Concurrent Investment Advisors LLC Buys Shares of 1,477 Fabrinet (NYSE:FN)

Concurrent Investment Advisors LLC bought a new stake in Fabrinet (NYSE:FN - Free Report) during the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 1,477 shares of the technology company's stock, valued at approximately $292,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of FN. Norges Bank purchased a new position in Fabrinet in the fourth quarter valued at about $95,084,000. Capital Research Global Investors grew its stake in Fabrinet by 675.2% in the fourth quarter. Capital Research Global Investors now owns 417,020 shares of the technology company's stock valued at $91,694,000 after purchasing an additional 363,228 shares in the last quarter. Wasatch Advisors LP grew its stake in Fabrinet by 47.0% in the fourth quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company's stock valued at $249,044,000 after purchasing an additional 362,064 shares in the last quarter. FMR LLC grew its stake in Fabrinet by 13.1% in the fourth quarter. FMR LLC now owns 2,213,887 shares of the technology company's stock valued at $486,789,000 after purchasing an additional 257,164 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership grew its stake in Fabrinet by 205.2% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 267,228 shares of the technology company's stock valued at $58,758,000 after purchasing an additional 179,679 shares in the last quarter. Hedge funds and other institutional investors own 97.38% of the company's stock.

Insider Buying and Selling

In related news, COO Harpal Gill sold 18,675 shares of the stock in a transaction that occurred on 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 sale, the chief operating officer directly owned 18,068 shares in the company, valued at $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 available at the SEC website. Also, Director Rollance E. Olson sold 2,500 shares of the stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total value of $559,950.00. Following the sale, the director owned 23,201 shares in the company, valued at approximately $5,196,559.98. This trade represents 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 owned by corporate insiders.

Fabrinet Stock Up 0.7%

Fabrinet stock opened at $291.27 on Friday. The business has a 50 day moving average price of $250.27 and a two-hundred day moving average price of $224.76. The stock has a market cap of $10.44 billion, a price-to-earnings ratio of 32.44 and a beta of 1.04. Fabrinet has a 12 month low of $148.55 and a 12 month high of $300.29.

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

Wall Street Analyst Weigh In

A number of brokerages have weighed in on FN. B. Riley raised Fabrinet from a "sell" rating to a "neutral" rating and reduced their price target for the stock from $178.00 to $176.00 in a research report on Friday, April 4th. Needham & Company LLC reissued a "buy" rating and set a $280.00 price objective on shares of Fabrinet in a research report on Tuesday, May 6th. Wolfe Research initiated coverage on Fabrinet in a research report on Tuesday. They set a "peer perform" rating for the company. Barclays set a $234.00 price objective on Fabrinet and gave the stock an "equal weight" rating in a research report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. boosted their price objective on Fabrinet from $220.00 to $235.00 and gave the stock a "neutral" rating in a research report on Tuesday, May 6th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus price target of $247.50.

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.

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