Neuberger Berman Group LLC Sells 44,029 Shares of Fabrinet (NYSE:FN)

Key Points

• Neuberger Berman Group LLC reduced its holdings in Fabrinet by 30.1%, selling 44,029 shares, leaving it with about 102,016 shares valued at approximately $20.1 million.
• Several hedge funds have increased their positions in Fabrinet, with Wasatch Advisors LP raising its stake by 47% to own over 1.1 million shares worth $249 million.
• Fabrinet's stock has a market capitalization of $12.13 billion and analysts have set a consensus price target of $261.33, with several maintaining a "buy" or "hold" rating.

Neuberger Berman Group LLC lessened its stake in Fabrinet (NYSE:FN - Free Report) by 30.1% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 102,016 shares of the technology company's stock after selling 44,029 shares during the quarter. Neuberger Berman Group LLC owned approximately 0.28% of Fabrinet worth $20,136,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of FN. Wasatch Advisors LP raised its holdings in Fabrinet by 47.0% during the 4th quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company's stock valued at $249,044,000 after acquiring an additional 362,064 shares during the period. Baillie Gifford & Co. raised its holdings in Fabrinet by 16.5% during the 1st quarter. Baillie Gifford & Co. now owns 644,557 shares of the technology company's stock valued at $127,306,000 after acquiring an additional 91,519 shares during the period. Northern Trust Corp raised its holdings in Fabrinet by 14.6% during the 4th quarter. Northern Trust Corp now owns 499,356 shares of the technology company's stock valued at $109,798,000 after acquiring an additional 63,686 shares during the period. TD Asset Management Inc raised its holdings in Fabrinet by 17.8% during the 1st quarter. TD Asset Management Inc now owns 478,104 shares of the technology company's stock valued at $94,430,000 after acquiring an additional 72,385 shares during the period. Finally, Capital Research Global Investors raised its holdings in Fabrinet by 675.2% during the 4th quarter. Capital Research Global Investors now owns 417,020 shares of the technology company's stock valued at $91,694,000 after acquiring an additional 363,228 shares during the period. Institutional investors own 97.38% of the company's stock.

Fabrinet Stock Performance

FN stock opened at $338.41 on Thursday. Fabrinet has a fifty-two week low of $148.55 and a fifty-two week high of $356.55. The business's 50 day moving average price is $293.11 and its two-hundred day moving average price is $238.25. The company has a market capitalization of $12.13 billion, a price-to-earnings ratio of 37.68 and a beta of 1.02.

Insider Buying and Selling at Fabrinet

In related news, COO Harpal Gill sold 18,675 shares of the company's stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total value of $4,482,000.00. Following the sale, the chief operating officer owned 18,068 shares in the company, valued at $4,336,320. This represents a 50.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on FN shares. Barclays set a $234.00 target price on Fabrinet and gave the stock an "equal weight" rating in a research report on Tuesday, May 6th. Wolfe Research started coverage on Fabrinet in a research report on Tuesday, July 8th. They set a "peer perform" rating for the company. Rosenblatt Securities boosted their target price on Fabrinet from $250.00 to $290.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. Needham & Company LLC restated a "buy" rating and set a $280.00 target price on shares of Fabrinet in a research report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. boosted their target price on Fabrinet from $235.00 to $318.00 and gave the stock a "neutral" rating in a research report on Thursday, July 17th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, Fabrinet presently has an average rating of "Hold" and a consensus price target 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.

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