Fabrinet (NYSE:FN) Stock Price Target Cut by B. Riley Financial

Key Points

• B. Riley Financial cut Fabrinet’s price target from $431 to $385 and maintained a “neutral” rating, implying approximately 14.9% upside from the stock’s reported $335.19 price.
• Analyst sentiment remains broadly positive despite varied targets: Fabrinet has a consensus “Moderate Buy” rating and an average price target of $626.12.
• Fabrinet reported strong quarterly results, with $4.10 in adjusted EPS and $1.32 billion in revenue, exceeding estimates and representing 44.6% year-over-year revenue growth.

Fabrinet (NYSE:FN - Get Free Report) had its price target cut by B. Riley Financial from $431.00 to $385.00 in a report issued on Friday, Benzinga reports. The firm presently has a "neutral" rating on the technology company's stock. B. Riley Financial's target price points to a potential upside of 14.86% from the company's current price.

Several other brokerages have also commented on FN. Fox Advisors upgraded shares of Fabrinet from an "equal weight" rating to an "overweight" rating in a research note on Wednesday, August 19th. Barclays lifted their price target on shares of Fabrinet from $702.00 to $739.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 18th. Rosenblatt Securities restated a "buy" rating and issued a $750.00 price objective on shares of Fabrinet in a research note on Tuesday, August 18th. Needham & Company LLC decreased their price objective on Fabrinet from $650.00 to $500.00 and set a "buy" rating for the company in a report on Tuesday. Finally, 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. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Fabrinet presently has a consensus rating of "Moderate Buy" and an average target price of $626.12.

Fabrinet Price Performance

Fabrinet stock opened at $335.19 on Friday. Fabrinet has a 1-year low of $305.63 and a 1-year high of $748.89. The stock has a market cap of $12.01 billion, a price-to-earnings ratio of 25.68 and a beta of 1.23. The firm has a 50 day simple moving average of $406.88 and a 200-day simple moving average of $523.00.

Fabrinet (NYSE:FN - Get Free Report) last posted its earnings results on Tuesday, August 18th. The technology company reported $4.10 earnings per share for the quarter, beating the consensus estimate of $3.81 by $0.29. The firm had revenue of $1.32 billion during the quarter, compared to the consensus estimate of $1.28 billion. Fabrinet had a net margin of 10.19% and a return on equity of 21.23%. The firm's revenue for the quarter was up 44.6% on a year-over-year basis. During the same quarter last year, the firm earned $2.65 EPS. Equities analysts expect that Fabrinet will post 17.50 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, EVP Edward Archer sold 2,500 shares of Fabrinet stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total transaction of $964,775.00. Following the completion of the transaction, the executive vice president directly owned 7,007 shares in the company, valued at $2,704,071.37. The trade was a 26.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 0.22% of the company's stock.

Institutional Investors Weigh In On Fabrinet

A number of hedge funds and other institutional investors have recently modified their holdings of FN. Continuum Advisory LLC acquired a new stake in shares of Fabrinet during the second quarter worth $25,000. Cassaday & Co Wealth Management LLC purchased a new stake in shares of Fabrinet in the first quarter valued at $31,000. Byrne Asset Management LLC acquired a new position in Fabrinet in the third quarter valued at $27,000. Root Financial Partners LLC acquired a new position in Fabrinet in the third quarter valued at $40,000. Finally, Reyes Financial Architecture Inc. acquired a new position in Fabrinet in the third quarter valued at $52,000. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Fabrinet Company Profile

Fabrinet NYSE: FN is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.

Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.

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