Allspring Global Investments Holdings LLC Has $10.32 Million Stock Position in Fabrinet (NYSE:FN)

Allspring Global Investments Holdings LLC lowered its position in Fabrinet (NYSE:FN - Free Report) by 27.1% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 52,401 shares of the technology company's stock after selling 19,488 shares during the quarter. Allspring Global Investments Holdings LLC owned 0.15% of Fabrinet worth $10,324,000 at the end of the most recent quarter.

A number of other institutional investors have also recently added to or reduced their stakes in FN. Versant Capital Management Inc grew its position in shares of 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 buying an additional 145 shares during the last quarter. Huntington National Bank lifted its stake in shares of Fabrinet by 66.7% in the 4th 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 lifted its stake in Fabrinet by 315.8% during the fourth quarter. Quarry LP now owns 237 shares of the technology company's stock valued at $52,000 after purchasing an additional 180 shares during the last quarter. Orion Capital Management LLC acquired a new stake in Fabrinet during the fourth quarter valued at approximately $62,000. Finally, IFP Advisors Inc lifted its stake in Fabrinet by 576.2% during the fourth quarter. IFP Advisors Inc now owns 284 shares of the technology company's stock valued at $63,000 after purchasing an additional 242 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company's stock.

Insider Activity at Fabrinet

In other Fabrinet 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 owned 23,201 shares in the company, valued at approximately $5,196,559.98. This represents a 9.73% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Harpal Gill sold 18,675 shares of the 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 transaction, the chief operating officer owned 18,068 shares in the company, valued at approximately $4,336,320. This trade represents a 50.83% decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

Several analysts recently commented on the stock. JPMorgan Chase & Co. increased 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 target price 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 note on Thursday, June 12th. Barclays set a $234.00 target price on shares of Fabrinet and gave the company an "equal weight" rating in a research note on Tuesday, May 6th. Finally, B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and cut their target price for the company from $178.00 to $176.00 in a research note on Friday, April 4th. Three 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, the company currently has a consensus rating of "Moderate Buy" and an average target price of $247.50.

Fabrinet Stock Performance

Shares of NYSE:FN traded down $8.50 during mid-day trading on Monday, hitting $286.16. The stock had a trading volume of 536,522 shares, compared to its average volume of 645,933. The company has a market cap of $10.25 billion, a PE ratio of 31.87 and a beta of 1.04. Fabrinet has a 12-month low of $148.55 and a 12-month high of $300.29. The company's 50 day moving average is $244.04 and its 200-day moving average is $222.93.

Fabrinet (NYSE:FN - Get Free Report) last released its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 earnings per share for the quarter, beating the consensus estimate of $2.47 by $0.05. The firm had revenue of $871.80 million for the quarter, compared to analyst estimates of $857.12 million. Fabrinet had a net margin of 10.00% and a return on equity of 17.99%. The company's revenue for the quarter was up 19.2% compared to the same quarter last year. During the same quarter in the prior year, the business earned $2.39 EPS. On average, equities research analysts predict that Fabrinet will post 9.4 EPS 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.