Congress Asset Management Co. Sells 11,412 Shares of Fabrinet (NYSE:FN)

Congress Asset Management Co. decreased its stake in shares of Fabrinet (NYSE:FN - Free Report) by 66.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,653 shares of the technology company's stock after selling 11,412 shares during the period. Congress Asset Management Co.'s holdings in Fabrinet were worth $1,117,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. T. Rowe Price Investment Management Inc. acquired a new position in Fabrinet during the fourth quarter worth $1,945,000. Sumitomo Mitsui Trust Group Inc. boosted its stake in shares of Fabrinet by 178.9% during the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,008 shares of the technology company's stock worth $881,000 after buying an additional 2,571 shares during the last quarter. Pictet Asset Management Holding SA grew its holdings in shares of Fabrinet by 7.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 4,942 shares of the technology company's stock valued at $1,087,000 after acquiring an additional 347 shares in the last quarter. Kestra Private Wealth Services LLC increased its position in shares of Fabrinet by 72.7% in the fourth quarter. Kestra Private Wealth Services LLC now owns 2,450 shares of the technology company's stock valued at $539,000 after acquiring an additional 1,031 shares during the last quarter. Finally, Proficio Capital Partners LLC acquired a new position in shares of Fabrinet during the 4th quarter worth approximately $8,412,000. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms have issued reports on FN. Needham & Company LLC reaffirmed a "buy" rating and set a $280.00 price target on shares of Fabrinet in a research report on Tuesday, May 6th. Rosenblatt Securities upped their target price on shares of Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a report on Thursday. Barclays set a $234.00 price target on Fabrinet and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. upped their price objective on Fabrinet from $220.00 to $235.00 and gave the company a "neutral" rating in a research note on Tuesday, May 6th. Finally, B. Riley upgraded Fabrinet from a "sell" rating to a "neutral" rating and reduced their target price for the stock from $178.00 to $176.00 in a research note on Friday, April 4th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $245.00.

Fabrinet Trading Up 5.5%

FN stock traded up $13.40 during trading hours on Thursday, hitting $256.60. 744,281 shares of the stock were exchanged, compared to its average volume of 633,044. Fabrinet has a 12 month low of $148.55 and a 12 month high of $281.79. The firm has a market capitalization of $9.19 billion, a P/E ratio of 28.70 and a beta of 0.98. The company has a 50-day simple moving average of $211.80 and a two-hundred day simple moving average of $217.81.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.05. The business had revenue of $871.80 million during the quarter, compared to analysts' expectations of $857.12 million. Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. The business's revenue was up 19.2% on a year-over-year basis. During the same quarter in the previous year, the company earned $2.39 EPS. On average, equities research analysts predict that Fabrinet will post 9.4 earnings per share for the current year.

Insider Buying and Selling at Fabrinet

In other news, COO Harpal Gill sold 18,675 shares of the business's stock in a transaction 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 completion of the transaction, the chief operating officer now owns 18,068 shares of the company's stock, valued at approximately $4,336,320. The trade was a 50.83% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Rollance E. Olson sold 2,500 shares of the firm's stock in a transaction dated 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 now directly owns 23,201 shares in the company, valued at $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. 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.