Fabrinet (NYSE:FN) Trading Down 6.9% on Analyst Downgrade

Shares of Fabrinet (NYSE:FN) fell 6.9% during mid-day trading on Monday after Zacks Research downgraded the stock from a strong-buy rating to a hold rating. The stock traded as low as $444.06 and last traded at $446.4280. 219,772 shares changed hands during mid-day trading, a decline of 9% from the average session volume of 242,547 shares. The stock had previously closed at $479.42.

Several other research analysts also recently commented on the stock. JPMorgan Chase & Co. lifted their target price on shares of Fabrinet from $430.00 to $530.00 and gave the stock an “overweight” rating in a report on Tuesday, November 4th. Northland Securities set a $600.00 price objective on Fabrinet in a research note on Monday, December 22nd. Barclays boosted their price objective on Fabrinet from $329.00 to $499.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 5th. Susquehanna started coverage on Fabrinet in a report on Monday, December 15th. They issued a “positive” rating and a $550.00 target price on the stock. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fabrinet in a research report on Monday, December 29th. Six equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to data from MarketBeat, Fabrinet has an average rating of “Moderate Buy” and a consensus price target of $469.88.

Insider Activity at Fabrinet

In other news, Director Homa Bahrami sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $453.75, for a total transaction of $1,588,125.00. Following the sale, the director directly owned 18,316 shares in the company, valued at approximately $8,310,885. The trade was a 16.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, CEO Seamus Grady sold 22,451 shares of the business’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $446.95, for a total value of $10,034,474.45. Following the sale, the chief executive officer owned 23,573 shares in the company, valued at approximately $10,535,952.35. This represents a 48.78% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 28,151 shares of company stock worth $12,643,707 over the last three months. Company insiders own 0.24% of the company’s stock.

Institutional Investors Weigh In On Fabrinet

Several institutional investors and hedge funds have recently bought and sold shares of FN. Wasatch Advisors LP lifted its stake in Fabrinet by 45.1% during the second quarter. Wasatch Advisors LP now owns 1,779,665 shares of the technology company’s stock worth $524,432,000 after purchasing an additional 553,196 shares during the period. Norges Bank acquired a new position in shares of Fabrinet in the 2nd quarter worth approximately $124,046,000. Invesco Ltd. raised its holdings in shares of Fabrinet by 446.6% in the 2nd quarter. Invesco Ltd. now owns 511,553 shares of the technology company’s stock worth $150,744,000 after buying an additional 417,959 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Fabrinet by 226.1% during the 3rd quarter. Alliancebernstein L.P. now owns 499,177 shares of the technology company’s stock worth $182,010,000 after buying an additional 346,113 shares during the period. Finally, Holocene Advisors LP acquired a new stake in Fabrinet in the 3rd quarter valued at $124,847,000. Institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Down 1.7%

The business has a 50-day simple moving average of $455.79 and a two-hundred day simple moving average of $381.34. The stock has a market capitalization of $16.87 billion, a P/E ratio of 48.50 and a beta of 1.04.

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.