Burney Co. Acquires Shares of 8,572 Fabrinet (NYSE:FN)

Burney Co. purchased a new position in shares of Fabrinet (NYSE:FN - Free Report) in the first quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 8,572 shares of the technology company's stock, valued at approximately $1,693,000.

Several other institutional investors and hedge funds have also added to or reduced their stakes in the stock. KLP Kapitalforvaltning AS lifted its stake in Fabrinet by 2.7% in the 1st quarter. KLP Kapitalforvaltning AS now owns 7,600 shares of the technology company's stock valued at $1,501,000 after purchasing an additional 200 shares during the last quarter. Wealth Alliance LLC lifted its stake in Fabrinet by 15.5% in the 1st quarter. Wealth Alliance LLC now owns 1,118 shares of the technology company's stock valued at $221,000 after purchasing an additional 150 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. bought a new position in Fabrinet in the 1st quarter valued at approximately $37,000. Victory Capital Management Inc. lifted its stake in Fabrinet by 29.9% in the 1st quarter. Victory Capital Management Inc. now owns 222,756 shares of the technology company's stock valued at $43,996,000 after purchasing an additional 51,216 shares during the last quarter. Finally, Larson Financial Group LLC lifted its stake in Fabrinet by 2,830.0% in the 1st quarter. Larson Financial Group LLC now owns 293 shares of the technology company's stock valued at $58,000 after purchasing an additional 283 shares during the last quarter. Institutional investors own 97.38% of the company's stock.

Insiders Place Their Bets

In other Fabrinet news, COO Harpal Gill sold 18,675 shares of the firm'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 completion of the sale, the chief operating officer directly owned 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Rollance E. Olson sold 2,500 shares of the firm's stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total transaction of $559,950.00. Following the completion of the sale, the director owned 23,201 shares of the company's stock, valued at $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. Company insiders own 0.38% of the company's stock.

Analyst Ratings Changes

Several brokerages recently commented on FN. Barclays set a $234.00 price objective on shares of Fabrinet and gave the company an "equal weight" rating in a research note on Tuesday, May 6th. JPMorgan Chase & Co. raised their price target on shares of Fabrinet from $235.00 to $318.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Needham & Company LLC reaffirmed a "buy" rating and set a $280.00 price target on shares of Fabrinet in a research note on Tuesday, May 6th. Rosenblatt Securities raised their price target on shares of Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a research note on Thursday, June 12th. Finally, B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and dropped their price target for the company from $178.00 to $176.00 in a research note on Friday, April 4th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus target price of $261.33.

Fabrinet Price Performance

Shares of FN traded up $3.44 during trading hours on Friday, hitting $308.29. 236,569 shares of the stock were exchanged, compared to its average volume of 475,514. Fabrinet has a fifty-two week low of $148.55 and a fifty-two week high of $314.47. The business has a 50-day moving average of $267.74 and a 200-day moving average of $230.36. The firm has a market capitalization of $11.05 billion, a P/E ratio of 34.33 and a beta of 1.04.

Fabrinet (NYSE:FN - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.05. Fabrinet had a net margin of 10.00% and a return on equity of 17.99%. The company had revenue of $871.80 million during the quarter, compared to analysts' expectations of $857.12 million. During the same period in the prior year, the company posted $2.39 earnings per share. Fabrinet's revenue for the quarter was up 19.2% compared to the same quarter last year. As a group, analysts forecast that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Fabrinet Profile

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.