Fabrinet (NYSE:FN) Shares Gap Down After Earnings Miss

Fabrinet (NYSE:FN)’s share price gapped down before the market opened on Tuesday following a weaker than expected earnings announcement. The stock had previously closed at $225.60, but opened at $205.66. Fabrinet shares last traded at $204.21, with a volume of 643,225 shares traded.

The technology company reported $2.38 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.10). Fabrinet had a return on equity of 18.08% and a net margin of 10.28%.

Wall Street Analysts Forecast Growth

FN has been the topic of a number of recent research reports. Needham & Company LLC reissued a “buy” rating and issued a $280.00 target price on shares of Fabrinet in a research note on Tuesday. Barclays decreased their price objective on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday. B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and cut their target price for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. Finally, Rosenblatt Securities raised their price target on Fabrinet from $280.00 to $285.00 and gave the company a “buy” rating in a report on Tuesday. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Fabrinet currently has a consensus rating of “Hold” and a consensus price target of $246.14.

Institutional Investors Weigh In On Fabrinet

A number of institutional investors and hedge funds have recently modified their holdings of the business. Wellington Management Group LLP increased its holdings in shares of Fabrinet by 1.7% in the 3rd quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company’s stock valued at $276,437,000 after acquiring an additional 19,677 shares during the period. Geode Capital Management LLC grew its stake in Fabrinet by 7.6% during the 3rd quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company’s stock valued at $233,359,000 after purchasing an additional 69,554 shares during the last quarter. Whale Rock Capital Management LLC lifted its holdings in shares of Fabrinet by 25.8% in the 3rd quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock valued at $202,338,000 after buying an additional 175,684 shares during the period. JPMorgan Chase & Co. lifted its holdings in shares of Fabrinet by 3.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 660,401 shares of the technology company’s stock valued at $156,145,000 after buying an additional 24,439 shares during the period. Finally, Baillie Gifford & Co. raised its holdings in Fabrinet by 10.7% in the 4th quarter. Baillie Gifford & Co. now owns 553,038 shares of the technology company’s stock worth $121,602,000 after purchasing an additional 53,250 shares during the period. 97.38% of the stock is owned by institutional investors.

Fabrinet Trading Down 9.6 %

The business has a fifty day moving average of $231.04 and a two-hundred day moving average of $234.45. The company has a market cap of $7.40 billion, a price-to-earnings ratio of 24.14 and a beta of 0.92.

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.