Fabrinet (NYSE:FN) Shares Down 6.7% - What's Next?

Key Points

• Fabrinet's stock price fell 6.7% to approximately $314.74, with a trading volume decline of 28% from its average.
• Wall Street analysts are mixed on Fabrinet, with a consensus rating of "Hold" and a price target averaging $261.33.
• Significant insider selling occurred, as COO Harpal Gill sold 18,675 shares, reducing ownership by over 50% in a transaction valued at approximately $4.48 million.

Fabrinet (NYSE:FN - Get Free Report)'s stock price dropped 6.7% during trading on Thursday . The company traded as low as $310.08 and last traded at $314.74. Approximately 507,712 shares were traded during trading, a decline of 28% from the average daily volume of 703,438 shares. The stock had previously closed at $337.31.

Wall Street Analysts Forecast Growth

FN has been the subject of a number of recent research reports. Barclays set a $234.00 price objective on Fabrinet and gave the company an "equal weight" rating in a research note on Tuesday, May 6th. Needham & Company LLC reaffirmed a "buy" rating and issued a $280.00 price target on shares of Fabrinet in a research note on Tuesday, May 6th. JPMorgan Chase & Co. raised their price objective on Fabrinet from $235.00 to $318.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Rosenblatt Securities lifted their price target on Fabrinet from $250.00 to $290.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. Finally, Wolfe Research started coverage on shares of Fabrinet in a report on Tuesday, July 8th. They issued a "peer perform" rating for the company. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $261.33.

Fabrinet Price Performance

The company has a market cap of $11.32 billion, a price-to-earnings ratio of 35.29 and a beta of 1.02. The firm's 50-day moving average price is $293.11 and its 200-day moving average price is $238.25.

Insider Activity at Fabrinet

In other Fabrinet news, COO Harpal Gill sold 18,675 shares of Fabrinet stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $240.00, for a total value of $4,482,000.00. Following the completion of the transaction, the chief operating officer owned 18,068 shares of the company's stock, valued at $4,336,320. The trade was a 50.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. Company insiders own 0.38% of the company's stock.

Institutional Investors Weigh In On Fabrinet

Several large investors have recently modified their holdings of FN. Norges Bank bought a new stake in Fabrinet in the second quarter worth $124,046,000. Invesco Ltd. lifted its position in Fabrinet by 446.6% during the 2nd quarter. Invesco Ltd. now owns 511,553 shares of the technology company's stock worth $150,744,000 after acquiring an additional 417,959 shares during the last quarter. Capital Research Global Investors grew its position 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 valued at $91,694,000 after purchasing an additional 363,228 shares during the last quarter. Wasatch Advisors LP increased its stake in shares of Fabrinet by 47.0% in the fourth quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company's stock worth $249,044,000 after purchasing an additional 362,064 shares during the period. Finally, Westfield Capital Management Co. LP increased its stake in shares of Fabrinet by 102.8% in the second quarter. Westfield Capital Management Co. LP now owns 663,310 shares of the technology company's stock worth $195,464,000 after purchasing an additional 336,173 shares during the period. 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.

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