Fabrinet (NYSE:FN) Updates Q2 Earnings Guidance

by · The Markets Daily

Fabrinet (NYSE:FN – Get Free Report) issued an update on its second quarter earnings guidance on Monday morning. The company provided EPS guidance of $2.44-$2.52 for the period, compared to the consensus EPS estimate of $2.45. The company issued revenue guidance of $800-$820 million, compared to the consensus revenue estimate of $797.24 million.

Fabrinet Price Performance

Shares of FN traded down $2.92 on Monday, hitting $239.61. The company’s stock had a trading volume of 754,671 shares, compared to its average volume of 481,449. The company has a market capitalization of $8.69 billion, a PE ratio of 29.94 and a beta of 0.95. Fabrinet has a fifty-two week low of $157.55 and a fifty-two week high of $278.38. The company has a 50 day moving average price of $239.06 and a 200 day moving average price of $230.70.

Fabrinet (NYSE:FN – Get Free Report) last announced its earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share for the quarter, beating analysts’ consensus estimates of $2.06 by $0.35. The company had revenue of $753.26 million during the quarter, compared to analyst estimates of $732.63 million. Fabrinet had a return on equity of 18.10% and a net margin of 10.27%. The firm’s quarterly revenue was up 14.8% compared to the same quarter last year. During the same period last year, the company posted $1.68 earnings per share. On average, equities analysts forecast that Fabrinet will post 9.11 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts recently commented on FN shares. JPMorgan Chase & Co. lifted their price objective on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Rosenblatt Securities boosted their price target on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. B. Riley raised their price objective on shares of Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Finally, Needham & Company LLC increased their price target on Fabrinet from $270.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Fabrinet has a consensus rating of “Moderate Buy” and an average price target of $248.50.

Check Out Our Latest Research Report on FN

Insider Activity

In other Fabrinet news, CFO Csaba Sverha sold 9,288 shares of the stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.08, for a total value of $2,508,503.04. Following the completion of the sale, the chief financial officer now directly owns 19,768 shares in the company, valued at $5,338,941.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Csaba Sverha sold 9,288 shares of the stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the completion of the sale, the chief financial officer now owns 19,768 shares of the company’s stock, valued at $5,338,941.44. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the completion of the transaction, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 44,728 shares of company stock valued at $11,645,062 in the last quarter. Company insiders own 0.38% of the company’s stock.

Fabrinet Company Profile

(Get Free Report)

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.

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