Fabrinet (NYSE:FN) Shares Gap Down – Here’s What Happened

Fabrinet (NYSE:FN)’s share price gapped down prior to trading on Monday . The stock had previously closed at $258.73, but opened at $233.27. Fabrinet shares last traded at $215.14, with a volume of 432,633 shares.

Analysts Set New Price Targets

A number of equities research analysts have recently commented on the company. Barclays assumed coverage on Fabrinet in a research note on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 target price on the stock. Needham & Company LLC began coverage on shares of Fabrinet in a research note on Tuesday, November 5th. They set a “buy” rating and a $280.00 price objective for the company. Finally, B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and dropped their target price for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $252.14.

Fabrinet Stock Performance

The business’s fifty day moving average price is $232.87 and its 200-day moving average price is $235.73. The stock has a market cap of $7.49 billion, a PE ratio of 24.45 and a beta of 0.93.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.01. The company had revenue of $804.20 million for the quarter, compared to analysts’ expectations of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The firm’s quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter last year, the company posted $1.78 earnings per share. Analysts forecast that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Institutional Trading of Fabrinet

Large investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC lifted its position in Fabrinet by 131.4% during the second quarter. AQR Capital Management LLC now owns 31,365 shares of the technology company’s stock valued at $7,678,000 after purchasing an additional 17,809 shares in the last quarter. Millennium Management LLC lifted its position in shares of Fabrinet by 19.0% during the 2nd quarter. Millennium Management LLC now owns 99,282 shares of the technology company’s stock valued at $24,303,000 after buying an additional 15,837 shares in the last quarter. Susquehanna Fundamental Investments LLC purchased a new position in shares of Fabrinet during the 2nd quarter valued at about $1,944,000. Creative Planning grew its stake in shares of Fabrinet by 21.2% during the 2nd quarter. Creative Planning now owns 11,033 shares of the technology company’s stock valued at $2,701,000 after acquiring an additional 1,931 shares during the period. Finally, Kimelman & Baird LLC purchased a new stake in Fabrinet in the 2nd quarter worth approximately $49,000. 97.38% of the stock is currently owned by institutional investors.

About Fabrinet

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.