Fabrinet (NYSE:FN) Given Average Recommendation of "Moderate Buy" by Brokerages

Key Points

• Analysts maintain a “Moderate Buy” consensus on Fabrinet, with six buy ratings and four holds among 10 brokerages. The average 12-month price target is $643, although several firms recently lowered targets or downgraded the stock.
• Fabrinet’s latest quarterly results exceeded expectations, with earnings per share of $3.72 versus the $3.58 consensus and revenue of $1.21 billion. Revenue increased 39.3% year over year.
• Shares opened at $522.36, below their 50-day and 200-day moving averages, while institutional investors own 97.38% of the stock. Director Homa Bahrami also sold 2,500 shares at an average price of $711.91.

Fabrinet (NYSE:FN - Get Free Report) has earned a consensus rating of "Moderate Buy" from the ten brokerages that are presently covering the stock, MarketBeat.com reports. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating on the company. The average twelve-month price objective among brokers that have issued ratings on the stock in the last year is $643.00.

FN has been the topic of a number of analyst reports. Northland Securities set a $800.00 target price on shares of Fabrinet in a report on Monday, April 20th. Fox Advisors downgraded Fabrinet from a "strong-buy" rating to an "equal weight" rating in a research note on Tuesday, May 5th. Needham & Company LLC decreased their price objective on Fabrinet from $800.00 to $650.00 and set a "buy" rating for the company in a report on Wednesday, July 22nd. Zacks Research lowered Fabrinet from a "strong-buy" rating to a "hold" rating in a report on Monday, June 15th. Finally, JPMorgan Chase & Co. lowered their price objective on Fabrinet from $700.00 to $680.00 and set a "neutral" rating for the company in a research note on Tuesday, May 5th.

Insider Transactions at Fabrinet

In related news, Director Homa Bahrami sold 2,500 shares of the company's stock in a transaction on Friday, May 22nd. The stock was sold at an average price of $711.91, for a total transaction of $1,779,775.00. Following the completion of the sale, the director owned 16,233 shares in the company, valued at approximately $11,556,435.03. This represents a 13.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Company insiders own 0.24% of the company's stock.

Hedge Funds Weigh In On Fabrinet

Large investors have recently bought and sold shares of the stock. Core Wealth Advisors LLC bought a new stake in shares of Fabrinet in the 4th quarter worth $25,000. Harbour Investments Inc. lifted its position in shares of Fabrinet by 75.0% during the fourth quarter. Harbour Investments Inc. now owns 63 shares of the technology company's stock valued at $29,000 after purchasing an additional 27 shares in the last quarter. Cassaday & Co Wealth Management LLC bought a new position in shares of Fabrinet during the first quarter valued at about $31,000. Creative Financial Designs Inc. ADV bought a new position in shares of Fabrinet during the fourth quarter valued at about $32,000. Finally, Quarry LP boosted its holdings in Fabrinet by 300.0% during the fourth quarter. Quarry LP now owns 72 shares of the technology company's stock worth $33,000 after purchasing an additional 54 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors.

Fabrinet Trading Down 1.6%

FN opened at $522.36 on Thursday. The company's fifty day moving average price is $543.66 and its two-hundred day moving average price is $565.11. Fabrinet has a 1-year low of $272.49 and a 1-year high of $748.89. The company has a market cap of $18.72 billion, a price-to-earnings ratio of 44.88 and a beta of 1.23.

Fabrinet (NYSE:FN - Get Free Report) last released its quarterly earnings data on Monday, May 4th. The technology company reported $3.72 earnings per share for the quarter, beating analysts' consensus estimates of $3.58 by $0.14. The firm had revenue of $1.21 billion for the quarter, compared to analyst estimates of $1.19 billion. Fabrinet had a net margin of 9.94% and a return on equity of 19.83%. The business's quarterly revenue was up 39.3% compared to the same quarter last year. During the same period last year, the firm earned $2.52 earnings per share. As a group, equities analysts forecast that Fabrinet will post 12.97 earnings per share for the current fiscal year.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source