State Board of Administration of Florida Retirement System Has $2.85 Million Stock Position in Fabrinet $FN

State Board of Administration of Florida Retirement System raised its position in shares of Fabrinet (NYSE:FN) by 17.4% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 9,674 shares of the technology company’s stock after acquiring an additional 1,434 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Fabrinet were worth $2,851,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in FN. Coldstream Capital Management Inc. increased its position in Fabrinet by 3.2% during the 2nd quarter. Coldstream Capital Management Inc. now owns 998 shares of the technology company’s stock worth $294,000 after buying an additional 31 shares during the period. IFP Advisors Inc raised its stake in Fabrinet by 10.9% in the 2nd quarter. IFP Advisors Inc now owns 347 shares of the technology company’s stock worth $103,000 after purchasing an additional 34 shares in the last quarter. SBI Securities Co. Ltd. boosted its holdings in Fabrinet by 21.7% in the 2nd quarter. SBI Securities Co. Ltd. now owns 219 shares of the technology company’s stock valued at $65,000 after purchasing an additional 39 shares during the period. Bessemer Group Inc. grew its position in shares of Fabrinet by 33.6% during the 2nd quarter. Bessemer Group Inc. now owns 171 shares of the technology company’s stock worth $50,000 after purchasing an additional 43 shares in the last quarter. Finally, CreativeOne Wealth LLC increased its holdings in shares of Fabrinet by 4.9% during the first quarter. CreativeOne Wealth LLC now owns 1,148 shares of the technology company’s stock worth $227,000 after purchasing an additional 54 shares during the period. 97.38% of the stock is currently owned by institutional investors.

Fabrinet Price Performance

Shares of NYSE:FN opened at $479.07 on Friday. The firm has a 50 day simple moving average of $418.24 and a 200 day simple moving average of $343.04. The company has a market cap of $17.16 billion, a price-to-earnings ratio of 49.34 and a beta of 1.05. Fabrinet has a one year low of $148.55 and a one year high of $498.00.

Insider Buying and Selling

In other news, Director Homa Bahrami sold 3,500 shares of Fabrinet stock in a transaction dated Monday, December 1st. The stock was sold at an average price of $453.75, for a total transaction of $1,588,125.00. Following the sale, the director directly owned 18,316 shares of the company’s stock, valued at approximately $8,310,885. This trade represents a 16.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Thomas F. Kelly sold 2,200 shares of the business’s stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $464.14, for a total value of $1,021,108.00. Following the sale, the director owned 18,789 shares in the company, valued at approximately $8,720,726.46. This trade represents a 10.48% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold 28,151 shares of company stock worth $12,643,707 in the last 90 days. Insiders own 0.24% of the company’s stock.

Wall Street Analysts Forecast Growth

FN has been the topic of a number of analyst reports. Northland Securities set a $550.00 price target on Fabrinet in a research report on Tuesday, November 4th. Barclays raised their price target on Fabrinet from $329.00 to $499.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 5th. JPMorgan Chase & Co. increased their price objective on shares of Fabrinet from $430.00 to $530.00 and gave the stock an “overweight” rating in a research note on Tuesday, November 4th. Weiss Ratings restated a “buy (b)” rating on shares of Fabrinet in a research report on Tuesday. Finally, B. Riley upped their price target on shares of Fabrinet from $184.00 to $220.00 and gave the stock a “neutral” rating in a report on Tuesday, August 19th. One investment analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $451.29.

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.