Edward Archer Sells 2,500 Shares of Fabrinet (NYSE:FN) Stock

Fabrinet (NYSE:FN) EVP Edward Archer sold 2,500 shares of the company’s stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total value of $964,775.00. Following the completion of the sale, the executive vice president owned 7,007 shares of the company’s stock, valued at approximately $2,704,071.37. The trade was a 26.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.

Fabrinet Stock Up 2.9%

NYSE FN opened at $406.51 on Friday. The business’s fifty day simple moving average is $482.19 and its 200-day simple moving average is $563.75. The firm has a market cap of $14.57 billion, a PE ratio of 31.15 and a beta of 1.21. Fabrinet has a 52 week low of $348.01 and a 52 week high of $748.89.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Tuesday, August 18th. The technology company reported $4.10 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $3.81 by $0.29. Fabrinet had a net margin of 10.19% and a return on equity of 21.23%. The firm had revenue of $1.32 billion during the quarter, compared to analyst estimates of $1.28 billion. During the same quarter in the prior year, the firm posted $2.65 earnings per share. Fabrinet’s quarterly revenue was up 44.6% on a year-over-year basis. Research analysts expect that Fabrinet will post 17.5 EPS for the current year.

Analysts Set New Price Targets

Several research firms have recently commented on FN. Wall Street Zen lowered shares of Fabrinet from a “buy” rating to a “hold” rating in a research report on Monday, July 20th. Rosenblatt Securities reissued a “buy” rating and set a $750.00 target price on shares of Fabrinet in a research note on Tuesday, August 18th. JPMorgan Chase & Co. lifted their target price on Fabrinet from $680.00 to $695.00 and gave the company a “neutral” rating in a research report on Tuesday, August 18th. Zacks Research lowered Fabrinet from a “strong-buy” rating to a “hold” rating in a research note on Monday, June 15th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $650.00 price target on shares of Fabrinet in a research note on Tuesday, August 18th. Seven analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $649.50.

Institutional Trading of Fabrinet

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Continuum Advisory LLC purchased a new position in shares of Fabrinet in the second quarter valued at approximately $25,000. Core Wealth Advisors LLC purchased a new stake in Fabrinet during the 4th quarter worth approximately $25,000. Cassaday & Co Wealth Management LLC acquired a new stake in Fabrinet during the 1st quarter worth approximately $31,000. Harbour Investments Inc. boosted its position in Fabrinet by 75.0% in the 4th quarter. Harbour Investments Inc. now owns 63 shares of the technology company’s stock valued at $29,000 after buying an additional 27 shares during the period. Finally, Creative Financial Designs Inc. ADV purchased a new position in Fabrinet in the 4th quarter valued at approximately $32,000. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

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.