Fabrinet (NYSE:FN) Shares Gap Down – Should You Sell?

Fabrinet (NYSE:FN) 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.

Analysts Set New Price Targets

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

Fabrinet Trading 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 has a 50-day simple moving average of $233.48 and a 200-day simple moving average of $236.03.

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

Institutional Investors Weigh In On Fabrinet

A number of large investors have recently made changes to their positions in the company. Huntington National Bank grew its holdings in shares of Fabrinet by 70.4% during the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after acquiring an additional 57 shares in the last quarter. Kimelman & Baird LLC acquired a new stake in Fabrinet in the 2nd quarter worth approximately $49,000. NBC Securities Inc. raised its position in shares of Fabrinet by 732.0% in the third quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock valued at $49,000 after purchasing an additional 183 shares during the period. Point72 Asia Singapore Pte. Ltd. acquired a new stake in shares of Fabrinet in the third quarter worth $52,000. Finally, UMB Bank n.a. boosted its holdings in shares of Fabrinet by 252.9% during the 3rd quarter. UMB Bank n.a. now owns 240 shares of the technology company’s stock worth $57,000 after buying an additional 172 shares during the period. 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.