Fabrinet (NYSE:FN) Rating Lowered to Sell at B. Riley

B. Riley cut shares of Fabrinet (NYSE:FN) from a neutral rating to a sell rating in a research note released on Wednesday, Marketbeat.com reports. B. Riley currently has $178.00 target price on the technology company’s stock, down from their previous target price of $194.00.

Several other research analysts also recently weighed in on FN. JPMorgan Chase & Co. lifted their target price on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Barclays assumed coverage on Fabrinet in a report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 price target for the company. Rosenblatt Securities raised their price target on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Finally, Needham & Company LLC assumed coverage on Fabrinet in a report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price target for the company. One research 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. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $252.14.

Fabrinet Trading Up 0.2 %

Shares of FN stock opened at $230.50 on Wednesday. The business’s 50 day moving average is $243.99 and its two-hundred day moving average is $237.24. Fabrinet has a twelve month low of $159.30 and a twelve month high of $278.38. The company has a market capitalization of $8.36 billion, a P/E ratio of 27.28 and a beta of 0.95.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, beating the consensus estimate of $2.38 by $0.01. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The company had revenue of $804.20 million for the quarter, compared to the consensus estimate of $771.24 million. During the same period last year, the business posted $1.78 EPS. The company’s revenue was up 17.3% on a year-over-year basis. As a group, equities analysts predict that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Csaba Sverha sold 100 shares of Fabrinet stock in a transaction 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 completion of the transaction, the chief financial officer now directly owns 19,347 shares of the company’s stock, valued at approximately $5,223,690. The trade was a 0.51 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Edward T. Archer sold 8,690 shares of Fabrinet stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the transaction, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. This represents 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 hedge funds and other institutional investors have recently bought and sold shares of FN. Opal Wealth Advisors LLC acquired a new position in shares of Fabrinet in the second quarter worth $28,000. Huntington National Bank raised its holdings in shares of Fabrinet by 70.4% in the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after acquiring an additional 57 shares during the last quarter. Banque Cantonale Vaudoise acquired a new position in shares of Fabrinet in the second quarter worth $35,000. Kimelman & Baird LLC acquired a new position in shares of Fabrinet in the second quarter worth $49,000. Finally, NBC Securities Inc. raised its holdings in shares of Fabrinet by 732.0% in the third quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock worth $49,000 after acquiring an additional 183 shares during the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

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.