Charles Schwab Investment Management Inc. Reduces Stake in Fabrinet (NYSE:FN)

Key Points

• Charles Schwab Investment Management Inc. reduced its holdings in Fabrinet by 7.1% in Q1, owning approximately 1.17% of the company, valued at $83.09 million.
• Other institutional investors, such as Wasatch Advisors and Baillie Gifford, significantly increased their stakes in Fabrinet, indicating a trend of institutional interest in the stock.
• Analysts have varying ratings on Fabrinet, with JPMorgan Chase & Co. raising its target price from $235 to $318, while the stock currently has a consensus rating of "Hold" and an average target price of $261.33.

Charles Schwab Investment Management Inc. cut its stake in Fabrinet (NYSE:FN - Free Report) by 7.1% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 420,698 shares of the technology company's stock after selling 32,078 shares during the quarter. Charles Schwab Investment Management Inc. owned about 1.17% of Fabrinet worth $83,092,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Private Trust Co. NA grew its stake in Fabrinet by 44.3% in the first quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock valued at $33,000 after purchasing an additional 51 shares during the last quarter. State of Alaska Department of Revenue grew its stake in Fabrinet by 1.7% in 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 purchasing an additional 70 shares during the last quarter. Henry James International Management Inc. grew 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 worth $260,000 after acquiring an additional 70 shares during the last quarter. Illumine Investment Management LLC grew 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 worth $684,000 after acquiring an additional 75 shares during the last quarter. Finally, Signaturefd LLC lifted its holdings in shares of Fabrinet by 14.3% during the first quarter. Signaturefd LLC now owns 609 shares of the technology company's stock worth $120,000 after purchasing an additional 76 shares during the period. 97.38% of the stock is currently owned by institutional investors.

Fabrinet Stock Performance

Shares of Fabrinet stock traded up $7.98 during trading hours on Friday, hitting $330.06. The company's stock had a trading volume of 866,552 shares, compared to its average volume of 547,538. Fabrinet has a twelve month low of $148.55 and a twelve month high of $356.55. The firm has a fifty day moving average of $296.70 and a 200-day moving average of $240.15. The stock has a market cap of $11.83 billion, a price-to-earnings ratio of 36.76 and a beta of 1.02.

Analyst Upgrades and Downgrades

FN has been the subject of a number of research reports. Barclays set a $234.00 target price on Fabrinet and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. Rosenblatt Securities boosted their price target on Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a report on Thursday, June 12th. Needham & Company LLC reissued a "buy" rating and issued a $280.00 price target on shares of Fabrinet in a report on Tuesday, May 6th. Wolfe Research initiated coverage on Fabrinet in a report on Tuesday, July 8th. They issued a "peer perform" rating for the company. Finally, JPMorgan Chase & Co. boosted their price objective on Fabrinet from $235.00 to $318.00 and gave the company a "neutral" rating in a research report on Thursday, July 17th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, Fabrinet presently has a consensus rating of "Hold" and a consensus target price of $261.33.

Insider Transactions at Fabrinet

In related news, COO Harpal Gill sold 18,675 shares of the stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total transaction of $4,482,000.00. Following the transaction, the chief operating officer owned 18,068 shares of the company's stock, valued at approximately $4,336,320. This represents a 50.83% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.38% of the company's stock.

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.