Envestnet Asset Management Inc. Decreases Holdings in Fabrinet (NYSE:FN)

Envestnet Asset Management Inc. reduced its stake in Fabrinet (NYSE:FN - Free Report) by 5.4% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 98,379 shares of the technology company's stock after selling 5,586 shares during the period. Envestnet Asset Management Inc. owned 0.27% of Fabrinet worth $19,431,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Vanguard Group Inc. increased its holdings in shares of Fabrinet by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 4,137,579 shares of the technology company's stock valued at $909,771,000 after purchasing an additional 113,186 shares during the last quarter. FMR LLC grew its stake in shares of 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 acquiring an additional 257,164 shares in the last quarter. Wasatch Advisors LP grew its stake in shares of 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 acquiring an additional 362,064 shares in the last quarter. Geode Capital Management LLC grew its stake in shares of Fabrinet by 2.0% in the fourth quarter. Geode Capital Management LLC now owns 1,006,858 shares of the technology company's stock valued at $221,430,000 after acquiring an additional 20,045 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its stake in shares of Fabrinet by 1.4% in the fourth quarter. JPMorgan Chase & Co. now owns 669,459 shares of the technology company's stock valued at $147,201,000 after acquiring an additional 9,058 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, Director Rollance E. Olson sold 2,500 shares of the firm's stock in a transaction dated Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total value of $559,950.00. Following the transaction, the director owned 23,201 shares of the company's stock, valued at $5,196,559.98. This trade represents a 9.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, COO Harpal Gill sold 18,675 shares of Fabrinet stock in a transaction that occurred 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 sale, the chief operating officer directly owned 18,068 shares in the company, valued at $4,336,320. This trade represents a 50.83% decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.38% of the company's stock.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. JPMorgan Chase & Co. upped their price objective on shares of Fabrinet from $235.00 to $318.00 and gave the stock a "neutral" rating in a research report on Thursday. Wolfe Research assumed coverage on Fabrinet in a research note on Tuesday, July 8th. They issued a "peer perform" rating for the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $280.00 price objective on shares of Fabrinet in a research note on Tuesday, May 6th. Rosenblatt Securities increased their target price on shares of Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a research report on Thursday, June 12th. Finally, Barclays set a $234.00 target price on shares of Fabrinet and gave the company an "equal weight" 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, Fabrinet has an average rating of "Hold" and an average price target of $261.33.

Fabrinet Stock Performance

NYSE:FN traded up $2.71 during mid-day trading on Friday, reaching $311.07. The stock had a trading volume of 358,917 shares, compared to its average volume of 650,960. Fabrinet has a one year low of $148.55 and a one year high of $312.67. The firm has a 50 day moving average price of $259.66 and a two-hundred day moving average price of $227.68. The stock has a market capitalization of $11.15 billion, a P/E ratio of 34.64 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 (EPS) for the quarter, topping analysts' consensus estimates of $2.47 by $0.05. Fabrinet had a return on equity of 17.99% and a net margin of 10.00%. The business had revenue of $871.80 million during the quarter, compared to the consensus estimate of $857.12 million. During the same quarter in the prior year, the company earned $2.39 earnings per share. The firm's quarterly revenue was up 19.2% compared to the same quarter last year. Research analysts forecast that Fabrinet will post 9.4 earnings per share for the current year.

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.