Fabrinet (NYSE:FN) Shares Purchased by Baillie Gifford & Co.

Key Points

• Baillie Gifford & Co. increased its stake in Fabrinet by 16.5%, owning approximately 1.80% of the company worth $127.3 million after purchasing additional shares.
• Fabrinet's quarterly revenue grew by 19.2% year-over-year, amounting to $871.8 million, with an EPS of $2.52 that exceeded analysts' projections.
• Analysts have differing views on Fabrinet, with target prices ranging from $176.00 to $318.00 and an average consensus target price of $261.33.

Baillie Gifford & Co. grew its position in shares of Fabrinet (NYSE:FN - Free Report) by 16.5% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 644,557 shares of the technology company's stock after purchasing an additional 91,519 shares during the period. Baillie Gifford & Co. owned approximately 1.80% of Fabrinet worth $127,306,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in FN. Private Trust Co. NA boosted its position in shares of Fabrinet by 44.3% during the first quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock valued at $33,000 after buying an additional 51 shares during the period. State of Alaska Department of Revenue raised its stake in shares of Fabrinet by 1.7% during the first quarter. State of Alaska Department of Revenue now owns 4,205 shares of the technology company's stock valued at $830,000 after acquiring an additional 70 shares in the last quarter. Henry James International Management Inc. raised its stake in shares of Fabrinet by 5.6% during the first quarter. Henry James International Management Inc. now owns 1,317 shares of the technology company's stock valued at $260,000 after acquiring an additional 70 shares in the last quarter. Illumine Investment Management LLC raised its stake in shares of Fabrinet by 2.2% during the first quarter. Illumine Investment Management LLC now owns 3,461 shares of the technology company's stock valued at $684,000 after acquiring an additional 75 shares in the last quarter. Finally, Signaturefd LLC raised its stake in shares of Fabrinet by 14.3% during the first quarter. Signaturefd LLC now owns 609 shares of the technology company's stock valued at $120,000 after acquiring an additional 76 shares in the last quarter. Hedge funds and other institutional investors own 97.38% of the company's stock.

Fabrinet Trading Up 0.4%

Shares of FN stock traded up $1.32 during trading hours on Wednesday, reaching $322.12. 123,595 shares of the company's stock were exchanged, compared to its average volume of 709,256. The stock's 50 day moving average is $271.38 and its 200-day moving average is $231.56. The company has a market cap of $11.54 billion, a price-to-earnings ratio of 35.87 and a beta of 1.04. Fabrinet has a fifty-two week low of $148.55 and a fifty-two week high of $332.00.

Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 earnings per share for the quarter, beating analysts' consensus estimates of $2.47 by $0.05. The firm had revenue of $871.80 million for the quarter, compared to analyst estimates of $857.12 million. Fabrinet had a net margin of 10.00% and a return on equity of 17.99%. The business's quarterly revenue was up 19.2% compared to the same quarter last year. During the same period in the previous year, the company earned $2.39 earnings per share. Equities analysts anticipate that Fabrinet will post 9.4 EPS for the current year.

Analyst Ratings Changes

Several analysts have recently weighed in on FN shares. B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and decreased their price target for the company from $178.00 to $176.00 in a research note on Friday, April 4th. Needham & Company LLC reissued a "buy" rating and issued a $280.00 price objective on shares of Fabrinet in a research note on Tuesday, May 6th. Wolfe Research started coverage on shares of Fabrinet in a research note on Tuesday, July 8th. They issued a "peer perform" rating for the company. JPMorgan Chase & Co. boosted their price objective on shares of Fabrinet from $235.00 to $318.00 and gave the stock a "neutral" rating in a research note on Thursday, July 17th. Finally, Barclays set a $234.00 price objective on shares of Fabrinet and gave the stock an "equal weight" rating in a research note on Tuesday, May 6th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and an average target price of $261.33.

Insider Buying and Selling at Fabrinet

In other Fabrinet news, COO Harpal Gill sold 18,675 shares of the company's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $240.00, for a total value of $4,482,000.00. Following the sale, the chief operating officer directly owned 18,068 shares of the company's stock, valued at approximately $4,336,320. This represents a 50.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Rollance E. Olson sold 2,500 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total transaction of $559,950.00. Following the completion of the sale, the director directly owned 23,201 shares in the company, valued at approximately $5,196,559.98. The trade was a 9.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by corporate insiders.

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.