Fabrinet (NYSE:FN) Shares Sold by Congress Asset Management Co.

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

Other hedge funds have also bought and sold shares of the company. Versant Capital Management Inc increased its stake in Fabrinet by 353.7% during the 1st quarter. Versant Capital Management Inc now owns 186 shares of the technology company's stock valued at $37,000 after purchasing an additional 145 shares in the last quarter. Huntington National Bank increased its stake in shares of Fabrinet by 66.7% in the fourth quarter. Huntington National Bank now owns 230 shares of the technology company's stock worth $51,000 after acquiring an additional 92 shares during the period. Quarry LP increased its stake in shares of Fabrinet by 315.8% in the fourth quarter. Quarry LP now owns 237 shares of the technology company's stock worth $52,000 after acquiring an additional 180 shares during the period. Orion Capital Management LLC acquired a new stake in shares of Fabrinet in the fourth quarter worth $62,000. Finally, IFP Advisors Inc increased its stake in shares of Fabrinet by 576.2% in the fourth quarter. IFP Advisors Inc now owns 284 shares of the technology company's stock worth $63,000 after acquiring an additional 242 shares during the period. Institutional investors and hedge funds own 97.38% of the company's stock.

Insider Transactions at Fabrinet

In other news, Director Rollance E. Olson sold 2,500 shares of the company'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 transaction, the director now directly owns 23,201 shares in the company, valued at approximately $5,196,559.98. This represents a 9.73% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed 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 transaction of $4,482,000.00. Following the completion of the sale, the chief operating officer now owns 18,068 shares of the company's stock, valued at $4,336,320. This trade represents a 50.83% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.38% of the company's stock.

Fabrinet Stock Down 1.0%

FN opened at $234.82 on Monday. The company has a market cap of $8.41 billion, a price-to-earnings ratio of 26.27 and a beta of 0.98. Fabrinet has a 52-week low of $148.55 and a 52-week high of $281.79. The firm's fifty day simple moving average is $208.46 and its two-hundred day simple moving average is $217.48.

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, beating the consensus estimate of $2.47 by $0.05. The business had revenue of $871.80 million for the quarter, compared to the consensus estimate of $857.12 million. Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. The company's revenue was up 19.2% compared to the same quarter last year. During the same period last year, the firm posted $2.39 earnings per share. On average, research analysts forecast that Fabrinet will post 9.4 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of analysts have recently weighed in on FN shares. Rosenblatt Securities increased their price objective on shares of Fabrinet from $230.00 to $250.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Barclays set a $234.00 price objective on shares of Fabrinet and gave the stock an "equal weight" rating in a research note on Tuesday, May 6th. Fox Advisors started coverage on shares of Fabrinet in a research note on Tuesday, February 18th. They issued an "overweight" rating and a $270.00 price objective on the stock. B. Riley upgraded shares of Fabrinet from a "sell" rating to a "neutral" rating and cut their price objective for the stock from $178.00 to $176.00 in a research note on Friday, April 4th. Finally, JPMorgan Chase & Co. increased their price target on shares of Fabrinet from $220.00 to $235.00 and gave the stock a "neutral" rating in a 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. Based on data from MarketBeat.com, Fabrinet presently has an average rating of "Hold" and a consensus target price of $239.29.

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.

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