Fabrinet (NYSE:FN) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC lessened its position in Fabrinet (NYSE:FN) by 11.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 254,677 shares of the technology company’s stock after selling 32,854 shares during the quarter. Fabrinet comprises 1.0% of Wedge Capital Management L L P NC’s holdings, making the stock its 24th largest position. Wedge Capital Management L L P NC’s holdings in Fabrinet were worth $50,301,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Versant Capital Management Inc increased its stake in shares of Fabrinet by 353.7% in the 1st quarter. Versant Capital Management Inc now owns 186 shares of the technology company’s stock worth $37,000 after acquiring an additional 145 shares during the last quarter. Huntington National Bank grew its holdings in shares of Fabrinet by 66.7% in the fourth quarter. Huntington National Bank now owns 230 shares of the technology company’s stock valued at $51,000 after purchasing an additional 92 shares in the last quarter. Quarry LP grew its stake in shares of Fabrinet by 315.8% in the fourth quarter. Quarry LP now owns 237 shares of the technology company’s stock worth $52,000 after acquiring an additional 180 shares in the last quarter. Orion Capital Management LLC acquired a new position in Fabrinet during the 4th quarter worth $62,000. Finally, IFP Advisors Inc grew its position in shares of Fabrinet by 576.2% during the fourth quarter. IFP Advisors Inc now owns 284 shares of the technology company’s stock worth $63,000 after buying an additional 242 shares in the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. JPMorgan Chase & Co. boosted their target price on shares of Fabrinet from $220.00 to $235.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. B. Riley raised shares of Fabrinet from a “sell” rating to a “neutral” rating and lowered their price objective for the stock from $178.00 to $176.00 in a research report on Friday, April 4th. Fox Advisors assumed coverage on Fabrinet in a research note on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 target price on the stock. Rosenblatt Securities lifted their target price on shares of Fabrinet from $230.00 to $250.00 and gave the company a “buy” rating in a report on Tuesday, May 6th. Finally, Needham & Company LLC restated a “buy” rating and set a $280.00 target price on shares of Fabrinet in a research report on Tuesday, May 6th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $239.29.

Fabrinet Stock Down 1.0%

Fabrinet stock opened at $234.82 on Friday. Fabrinet has a 52 week low of $148.55 and a 52 week high of $281.79. The firm has a market capitalization of $8.41 billion, a PE ratio of 26.27 and a beta of 0.98. The firm’s 50-day simple moving average is $208.46 and its 200 day simple moving average is $217.57.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.05. The business had revenue of $871.80 million for the quarter, compared to the consensus estimate of $857.12 million. Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. The business’s revenue was up 19.2% on a year-over-year basis. During the same period in the prior year, the business earned $2.39 earnings per share. On average, research analysts expect that Fabrinet will post 9.4 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Rollance E. Olson sold 2,500 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total value of $559,950.00. Following the transaction, the director now directly owns 23,201 shares of the company’s stock, valued at approximately $5,196,559.98. This trade represents a 9.73% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, COO Harpal Gill sold 18,675 shares of the firm’s stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total value of $4,482,000.00. Following the completion of the transaction, the chief operating officer now owns 18,068 shares in the company, valued at approximately $4,336,320. This trade represents a 50.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company’s stock.

About Fabrinet

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.