Fabrinet (NYSE:FN) Shares Sold by Principal Financial Group Inc.

Principal Financial Group Inc. trimmed its position in Fabrinet (NYSE:FN - Free Report) by 2.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 212,949 shares of the technology company's stock after selling 6,031 shares during the quarter. Principal Financial Group Inc. owned about 0.59% of Fabrinet worth $42,060,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently bought and sold shares of FN. Vanguard Group Inc. lifted its holdings in shares of Fabrinet by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 4,137,579 shares of the technology company's stock worth $909,771,000 after acquiring an additional 113,186 shares during the last quarter. FMR LLC lifted its holdings in shares of Fabrinet by 13.1% in the 4th quarter. FMR LLC now owns 2,213,887 shares of the technology company's stock worth $486,789,000 after acquiring an additional 257,164 shares during the last quarter. Wasatch Advisors LP lifted its holdings in shares of Fabrinet by 47.0% in the 4th quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company's stock worth $249,044,000 after acquiring an additional 362,064 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Fabrinet by 2.0% in the 4th quarter. Geode Capital Management LLC now owns 1,006,858 shares of the technology company's stock worth $221,430,000 after acquiring an additional 20,045 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its stake in Fabrinet by 1.4% during the 4th quarter. JPMorgan Chase & Co. now owns 669,459 shares of the technology company's stock worth $147,201,000 after buying an additional 9,058 shares during the period. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Fabrinet Price Performance

Shares of Fabrinet stock traded up $4.63 during trading hours on Thursday, hitting $289.84. The company had a trading volume of 408,757 shares, compared to its average volume of 647,135. The company's 50-day moving average is $247.23 and its two-hundred day moving average is $223.80. Fabrinet has a twelve month low of $148.55 and a twelve month high of $300.29. The company has a market cap of $10.38 billion, a P/E ratio of 32.28 and a beta of 1.04.

Fabrinet (NYSE:FN - Get Free Report) last issued its earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.05. Fabrinet had a net margin of 10.00% and a return on equity of 17.99%. The business had revenue of $871.80 million during the quarter, compared to analysts' expectations of $857.12 million. During the same quarter in the prior year, the business posted $2.39 EPS. The company's revenue for the quarter was up 19.2% on a year-over-year basis. Sell-side analysts expect that Fabrinet will post 9.4 EPS for the current year.

Wall Street Analyst Weigh In

Several equities research analysts recently weighed in on the stock. B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and cut their target price for the stock from $178.00 to $176.00 in a research note on Friday, April 4th. Barclays set a $234.00 target price on shares of Fabrinet and gave the stock an "equal weight" rating in a research note on Tuesday, May 6th. Rosenblatt Securities upped their target price on shares of Fabrinet from $250.00 to $290.00 and gave the stock a "buy" rating in a research note on Thursday, June 12th. Needham & Company LLC reaffirmed a "buy" rating and set a $280.00 target price on shares of Fabrinet in a research note on Tuesday, May 6th. Finally, JPMorgan Chase & Co. upped their target price on shares of Fabrinet from $220.00 to $235.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus target price of $247.50.

Insiders Place Their Bets

In related news, COO Harpal Gill sold 18,675 shares of the stock in a transaction dated 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 transaction, the chief operating officer directly owned 18,068 shares of the company's stock, valued at $4,336,320. This represents a 50.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Rollance E. Olson sold 2,500 shares of the firm's stock in a transaction dated 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. The trade was a 9.73% decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is owned by corporate insiders.

Fabrinet Company 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.