Fabrinet (NYSE:FN) Stock Price Down 9.2% – Time to Sell?

Fabrinet (NYSE:FN) dropped 9.2% on Friday. The stock traded as low as $319.01 and last traded at $321.1140. 119,717 shares traded hands during trading, a decline of 86% from the average daily volume of 885,097 shares. The stock had previously closed at $353.83.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on FN shares. Susquehanna lowered their price objective on shares of Fabrinet from $850.00 to $600.00 and set a “positive” rating on the stock in a research report on Wednesday, October 21st. Rosenblatt Securities reduced their target price on shares of Fabrinet from $750.00 to $600.00 and set a “buy” rating for the company in a research note on Tuesday, November 3rd. Barclays lowered their target price on shares of Fabrinet from $739.00 to $496.00 and set an “overweight” rating on the stock in a report on Wednesday, November 4th. B. Riley Financial dropped their price target on shares of Fabrinet from $431.00 to $385.00 and set a “neutral” rating on the stock in a research note on Friday, October 30th. Finally, Wall Street Zen cut shares of Fabrinet from a “buy” rating to a “hold” rating in a report on Monday, July 20th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $548.88.

Fabrinet Price Performance

The company has a 50-day simple moving average of $390.47 and a 200-day simple moving average of $516.02. The stock has a market cap of $11.58 billion, a PE ratio of 24.50 and a beta of 1.35. The company has a debt-to-equity ratio of 0.03, a current ratio of 2.04 and a quick ratio of 1.33.

Fabrinet (NYSE:FN) last released its earnings results on Monday, November 2nd. The technology company reported $4.34 EPS for the quarter, beating analysts’ consensus estimates of $4.21 by $0.13. The company had revenue of $1.47 billion during the quarter, compared to the consensus estimate of $1.42 billion. Fabrinet had a return on equity of 22.32% and a net margin of 9.35%. Fabrinet’s quarterly revenue was up 50.7% compared to the same quarter last year. During the same quarter last year, the company earned $2.92 earnings per share. Sell-side analysts anticipate that Fabrinet will post 18.96 EPS for the current fiscal year.

Insider Activity

In related news, EVP Edward Archer sold 2,500 shares of the firm’s stock in a transaction dated Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total value of $964,775.00. Following the completion of the sale, the executive vice president owned 7,007 shares in the company, valued at $2,704,071.37. This trade represents a 26.30% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.22% of the stock is owned by corporate insiders.

Institutional Trading of Fabrinet

A number of institutional investors have recently added to or reduced their stakes in the stock. Paradigm Capital Management Inc. NY acquired a new position in Fabrinet during the second quarter worth about $298,183,000. Allspring Global Investments Holdings LLC lifted its position in shares of Fabrinet by 108.1% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,146 shares of the technology company’s stock valued at $88,350,000 after acquiring an additional 85,780 shares during the period. Rokos Capital Management LLP acquired a new stake in shares of Fabrinet during the 1st quarter valued at approximately $31,753,000. Bowen Hanes & Co. Inc. boosted its stake in shares of Fabrinet by 97.4% during the 1st quarter. Bowen Hanes & Co. Inc. now owns 98,715 shares of the technology company’s stock worth $51,482,000 after acquiring an additional 48,715 shares in the last quarter. Finally, Calamos Advisors LLC boosted its stake in shares of Fabrinet by 1,469.7% during the 3rd quarter. Calamos Advisors LLC now owns 51,800 shares of the technology company’s stock worth $21,977,000 after acquiring an additional 48,500 shares in the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

About Fabrinet

Fabrinet (NYSE: FN) is a provider of advanced optical packaging and precision manufacturing services. The company works with original equipment manufacturers and other technology companies to produce complex products that require specialized engineering and manufacturing capabilities. Its services include product design and engineering support, prototyping, supply-chain management, and manufacturing. Fabrinet’s products serve markets including optical communications, industrial lasers, automotive technology, and medical devices.