Legato Capital Management LLC Sells 1,246 Shares of Fabrinet (NYSE:FN)

Legato Capital Management LLC lessened its holdings in shares of Fabrinet (NYSE:FN - Free Report) by 13.3% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 8,132 shares of the technology company's stock after selling 1,246 shares during the period. Legato Capital Management LLC's holdings in Fabrinet were worth $1,606,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Wayfinding Financial LLC bought a new stake in shares of Fabrinet during the first quarter valued at approximately $30,000. Berbice Capital Management LLC bought a new stake in shares of Fabrinet during the first quarter valued at approximately $30,000. Private Trust Co. NA raised its holdings in shares of Fabrinet by 44.3% during the first quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock valued at $33,000 after buying an additional 51 shares during the last quarter. SBI Securities Co. Ltd. raised its holdings in Fabrinet by 93.5% during the first quarter. SBI Securities Co. Ltd. now owns 180 shares of the technology company's stock worth $36,000 after purchasing an additional 87 shares in the last quarter. Finally, Versant Capital Management Inc grew its position in Fabrinet by 353.7% in the first quarter. Versant Capital Management Inc now owns 186 shares of the technology company's stock worth $37,000 after buying an additional 145 shares during the last quarter. Institutional investors own 97.38% of the company's stock.

Insider Activity

In other news, Director Rollance E. Olson sold 2,500 shares of the firm'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 transaction of $559,950.00. Following the completion of the sale, the director owned 23,201 shares of the company's stock, valued at approximately $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 SEC, which is accessible through this link. Also, COO Harpal Gill sold 18,675 shares of the 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 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 ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company's stock.

Fabrinet Stock Performance

Shares of FN traded up $3.44 during trading hours on Friday, reaching $308.29. 236,569 shares of the company traded hands, compared to its average volume of 475,514. The stock's fifty day moving average is $267.74 and its 200 day moving average is $230.34. The stock has a market cap of $11.05 billion, a P/E ratio of 34.33 and a beta of 1.04. Fabrinet has a 1-year low of $148.55 and a 1-year high of $314.47.

Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 EPS for the quarter, beating analysts' consensus estimates of $2.47 by $0.05. The business had revenue of $871.80 million during 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 firm's revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter in the prior year, the business earned $2.39 earnings per share. On average, equities research analysts predict that Fabrinet will post 9.4 EPS for the current year.

Wall Street Analyst Weigh In

Several research firms have issued reports on FN. Rosenblatt Securities lifted their price target 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. Wolfe Research began coverage on shares of Fabrinet in a research report on Tuesday, July 8th. They issued a "peer perform" rating on the stock. B. Riley upgraded shares of Fabrinet from a "sell" rating to a "neutral" rating and decreased their price target for the stock from $178.00 to $176.00 in a research report on Friday, April 4th. Needham & Company LLC restated a "buy" rating and issued a $280.00 price target on shares of Fabrinet in a research report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. lifted their price target on shares of Fabrinet from $235.00 to $318.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Four 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 stock presently has a consensus rating of "Hold" and a consensus target price of $261.33.

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.