Fabrinet (NYSE:FN) Stock Rating Lowered by Zacks Research

Fabrinet (NYSE:FN) was downgraded by Zacks Research from a “strong-buy” rating to a “hold” rating in a report issued on Monday,Zacks.com reports.

Other research analysts also recently issued research reports about the stock. Weiss Ratings restated a “buy (b-)” rating on shares of Fabrinet in a report on Monday, December 29th. Susquehanna started coverage on Fabrinet in a report on Monday, December 15th. They set a “positive” rating and a $550.00 target price on the stock. Rosenblatt Securities boosted their price target on Fabrinet from $425.00 to $550.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. JPMorgan Chase & Co. upped their price target on Fabrinet from $430.00 to $530.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 4th. Finally, Barclays raised their price objective on Fabrinet from $329.00 to $499.00 and gave the company an “equal weight” rating in a research note on Wednesday, November 5th. Six equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $469.88.

Fabrinet Trading Down 3.7%

NYSE FN traded down $17.66 on Monday, reaching $461.51. The stock had a trading volume of 44,986 shares, compared to its average volume of 445,004. Fabrinet has a 1 year low of $148.55 and a 1 year high of $531.22. The business has a 50 day moving average price of $455.26 and a 200 day moving average price of $380.71. The company has a market capitalization of $16.54 billion, a price-to-earnings ratio of 47.73 and a beta of 1.04.

Insider Activity at Fabrinet

In other news, Director Thomas F. Kelly sold 2,200 shares of the company’s stock in a transaction that occurred on Thursday, December 4th. The stock was sold at an average price of $464.14, for a total transaction of $1,021,108.00. Following the completion of the transaction, the director directly owned 18,789 shares in the company, valued at $8,720,726.46. The trade was a 10.48% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Seamus Grady sold 22,451 shares of the company’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $446.95, for a total transaction of $10,034,474.45. Following the transaction, the chief executive officer owned 23,573 shares of the company’s stock, valued at approximately $10,535,952.35. The trade was a 48.78% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 28,151 shares of company stock worth $12,643,707 in the last 90 days. 0.24% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. Maseco LLP bought a new position in Fabrinet during the second quarter valued at about $25,000. Root Financial Partners LLC bought a new stake in shares of Fabrinet in the 3rd quarter worth approximately $34,000. Elevation Point Wealth Partners LLC acquired a new stake in shares of Fabrinet during the 2nd quarter worth approximately $35,000. First Horizon Advisors Inc. increased its position in shares of Fabrinet by 124.2% during the second quarter. First Horizon Advisors Inc. now owns 139 shares of the technology company’s stock valued at $41,000 after purchasing an additional 77 shares during the period. Finally, Cullen Frost Bankers Inc. increased its position in shares of Fabrinet by 118.5% during the second quarter. Cullen Frost Bankers Inc. now owns 142 shares of the technology company’s stock valued at $42,000 after purchasing an additional 77 shares during the period. Institutional investors own 97.38% of the company’s stock.

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.