Fabrinet (NYSE:FN) dropped 4.9% on Tuesday . The company traded as low as $38.29 and last traded at $40.22, with a volume of 2,583,196 shares. The stock had previously closed at $42.30.

Several brokerages have recently issued reports on FN. Needham & Company LLC upped their target price on shares of Fabrinet from $45.00 to $48.00 and gave the stock a “buy” rating in a research note on Monday, July 25th. Piper Jaffray Cos. reiterated an “overweight” rating and issued a $50.00 target price (up previously from $44.00) on shares of Fabrinet in a research note on Tuesday. JPMorgan Chase & Co. reiterated a “buy” rating on shares of Fabrinet in a research note on Wednesday, July 20th. Zacks Investment Research upgraded shares of Fabrinet from a “hold” rating to a “strong-buy” rating and set a $46.00 target price on the stock in a research note on Wednesday. Finally, Stifel Nicolaus upped their target price on shares of Fabrinet from $40.00 to $48.00 and gave the stock a “buy” rating in a research note on Tuesday. Six research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Fabrinet has a consensus rating of “Buy” and a consensus price target of $47.68.

The firm’s 50-day moving average price is $37.82 and its 200 day moving average price is $33.39. The company has a market cap of $1.45 billion and a P/E ratio of 23.85.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, August 15th. The company reported $0.60 EPS for the quarter, meeting analysts’ consensus estimates of $0.60. During the same period last year, the business posted $0.40 EPS. The business had revenue of $276.40 million for the quarter, compared to analysts’ expectations of $262.95 million. The company’s revenue for the quarter was up 33.8% on a year-over-year basis. Analysts expect that Fabrinet will post $2.80 EPS for the current year.

In other Fabrinet news, Director Frank H. Levinson sold 19,942 shares of the firm’s stock in a transaction dated Tuesday, May 24th. The shares were sold at an average price of $33.50, for a total transaction of $668,057.00. Following the transaction, the director now owns 53,887 shares of the company’s stock, valued at approximately $1,805,214.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Homa Bahrami sold 5,000 shares of the firm’s stock in a transaction dated Thursday, May 26th. The shares were sold at an average price of $35.34, for a total transaction of $176,700.00. Following the transaction, the director now directly owns 18,616 shares in the company, valued at approximately $657,889.44. The disclosure for this sale can be found here.

A number of hedge funds and institutional investors have bought and sold shares of FN. Argent Capital Management LLC acquired a new position in Fabrinet during the fourth quarter worth approximately $1,285,000. US Bancorp DE increased its position in Fabrinet by 65.0% in the fourth quarter. US Bancorp DE now owns 62,187 shares of the company’s stock worth $1,481,000 after buying an additional 24,498 shares during the period. California Public Employees Retirement System increased its position in Fabrinet by 16.1% in the fourth quarter. California Public Employees Retirement System now owns 188,700 shares of the company’s stock worth $4,495,000 after buying an additional 26,200 shares during the period. Finally, Rhumbline Advisers increased its position in Fabrinet by 4.2% in the fourth quarter. Rhumbline Advisers now owns 52,330 shares of the company’s stock worth $1,247,000 after buying an additional 2,125 shares during the period.

Fabrinet provides optical packaging and precision optical, electro-mechanical and electronic manufacturing services to original equipment manufacturers (OEMs) of complex products, such as optical communication components, modules and sub-systems, industrial lasers, medical devices and sensors. The Company offers a range of optical and electro-mechanical capabilities across the entire manufacturing process, including process design and engineering, supply chain management, manufacturing, complex printed circuit board assembly, advanced packaging, integration, final assembly and test.

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