Polen Capital Management LLC grew its stake in Fabrinet (NYSE:FN - Free Report) by 21.0% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 15,249 shares of the technology company's stock after purchasing an additional 2,644 shares during the quarter. Polen Capital Management LLC's holdings in Fabrinet were worth $3,012,000 at the end of the most recent quarter.
Several other institutional investors have also added to or reduced their stakes in FN. Cynosure Group LLC increased its stake in shares of Fabrinet by 37.1% in the 1st quarter. Cynosure Group LLC now owns 1,779 shares of the technology company's stock worth $351,000 after acquiring an additional 481 shares in the last quarter. Neumeier Poma Investment Counsel LLC increased its stake in shares of Fabrinet by 79.7% in the 1st quarter. Neumeier Poma Investment Counsel LLC now owns 100,303 shares of the technology company's stock worth $19,811,000 after acquiring an additional 44,491 shares in the last quarter. Deutsche Bank AG increased its stake in shares of Fabrinet by 13.9% in the 1st quarter. Deutsche Bank AG now owns 51,549 shares of the technology company's stock worth $10,181,000 after acquiring an additional 6,272 shares in the last quarter. Atria Wealth Solutions Inc. increased its stake in shares of Fabrinet by 40.8% in the 1st quarter. Atria Wealth Solutions Inc. now owns 5,457 shares of the technology company's stock worth $1,078,000 after acquiring an additional 1,582 shares in the last quarter. Finally, IFG Advisory LLC increased its stake in Fabrinet by 388.7% during the 1st quarter. IFG Advisory LLC now owns 8,919 shares of the technology company's stock valued at $1,762,000 after purchasing an additional 7,094 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors.
Fabrinet Trading Down 6.0%
NYSE FN traded down $20.20 during trading hours on Thursday, hitting $317.11. 801,767 shares of the company's stock traded hands, compared to its average volume of 705,436. The business's fifty day moving average price is $293.11 and its two-hundred day moving average price is $238.25. The firm has a market capitalization of $11.36 billion, a P/E ratio of 35.28 and a beta of 1.02. Fabrinet has a 52 week low of $148.55 and a 52 week high of $356.55.
Analyst Ratings Changes
A number of analysts have weighed in on the stock. Wolfe Research assumed coverage on shares of Fabrinet in a research note on Tuesday, July 8th. They set a "peer perform" rating for the company. Needham & Company LLC restated a "buy" rating and set a $280.00 price objective on shares of Fabrinet in a research note on Tuesday, May 6th. Rosenblatt Securities raised their price objective 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. JPMorgan Chase & Co. raised their price objective on shares of Fabrinet from $235.00 to $318.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Finally, Barclays set a $234.00 price objective on shares of Fabrinet and gave the company an "equal weight" rating in a research note on Tuesday, May 6th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and a consensus target price of $261.33.
Read Our Latest Analysis on Fabrinet
Insider Transactions at Fabrinet
In related news, COO Harpal Gill sold 18,675 shares of the business's 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 directly owned 18,068 shares in the company, valued at approximately $4,336,320. The trade was a 50.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.38% of the company's stock.
Fabrinet Company Profile
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Free Report)
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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