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

Fabrinet (NYSE:FN)’s share price gapped down before the market opened 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 traded.

Analyst Ratings Changes

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

Fabrinet Stock Down 22.0 %

The company has a market capitalization of $7.32 billion, a price-to-earnings ratio of 23.95 and a beta of 0.93. The stock’s fifty day moving average price is $233.48 and its 200-day moving average price is $236.03.

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Wedge Capital Management L L P NC acquired a new position in shares of Fabrinet during the 4th quarter worth $63,222,000. Whale Rock Capital Management LLC boosted its stake in shares of Fabrinet by 25.8% in the 3rd quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock valued at $202,338,000 after purchasing an additional 175,684 shares in the last quarter. Clearbridge Investments LLC bought a new stake in shares of Fabrinet during the 2nd quarter valued at approximately $27,911,000. World Investment Advisors LLC acquired a new stake in Fabrinet in the third quarter valued at approximately $20,187,000. Finally, DekaBank Deutsche Girozentrale boosted its holdings in shares of Fabrinet by 3,831.4% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 82,088 shares of the technology company’s stock valued at $19,465,000 after acquiring an additional 80,000 shares in the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

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.