Fabrinet (NYSE:FN) Stock Holdings Cut by Herald Investment Management Ltd

Key Points

• Herald Investment Management Ltd reduced its holdings in Fabrinet by 5.1%, selling 9,050 shares and now owning approximately 169,500 shares, which constitutes about 6.3% of its investment portfolio.
• Fabrinet reported quarterly earnings of $2.52 per share, exceeding the consensus estimate of $2.47, with revenue of $871.80 million and a net margin of 10.00%.
• Several analysts have raised their price targets on Fabrinet, with JPMorgan Chase increasing theirs from $235.00 to $318.00, while Needham & Company reiterated a "buy" rating with a target of $280.00.

Herald Investment Management Ltd lowered its holdings in Fabrinet (NYSE:FN - Free Report) by 5.1% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 169,500 shares of the technology company's stock after selling 9,050 shares during the period. Fabrinet comprises about 6.3% of Herald Investment Management Ltd's investment portfolio, making the stock its biggest holding. Herald Investment Management Ltd owned about 0.47% of Fabrinet worth $33,498,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also modified their holdings of the company. Banque Cantonale Vaudoise bought a new position in shares of Fabrinet in the first quarter valued at about $29,000. Wayfinding Financial LLC acquired a new position in shares of Fabrinet in the 1st quarter valued at approximately $30,000. Berbice Capital Management LLC acquired a new position in shares of Fabrinet in the 1st quarter valued at approximately $30,000. Private Trust Co. NA increased its position in shares of Fabrinet by 44.3% in the first quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock valued at $33,000 after acquiring an additional 51 shares during the last quarter. Finally, SBI Securities Co. Ltd. raised its stake in Fabrinet by 93.5% in the 1st quarter. SBI Securities Co. Ltd. now owns 180 shares of the technology company's stock valued at $36,000 after acquiring an additional 87 shares during the period. 97.38% of the stock is currently owned by institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on FN shares. 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. JPMorgan Chase & Co. upped their target price on Fabrinet from $235.00 to $318.00 and gave the company a "neutral" rating in a report on Thursday, July 17th. Wolfe Research assumed coverage on Fabrinet in a report on Tuesday, July 8th. They issued a "peer perform" rating for the company. Barclays set a $234.00 price target on Fabrinet and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. Finally, Rosenblatt Securities lifted their target price on shares of Fabrinet from $250.00 to $290.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. Four research 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, the company currently has a consensus rating of "Hold" and an average price target of $261.33.

Fabrinet Price Performance

Shares of Fabrinet stock traded up $13.70 during trading on Tuesday, hitting $346.11. The stock had a trading volume of 242,402 shares, compared to its average volume of 702,359. Fabrinet has a fifty-two week low of $148.55 and a fifty-two week high of $346.92. The business has a fifty day moving average of $288.96 and a two-hundred day moving average of $236.78. The firm has a market cap of $12.40 billion, a P/E ratio of 38.54 and a beta of 1.02.

Insider Activity at Fabrinet

In other Fabrinet news, COO Harpal Gill sold 18,675 shares of the business's stock in a transaction dated 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 completion of the sale, the chief operating officer owned 18,068 shares of the company's stock, valued at $4,336,320. The trade was a 50.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.38% of the stock is currently owned by company insiders.

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.