Rice Hall James & Associates LLC Sells 2,156 Shares of Fabrinet (NYSE:FN)

Rice Hall James & Associates LLC trimmed its position in shares of Fabrinet (NYSE:FN - Free Report) by 1.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 122,832 shares of the technology company's stock after selling 2,156 shares during the quarter. Fabrinet makes up about 1.4% of Rice Hall James & Associates LLC's investment portfolio, making the stock its 21st biggest position. Rice Hall James & Associates LLC owned 0.34% of Fabrinet worth $24,261,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of FN. Proficio Capital Partners LLC bought a new stake in shares of Fabrinet during the fourth quarter valued at approximately $8,412,000. Raymond James Financial Inc. bought a new stake in shares of Fabrinet during the fourth quarter valued at approximately $24,844,000. PNC Financial Services Group Inc. grew its stake in shares of Fabrinet by 12.8% during the fourth quarter. PNC Financial Services Group Inc. now owns 3,678 shares of the technology company's stock valued at $809,000 after purchasing an additional 418 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in shares of Fabrinet by 15.3% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,534 shares of the technology company's stock valued at $2,096,000 after purchasing an additional 1,262 shares during the last quarter. Finally, HighTower Advisors LLC lifted its holdings in Fabrinet by 94.4% in the fourth quarter. HighTower Advisors LLC now owns 7,431 shares of the technology company's stock valued at $1,634,000 after buying an additional 3,608 shares during the period. 97.38% of the stock is owned by institutional investors.

Insiders Place Their Bets

In related news, Director Rollance E. Olson sold 2,500 shares of the firm's stock in a transaction 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 sale, the director directly owned 23,201 shares in the company, valued at $5,196,559.98. This trade represents a 9.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Harpal Gill sold 18,675 shares of the firm's stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total transaction of $4,482,000.00. Following the sale, the chief operating officer 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 disclosure for this sale can be found here. Company insiders own 0.38% of the company's stock.

Fabrinet Stock Performance

FN opened at $291.27 on Monday. The firm's fifty day moving average is $250.27 and its two-hundred day moving average is $224.79. The firm has a market cap of $10.44 billion, a PE ratio of 32.44 and a beta of 1.04. Fabrinet has a twelve month low of $148.55 and a twelve month high of $300.29.

Fabrinet (NYSE:FN - Get Free Report) last posted its earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.05. The company had revenue of $871.80 million for 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 business's revenue for the quarter was up 19.2% compared to the same quarter last year. During the same period last year, the business posted $2.39 earnings per share. Equities analysts forecast that Fabrinet will post 9.4 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities analysts recently weighed in on FN shares. JPMorgan Chase & Co. increased their price objective on shares of Fabrinet from $220.00 to $235.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Needham & Company LLC restated a "buy" rating and issued a $280.00 price objective on shares of Fabrinet in a report on Tuesday, May 6th. Wolfe Research started coverage on shares of Fabrinet in a report on Tuesday, July 8th. They issued a "peer perform" rating on the stock. Barclays set a $234.00 price objective on shares of Fabrinet and gave the company an "equal weight" rating in a report on Tuesday, May 6th. Finally, Rosenblatt Securities increased their price objective on shares of Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a report on Thursday, June 12th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Fabrinet presently has an average rating of "Hold" and an average target price of $247.50.

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.

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