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.
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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
A number of brokerages recently weighed in on FN. JPMorgan Chase & Co. lowered their price objective on shares of Fabrinet from $115.00 to $88.00 and set a neutral rating for the company in a research report on Thursday, July 14th. StockNews.com upgraded shares of Fabrinet from a hold rating to a buy rating in a research report on Wednesday, August 24th. Finally, Needham & Company LLC upped their target price on shares of Fabrinet from $130.00 to $135.00 and gave the stock a buy rating in a research report on Tuesday, August 16th. Two investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat, the stock currently has an average rating of Moderate Buy and an average price target of $115.60.
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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