Fabrinet (NYSE:FN) Stock Price Down 2.2% – What’s Next?

Fabrinet (NYSE:FN) shares fell 2.2% on Friday . The company traded as low as $212.02 and last traded at $218.80. 246,324 shares were traded during mid-day trading, a decline of 68% from the average session volume of 759,171 shares. The stock had previously closed at $223.66.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on FN. B. Riley lowered Fabrinet from a “neutral” rating to a “sell” rating and lowered their target price for the company from $194.00 to $178.00 in a research note on Wednesday, November 20th. JPMorgan Chase & Co. reduced their target price on Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a research report on Tuesday, February 4th. Barclays lowered their price objective on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. Needham & Company LLC restated a “buy” rating and issued a $280.00 target price on shares of Fabrinet in a research report on Tuesday, February 4th. Finally, Fox Advisors began coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price target for the company. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $246.63.

Fabrinet Stock Performance

The stock has a market capitalization of $8.13 billion, a PE ratio of 25.09 and a beta of 0.89. The company’s 50-day moving average price is $219.62 and its 200 day moving average price is $231.20.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. Analysts expect that Fabrinet will post 9.4 earnings per share for the current year.

Institutional Investors Weigh In On Fabrinet

Several hedge funds have recently added to or reduced their stakes in FN. Norges Bank purchased a new stake in Fabrinet during the 4th quarter valued at about $95,084,000. Capital Research Global Investors lifted its stake in shares of Fabrinet by 675.2% in the fourth quarter. Capital Research Global Investors now owns 417,020 shares of the technology company’s stock worth $91,694,000 after buying an additional 363,228 shares in the last quarter. Wasatch Advisors LP grew its holdings in shares of Fabrinet by 47.0% during the fourth quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company’s stock valued at $249,044,000 after buying an additional 362,064 shares during the last quarter. Wedge Capital Management L L P NC purchased a new stake in shares of Fabrinet during the fourth quarter valued at approximately $63,222,000. Finally, FMR LLC increased its position in shares of Fabrinet by 13.1% during the fourth quarter. FMR LLC now owns 2,213,887 shares of the technology company’s stock valued at $486,789,000 after acquiring an additional 257,164 shares in the last quarter. 97.38% of the stock is owned by institutional investors.

Fabrinet Company Profile

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.