DekaBank Deutsche Girozentrale Sells 3,000 Shares of Fabrinet (NYSE:FN)

DekaBank Deutsche Girozentrale reduced its position in shares of Fabrinet (NYSE:FN - Free Report) by 3.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 79,088 shares of the technology company's stock after selling 3,000 shares during the period. DekaBank Deutsche Girozentrale owned about 0.22% of Fabrinet worth $15,348,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in FN. Assetmark Inc. lifted its position in Fabrinet by 12.0% during the 4th quarter. Assetmark Inc. now owns 484 shares of the technology company's stock worth $106,000 after buying an additional 52 shares in the last quarter. Proficio Capital Partners LLC acquired a new position in shares of Fabrinet during the fourth quarter worth approximately $8,412,000. Raymond James Financial Inc. bought a new stake in shares of Fabrinet during the fourth quarter valued at approximately $24,844,000. PNC Financial Services Group Inc. increased its holdings in shares of Fabrinet by 12.8% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,678 shares of the technology company's stock valued at $809,000 after purchasing an additional 418 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank raised its position in Fabrinet by 15.3% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,534 shares of the technology company's stock worth $2,096,000 after purchasing an additional 1,262 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling 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 completion of the transaction, 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 filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Rollance E. Olson sold 2,500 shares of the business's stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total value of $559,950.00. Following the completion of the sale, the director owned 23,201 shares in the company, valued at $5,196,559.98. The trade was a 9.73% decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

FN has been the subject of several research reports. B. Riley raised Fabrinet from a "sell" rating to a "neutral" rating and lowered their target price for the company from $178.00 to $176.00 in a research note on Friday, April 4th. Barclays set a $234.00 price objective on Fabrinet and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. raised their target price on shares of Fabrinet from $220.00 to $235.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Needham & Company LLC reissued a "buy" rating and set a $280.00 price target on shares of Fabrinet in a research note on Tuesday, May 6th. Finally, Wolfe Research began coverage on shares of Fabrinet in a report on Tuesday, July 8th. They issued a "peer perform" rating on the stock. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, Fabrinet has an average rating of "Hold" and a consensus price target of $247.50.

Fabrinet Price Performance

FN traded up $4.27 during mid-day trading on Monday, hitting $295.71. The stock had a trading volume of 446,718 shares, compared to its average volume of 649,594. The stock's fifty day simple moving average is $250.27 and its 200-day simple moving average is $224.79. The firm has a market capitalization of $10.60 billion, a price-to-earnings ratio of 32.93 and a beta of 1.04. Fabrinet has a 1-year low of $148.55 and a 1-year high of $300.29.

Fabrinet (NYSE:FN - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 EPS for the quarter, beating analysts' consensus estimates of $2.47 by $0.05. Fabrinet had a net margin of 10.00% and a return on equity of 17.99%. The business 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 company earned $2.39 EPS. The firm's quarterly revenue was up 19.2% on a year-over-year basis. As a group, research analysts expect 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.