Apollon Wealth Management LLC Sells 3,107 Shares of Fabrinet $FN

Key Points

• Apollon Wealth Management cut its Fabrinet stake by 30.1% in the third quarter, selling 3,107 shares and retaining 7,221 shares valued at approximately $3.06 million.
• Institutional investors own 97.38% of Fabrinet, while an executive separately sold 2,500 shares for about $964,775; insiders now own just 0.22% of the stock.
• Analysts maintain a “Moderate Buy” consensus with an average price target of $631.88. Fabrinet recently exceeded quarterly earnings and revenue expectations, reporting $4.10 in EPS and $1.32 billion in revenue.

Apollon Wealth Management LLC decreased its holdings in Fabrinet (NYSE:FN - Free Report) by 30.1% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 7,221 shares of the technology company's stock after selling 3,107 shares during the period. Apollon Wealth Management LLC's holdings in Fabrinet were worth $3,064,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of the business. Glenmede Trust Co. NA increased its position in shares of Fabrinet by 1.7% in the first quarter. Glenmede Trust Co. NA now owns 1,168 shares of the technology company's stock worth $609,000 after acquiring an additional 19 shares in the last quarter. HB Wealth Management LLC boosted its position in Fabrinet by 2.9% during the 2nd quarter. HB Wealth Management LLC now owns 865 shares of the technology company's stock worth $486,000 after purchasing an additional 24 shares during the period. Root Financial Partners LLC boosted its position in Fabrinet by 29.2% during the 1st quarter. Root Financial Partners LLC now owns 146 shares of the technology company's stock worth $76,000 after purchasing an additional 33 shares during the period. Waverly Advisors LLC increased its holdings in Fabrinet by 4.5% in the 2nd quarter. Waverly Advisors LLC now owns 841 shares of the technology company's stock valued at $473,000 after purchasing an additional 36 shares in the last quarter. Finally, Continuum Advisory LLC acquired a new stake in Fabrinet in the 2nd quarter valued at $25,000. 97.38% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Fabrinet news, EVP Edward Archer sold 2,500 shares of the firm's stock in a transaction that occurred on Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total transaction of $964,775.00. Following the completion of the sale, the executive vice president owned 7,007 shares in the company, valued at $2,704,071.37. This trade represents a 26.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.22% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several research firms have commented on FN. Zacks Research raised Fabrinet from a "hold" rating to a "strong-buy" rating in a research report on Monday, October 5th. JPMorgan Chase & Co. upped their target price on Fabrinet from $680.00 to $695.00 and gave the stock a "neutral" rating in a research report on Tuesday, August 18th. Rosenblatt Securities reiterated a "buy" rating and issued a $750.00 target price on shares of Fabrinet in a research note on Tuesday, August 18th. B. Riley Financial dropped their target price on Fabrinet from $598.00 to $431.00 and set a "neutral" rating on the stock in a report on Thursday, October 15th. Finally, Barclays boosted their price target on Fabrinet from $702.00 to $739.00 and gave the stock an "overweight" rating in a research report on Tuesday, August 18th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, Fabrinet presently has a consensus rating of "Moderate Buy" and a consensus price target of $631.88.

Fabrinet Trading Up 7.5%

FN opened at $368.93 on Thursday. Fabrinet has a twelve month low of $305.63 and a twelve month high of $748.89. The firm has a market cap of $13.22 billion, a price-to-earnings ratio of 28.27 and a beta of 1.23. The company has a fifty day simple moving average of $408.98 and a 200 day simple moving average of $523.49.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 18th. The technology company reported $4.10 EPS for the quarter, topping analysts' consensus estimates of $3.81 by $0.29. The firm had revenue of $1.32 billion for the quarter, compared to analyst estimates of $1.28 billion. Fabrinet had a net margin of 10.19% and a return on equity of 21.23%. The firm's 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. On average, analysts forecast that Fabrinet will post 17.50 earnings per share for the current fiscal year.

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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