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

Fabrinet (NYSE:FN)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $220.00, but opened at $215.29. Fabrinet shares last traded at $218.40, with a volume of 37,806 shares traded.

Analysts Set New Price Targets

FN has been the topic of several research analyst reports. B. Riley lowered shares of Fabrinet from a “neutral” rating to a “sell” rating and cut their price target for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. Fox Advisors began coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price objective on the stock. Barclays lowered their price objective on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research report on Tuesday, February 4th. JPMorgan Chase & Co. lowered their price objective on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 4th. Finally, Needham & Company LLC reissued a “buy” rating and set a $280.00 price objective on shares of Fabrinet in a research report on Monday. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have assigned a buy rating to the stock. According to MarketBeat.com, Fabrinet presently has a consensus rating of “Hold” and an average price target of $246.63.

Fabrinet Price Performance

The firm’s 50-day moving average is $219.44 and its 200 day moving average is $230.79. The stock has a market cap of $7.96 billion, a price-to-earnings ratio of 24.60 and a beta of 0.89.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. On average, sell-side analysts forecast that Fabrinet will post 9.4 EPS for the current year.

Institutional Investors Weigh In On Fabrinet

Several institutional investors have recently bought and sold shares of the business. Huntington National Bank boosted its stake in shares of Fabrinet by 70.4% in the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after purchasing an additional 57 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in shares of Fabrinet in the third quarter valued at $52,000. Quarry LP boosted its stake in shares of Fabrinet by 315.8% in the fourth quarter. Quarry LP now owns 237 shares of the technology company’s stock valued at $52,000 after purchasing an additional 180 shares during the period. Public Employees Retirement System of Ohio purchased a new position in shares of Fabrinet in the third quarter valued at $61,000. Finally, Orion Capital Management LLC purchased a new position in shares of Fabrinet in the fourth quarter valued at $62,000. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

About Fabrinet

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.