Susquehanna Has Lowered Expectations for Fabrinet (NYSE:FN) Stock Price

Fabrinet (NYSE:FN) had its price objective dropped by analysts at Susquehanna from $850.00 to $600.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has a “positive” rating on the technology company’s stock. Susquehanna’s price target would suggest a potential upside of 68.69% from the company’s previous close.

Other equities analysts have also issued reports about the stock. B. Riley Financial reduced their price target on shares of Fabrinet from $598.00 to $431.00 and set a “neutral” rating on the stock in a research report on Thursday, October 15th. JPMorgan Chase & Co. raised their price objective on shares of Fabrinet from $680.00 to $695.00 and gave the stock a “neutral” rating in a report on Tuesday, August 18th. Barclays lifted their target price on shares of Fabrinet from $702.00 to $739.00 and gave the company an “overweight” rating in a research note on Tuesday, August 18th. Wall Street Zen cut shares of Fabrinet from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. Finally, Fox Advisors raised Fabrinet from an “equal weight” rating to an “overweight” rating in a report on Wednesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat.com, Fabrinet has an average rating of “Moderate Buy” and an average price target of $650.62.

Fabrinet Stock Performance

FN opened at $355.69 on Wednesday. The firm’s 50-day simple moving average is $432.46 and its 200-day simple moving average is $536.63. Fabrinet has a twelve month low of $345.71 and a twelve month high of $748.89. The firm has a market cap of $12.74 billion, a price-to-earnings ratio of 27.26 and a beta of 1.23.

Fabrinet (NYSE:FN) last announced its earnings results on Tuesday, August 18th. The technology company reported $4.10 earnings per share (EPS) for the quarter, topping 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 business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. During the same quarter last year, the company posted $2.65 EPS. The firm’s revenue for the quarter was up 44.6% on a year-over-year basis. As a group, sell-side analysts anticipate that Fabrinet will post 17.50 EPS for the current fiscal year.

Insider Buying and Selling at Fabrinet

In related news, EVP Edward Archer sold 2,500 shares of Fabrinet stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total value of $964,775.00. Following the completion of the transaction, the executive vice president directly owned 7,007 shares of the company’s stock, valued at $2,704,071.37. The trade was a 26.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 0.24% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Robeco Institutional Asset Management B.V. grew its holdings in Fabrinet by 81.2% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 772 shares of the technology company’s stock worth $328,000 after acquiring an additional 346 shares during the last quarter. IFP Advisors Inc raised its stake in shares of Fabrinet by 17.8% in the third quarter. IFP Advisors Inc now owns 324 shares of the technology company’s stock worth $137,000 after acquiring an additional 49 shares during the last quarter. Fulcrum Wealth Advisors LLC bought a new position in shares of Fabrinet in the third quarter worth about $1,064,000. Vontobel Holding Ltd. raised its stake in shares of Fabrinet by 184.7% in the third quarter. Vontobel Holding Ltd. now owns 2,178 shares of the technology company’s stock worth $924,000 after acquiring an additional 1,413 shares during the last quarter. Finally, Walser Wealth Management Company A Ltd Liability Co lifted its position in shares of Fabrinet by 53.9% during the third quarter. Walser Wealth Management Company A Ltd Liability Co now owns 1,561 shares of the technology company’s stock worth $662,000 after purchasing an additional 547 shares in the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Company Profile

Fabrinet (NYSE: FN) is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.

Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.