first quarter. Janus Henderson Group PLC now owns 291,659 shares of the technology company’s stock valued at $152,071,000 after buying an additional 40,090 shares during the period. Principal Financial Group Inc. lifted its position in shares of Fabrinet by 15.0% in the first quarter. Principal Financial Group Inc. now owns 216,049 shares of the technology company’s stock valued at $112,674,000 after buying an additional 28,166 shares during the last quarter. Allspring Global Investments Holdings LLC lifted its position in shares of Fabrinet by 108.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 165,146 shares of the technology company’s stock valued at $88,350,000 after buying an additional 85,780 shares during the last quarter. Finally, Wedge Capital Management L L P NC boosted its stake in shares of Fabrinet by 11.5% during the 2nd quarter. Wedge Capital Management L L P NC now owns 128,795 shares of the technology company’s stock worth $72,393,000 after acquiring an additional 13,245 shares during the period. 97.38% of the stock is currently owned by institutional investors.

About Fabrinet

Fabrinet (NYSE: FN) is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.

Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.