Vontobel Holding Ltd. grew its position in Fabrinet (NYSE:FN – Free Report) by 184.7% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,178 shares of the technology company’s stock after buying an additional 1,413 shares during the quarter. Vontobel Holding Ltd.’s holdings in Fabrinet were worth $924,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Paradigm Capital Management Inc. NY acquired a new stake in shares of Fabrinet during the second quarter valued at approximately $298,183,000. Janus Henderson Group PLC boosted its stake in Fabrinet by 15.9% in the 1st quarter. Janus Henderson Group PLC now owns 291,659 shares of the technology company’s stock worth $152,071,000 after purchasing an additional 40,090 shares during the period. Principal Financial Group Inc. boosted its stake in Fabrinet by 15.0% in the 1st quarter. Principal Financial Group Inc. now owns 216,049 shares of the technology company’s stock worth $112,674,000 after purchasing an additional 28,166 shares during the period. Allspring Global Investments Holdings LLC boosted its stake in Fabrinet by 108.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 165,146 shares of the technology company’s stock worth $88,350,000 after purchasing an additional 85,780 shares during the period. Finally, Wedge Capital Management L L P NC grew its position in Fabrinet by 11.5% during the 2nd quarter. Wedge Capital Management L L P NC now owns 128,795 shares of the technology company’s stock worth $72,393,000 after purchasing an additional 13,245 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.
Fabrinet Price Performance
Shares of Fabrinet stock opened at $362.78 on Tuesday. The firm has a market cap of $13.00 billion, a price-to-earnings ratio of 27.80 and a beta of 1.23. Fabrinet has a 52-week low of $359.39 and a 52-week high of $748.89. The stock has a 50-day simple moving average of $435.89 and a 200-day simple moving average of $537.90.
Fabrinet (NYSE:FN – Get Free Report) last announced its quarterly earnings results on Tuesday, August 18th. The technology company reported $4.10 EPS for the quarter, beating the consensus estimate of $3.81 by $0.29. The business had revenue of $1.32 billion during the quarter, compared to analysts’ expectations of $1.28 billion. Fabrinet had a return on equity of 21.23% and a net margin of 10.19%. The firm’s quarterly revenue was up 44.6% compared to the same quarter last year. During the same quarter in the previous year, the business posted $2.65 EPS. As a group, equities research analysts predict that Fabrinet will post 17.50 earnings per share for the current year.
Insider Buying and Selling
In other news, EVP Edward Archer sold 2,500 shares of the stock in a transaction on Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total transaction of $964,775.00. Following the transaction, the executive vice president owned 7,007 shares in the company, valued at $2,704,071.37. This represents a 26.30% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.24% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades
Several analysts have issued reports on FN shares. Needham & Company LLC reissued a “buy” rating and set a $650.00 target price on shares of Fabrinet in a research note on Tuesday, August 18th. Fox Advisors upgraded Fabrinet from an “equal weight” rating to an “overweight” rating in a report on Wednesday, August 19th. B. Riley Financial decreased their target price on Fabrinet from $598.00 to $431.00 and set a “neutral” rating for the company in a research report on Thursday. Rosenblatt Securities reiterated a “buy” rating and set a $750.00 price target on shares of Fabrinet in a report on Tuesday, August 18th. Finally, JPMorgan Chase & Co. lifted their price target on Fabrinet from $680.00 to $695.00 and gave the company a “neutral” rating in a report on Tuesday, August 18th. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $646.88.
View Our Latest Stock Report on FN
About Fabrinet
Fabrinet (NYSE: FN) is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.
Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.
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