Concurrent Investment Advisors LLC Sells 8,348 Shares of Fabrinet $FN

Key Points

• Concurrent Investment Advisors LLC cut its Fabrinet stake by 71.3% in the second quarter, selling 8,348 shares and retaining 3,363 shares valued at approximately $1.89 million.
• Fabrinet reported stronger-than-expected quarterly results, with EPS of $4.10 versus the $3.81 consensus and revenue of $1.32 billion, up 44.6% year over year.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $649.50, although the stock recently traded at $418.59.

Concurrent Investment Advisors LLC decreased its holdings in Fabrinet (NYSE:FN - Free Report) by 71.3% in the second quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 3,363 shares of the technology company's stock after selling 8,348 shares during the quarter. Concurrent Investment Advisors LLC's holdings in Fabrinet were worth $1,890,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Core Wealth Advisors LLC bought a new stake in shares of Fabrinet in the 4th quarter valued at approximately $25,000. Continuum Advisory LLC acquired a new stake in shares of Fabrinet in the 2nd quarter valued at $25,000. Harbour Investments Inc. grew its holdings in shares of Fabrinet by 75.0% in the 4th quarter. Harbour Investments Inc. now owns 63 shares of the technology company's stock worth $29,000 after purchasing an additional 27 shares during the last quarter. Cassaday & Co Wealth Management LLC bought a new stake in shares of Fabrinet in the 1st quarter worth about $31,000. Finally, Creative Financial Designs Inc. ADV acquired a new stake in shares of Fabrinet during the 4th quarter worth about $32,000. 97.38% of the stock is owned by institutional investors.

Fabrinet Stock Performance

NYSE:FN opened at $418.59 on Thursday. The company has a market cap of $15.00 billion, a price-to-earnings ratio of 32.08 and a beta of 1.21. The stock's fifty day moving average price is $474.24 and its two-hundred day moving average price is $562.31. Fabrinet has a 52-week low of $348.01 and a 52-week high of $748.89.

Fabrinet (NYSE:FN - Get Free Report) last released its earnings results on Tuesday, August 18th. The technology company reported $4.10 EPS for the quarter, beating the consensus estimate of $3.81 by $0.29. The company had revenue of $1.32 billion during the quarter, compared to analysts' expectations of $1.28 billion. Fabrinet had a return on equity of 21.23% and a net margin of 10.19%.The business's revenue for the quarter was up 44.6% on a year-over-year basis. During the same period last year, the firm earned $2.65 EPS. On average, equities analysts predict that Fabrinet will post 17.5 EPS for the current fiscal year.

Insider Buying and Selling at Fabrinet

In related news, EVP Edward Archer sold 2,500 shares of the stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total value of $964,775.00. Following the transaction, the executive vice president directly owned 7,007 shares in the company, valued at $2,704,071.37. This represents a 26.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 0.24% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts have weighed in on FN shares. JPMorgan Chase & Co. upped their price objective on shares of Fabrinet from $680.00 to $695.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 18th. Fox Advisors raised Fabrinet from an "equal weight" rating to an "overweight" rating in a report on Wednesday, August 19th. Needham & Company LLC restated a "buy" rating and set a $650.00 price target on shares of Fabrinet in a research report on Tuesday, August 18th. Zacks Research lowered Fabrinet from a "strong-buy" rating to a "hold" rating in a research report on Monday, June 15th. Finally, Wall Street Zen cut Fabrinet from a "buy" rating to a "hold" rating in a report on Monday, July 20th. Seven equities research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. According to data from MarketBeat, Fabrinet has a consensus rating of "Moderate Buy" and a consensus price target of $649.50.

Fabrinet Profile

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.

Want to see what other hedge funds are holding FN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fabrinet (NYSE:FN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.