Fabrinet (NYSE:FN) Releases Q2 2023 Earnings Guidance

Fabrinet (NYSE:FNGet Rating) issued an update on its second quarter 2023 earnings guidance on Monday morning. The company provided earnings per share guidance of $1.86-$1.93 for the period, compared to the consensus earnings per share estimate of $1.73. The company issued revenue guidance of $640.00 million-$660.00 million, compared to the consensus revenue estimate of $632.36 million.

Fabrinet Stock Performance

FN opened at $129.35 on Wednesday. The business has a fifty day simple moving average of $108.09 and a 200 day simple moving average of $96.96. The company has a market capitalization of $4.73 billion, a PE ratio of 21.85 and a beta of 1.00. Fabrinet has a 1 year low of $74.57 and a 1 year high of $129.94. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.95 and a quick ratio of 1.95.

Analyst Upgrades and Downgrades

FN has been the subject of several recent research reports. StockNews.com upgraded Fabrinet from a hold rating to a buy rating in a research note on Friday, November 11th. Needham & Company LLC lifted their price objective on Fabrinet from $135.00 to $140.00 and gave the company a buy rating in a report on Tuesday, November 8th. B. Riley lifted their price objective on Fabrinet from $102.00 to $110.00 in a report on Tuesday, November 8th. Finally, Northland Securities lifted their price objective on Fabrinet from $125.00 to $132.50 in a report on Thursday, October 6th. Two analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average price target of $119.90.

Insider Buying and Selling at Fabrinet

In other Fabrinet news, CEO Seamus Grady sold 17,681 shares of Fabrinet 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 completion of the transaction, the chief executive officer now directly owns 46,416 shares of the company’s stock, valued at approximately $4,936,805.76. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In other news, CFO Csaba Sverha sold 14,194 shares of the business’s stock in a transaction on Thursday, November 10th. The stock was sold at an average price of $121.94, for a total transaction of $1,730,816.36. Following the completion of the transaction, the chief financial officer now owns 17,009 shares of the company’s stock, valued at approximately $2,074,077.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, 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 transaction, the chief executive officer now directly owns 46,416 shares of the company’s stock, valued at approximately $4,936,805.76. The disclosure for this sale can be found here. Insiders sold 38,252 shares of company stock valued at $4,428,389 in the last three months. Corporate insiders own 0.50% of the company’s stock.

Hedge Funds Weigh In On Fabrinet

Institutional investors have recently modified their holdings of the business. Two Sigma Investments LP raised its holdings in shares of Fabrinet by 42.6% during the 3rd quarter. Two Sigma Investments LP now owns 5,294 shares of the technology company’s stock worth $505,000 after buying an additional 1,582 shares in the last quarter. Occudo Quantitative Strategies LP increased its holdings in Fabrinet by 70.1% in the 2nd quarter. Occudo Quantitative Strategies LP now owns 5,708 shares of the technology company’s stock worth $463,000 after purchasing an additional 2,353 shares in the last quarter. Pathstone Family Office LLC increased its holdings in Fabrinet by 46.7% in the 3rd quarter. Pathstone Family Office LLC now owns 4,441 shares of the technology company’s stock worth $424,000 after purchasing an additional 1,414 shares in the last quarter. Ergoteles LLC acquired a new position in Fabrinet in the 1st quarter worth about $416,000. Finally, Guggenheim Capital LLC increased its holdings in Fabrinet by 24.3% in the 1st quarter. Guggenheim Capital LLC now owns 2,631 shares of the technology company’s stock worth $276,000 after purchasing an additional 514 shares in the last quarter. Institutional investors and hedge funds own 97.21% of the company’s stock.

Fabrinet Company Profile

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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.

Further Reading

Earnings History and Estimates for Fabrinet (NYSE:FN)

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