Fabrinet (NYSE:FN) Shares Sold by Tidal Investments LLC

Tidal Investments LLC cut its holdings in shares of Fabrinet (NYSE:FN - Free Report) by 61.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,184 shares of the technology company's stock after selling 1,905 shares during the quarter. Tidal Investments LLC's holdings in Fabrinet were worth $260,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FN. Huntington National Bank lifted its stake in Fabrinet by 66.7% during the 4th quarter. Huntington National Bank now owns 230 shares of the technology company's stock worth $51,000 after acquiring an additional 92 shares in the last quarter. Quarry LP lifted its position in shares of Fabrinet by 315.8% during the fourth quarter. Quarry LP now owns 237 shares of the technology company's stock worth $52,000 after purchasing an additional 180 shares in the last quarter. IFP Advisors Inc boosted its stake in shares of Fabrinet by 576.2% in the fourth quarter. IFP Advisors Inc now owns 284 shares of the technology company's stock valued at $63,000 after purchasing an additional 242 shares during the period. Assetmark Inc. grew its holdings in shares of Fabrinet by 12.0% in the fourth quarter. Assetmark Inc. now owns 484 shares of the technology company's stock valued at $106,000 after purchasing an additional 52 shares in the last quarter. Finally, Transamerica Financial Advisors Inc. increased its stake in Fabrinet by 17.2% during the 4th quarter. Transamerica Financial Advisors Inc. now owns 565 shares of the technology company's stock worth $125,000 after buying an additional 83 shares during the period. 97.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FN has been the subject of several research reports. Fox Advisors initiated coverage on shares of Fabrinet in a research note on Tuesday, February 18th. They issued an "overweight" rating and a $270.00 price target for the company. B. Riley raised Fabrinet from a "sell" rating to a "neutral" rating and reduced their price target for the company from $178.00 to $176.00 in a research report on Friday, April 4th. Barclays set a $234.00 price objective on Fabrinet and gave the stock an "equal weight" rating in a research report on Tuesday, May 6th. Rosenblatt Securities lifted their price target on shares of Fabrinet from $230.00 to $250.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Finally, 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 research report on Tuesday, May 6th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $239.29.

Fabrinet Price Performance

Shares of NYSE:FN traded up $3.43 during trading on Wednesday, hitting $243.30. 119,422 shares of the company were exchanged, compared to its average volume of 628,723. The firm's 50 day moving average price is $206.03 and its 200-day moving average price is $217.54. Fabrinet has a 12-month low of $148.55 and a 12-month high of $281.79. The stock has a market capitalization of $8.72 billion, a P/E ratio of 27.25 and a beta of 0.95.

Fabrinet (NYSE:FN - Get Free Report) last announced its earnings results 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 analysts' expectations of $857.12 million. Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. The business's revenue was up 19.2% compared to the same quarter last year. During the same period in the prior year, the company earned $2.39 earnings per share. As a group, equities research analysts anticipate that Fabrinet will post 9.4 EPS for the current year.

Insider Activity

In related news, 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 value of $559,950.00. Following the completion of the sale, the director now owns 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 document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.38% of the company's stock.

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.