Fabrinet (NYSE:FN – Get Rating) updated its first quarter 2023 earnings guidance on Monday. The company provided EPS guidance of $1.72-$1.79 for the period, compared to the consensus EPS estimate of $1.56. The company issued revenue guidance of $620.00 million-$640.00 million, compared to the consensus revenue estimate of $596.15 million.

Fabrinet Stock Performance

Shares of Fabrinet stock opened at $102.23 on Monday. The firm has a market cap of $3.73 billion, a PE ratio of 19.07 and a beta of 0.95. The firm's 50-day simple moving average is $96.01 and its 200-day simple moving average is $93.99. The company has a debt-to-equity ratio of 0.01, a quick ratio of 1.80 and a current ratio of 2.83. Fabrinet has a 1 year low of $74.57 and a 1 year high of $126.28.

Fabrinet (NYSE:FN – Get Rating) last issued its earnings results on Monday, August 15th. The technology company reported $1.68 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.42 by $0.26. The business had revenue of $587.90 million for the quarter, compared to analyst estimates of $581.48 million. Fabrinet had a net margin of 8.86% and a return on equity of 16.67%. The company's revenue for the quarter was up 15.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.14 EPS. Equities analysts forecast that Fabrinet will post 6.11 earnings per share for the current fiscal year.

Analyst Ratings Changes

Insiders Place Their Bets

In other news, COO Harpal Gill sold 21,088 shares of the business's stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $117.70, for a total value of $2,482,057.60. Following the sale, the chief operating officer now owns 39,656 shares of the company's stock, valued at approximately $4,667,511.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Seamus Grady sold 17,681 shares of the business's stock in a transaction on Monday, August 29th. The stock was sold at an average price of $106.36, for a total value of $1,880,551.16. Following the sale, the chief executive officer now owns 46,416 shares of the company's stock, valued at approximately $4,936,805.76. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, COO Harpal Gill sold 21,088 shares of the business's stock in a transaction on Thursday, August 18th. The stock was sold at an average price of $117.70, for a total value of $2,482,057.60. Following the completion of the sale, the chief operating officer now directly owns 39,656 shares in the company, valued at approximately $4,667,511.20. The disclosure for this sale can be found here. In the last 90 days, insiders sold 115,129 shares of company stock worth $12,818,755. Insiders own 0.42% of the company's stock.

Institutional Investors Weigh In On Fabrinet

A number of institutional investors and hedge funds have recently modified their holdings of FN. Quantbot Technologies LP acquired a new stake in Fabrinet during the 2nd quarter worth about $56,000. Point72 Hong Kong Ltd purchased a new position in Fabrinet during the second quarter valued at approximately $56,000. ExodusPoint Capital Management LP purchased a new position in Fabrinet during the second quarter valued at approximately $206,000. Captrust Financial Advisors grew its position in Fabrinet by 99.9% during the first quarter. Captrust Financial Advisors now owns 2,031 shares of the technology company's stock valued at $214,000 after purchasing an additional 1,015 shares in the last quarter. Finally, Evergreen Capital Management LLC grew its position in Fabrinet by 6.2% during the first quarter. Evergreen Capital Management LLC now owns 2,142 shares of the technology company's stock valued at $225,000 after purchasing an additional 125 shares in the last quarter. 97.21% of the stock is owned by institutional investors and hedge funds.

About Fabrinet

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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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