Fabrinet (NYSE:FN) Stock Price Down 6.9% Following Analyst Downgrade

Fabrinet (NYSE:FN)’s share price traded down 6.9% during trading on Monday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The company traded as low as $444.06 and last traded at $446.4280. 219,772 shares were traded during trading, a decline of 9% from the average session volume of 242,547 shares. The stock had previously closed at $479.42.

FN has been the topic of a number of other reports. Weiss Ratings restated a “buy (b-)” rating on shares of Fabrinet in a research note on Monday, December 29th. Rosenblatt Securities increased their target price on Fabrinet from $425.00 to $550.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. JPMorgan Chase & Co. raised their target price on Fabrinet from $430.00 to $530.00 and gave the company an “overweight” rating in a report on Tuesday, November 4th. Needham & Company LLC lifted their target price on Fabrinet from $440.00 to $540.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Finally, Northland Securities set a $600.00 price target on shares of Fabrinet in a research report on Monday, December 22nd. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $469.88.

Insider Activity

In other news, Director Homa Bahrami sold 3,500 shares of Fabrinet stock in a transaction on Monday, December 1st. The shares were sold at an average price of $453.75, for a total transaction of $1,588,125.00. Following the completion of the sale, the director directly owned 18,316 shares of the company’s stock, valued at approximately $8,310,885. The trade was a 16.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas F. Kelly sold 2,200 shares of the stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $464.14, for a total value of $1,021,108.00. Following the completion of the transaction, the director directly owned 18,789 shares in the company, valued at $8,720,726.46. This trade represents a 10.48% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 28,151 shares of company stock worth $12,643,707. 0.24% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Fabrinet

Several large investors have recently bought and sold shares of FN. Wasatch Advisors LP increased its holdings in shares of Fabrinet by 45.1% in the second quarter. Wasatch Advisors LP now owns 1,779,665 shares of the technology company’s stock valued at $524,432,000 after purchasing an additional 553,196 shares during the period. Norges Bank acquired a new stake in shares of Fabrinet during the second quarter worth $124,046,000. Invesco Ltd. grew its position in Fabrinet by 446.6% in the 2nd quarter. Invesco Ltd. now owns 511,553 shares of the technology company’s stock valued at $150,744,000 after buying an additional 417,959 shares during the last quarter. Alliancebernstein L.P. increased its stake in Fabrinet by 226.1% in the 3rd quarter. Alliancebernstein L.P. now owns 499,177 shares of the technology company’s stock valued at $182,010,000 after buying an additional 346,113 shares during the period. Finally, Holocene Advisors LP purchased a new position in Fabrinet during the 3rd quarter worth $124,847,000. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Stock Performance

The company has a market cap of $16.87 billion, a PE ratio of 48.50 and a beta of 1.04. The stock’s 50-day simple moving average is $455.79 and its 200 day simple moving average is $381.34.

Fabrinet Company Profile

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.