Victory Capital Management Inc. Buys 51,216 Shares of Fabrinet (NYSE:FN)

Victory Capital Management Inc. grew its stake in Fabrinet (NYSE:FN - Free Report) by 29.9% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 222,756 shares of the technology company's stock after purchasing an additional 51,216 shares during the quarter. Victory Capital Management Inc. owned about 0.62% of Fabrinet worth $43,996,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Private Trust Co. NA grew its position in shares of Fabrinet by 44.3% in the 1st quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock worth $33,000 after buying an additional 51 shares during the period. KBC Group NV grew its position in shares of Fabrinet by 12.1% in the 1st quarter. KBC Group NV now owns 1,594 shares of the technology company's stock worth $315,000 after buying an additional 172 shares during the period. T. Rowe Price Investment Management Inc. purchased a new stake in shares of Fabrinet in the 4th quarter worth about $1,945,000. Pictet Asset Management Holding SA grew its position in shares of Fabrinet by 7.6% in the 4th quarter. Pictet Asset Management Holding SA now owns 4,942 shares of the technology company's stock worth $1,087,000 after buying an additional 347 shares during the period. Finally, SG Americas Securities LLC purchased a new stake in shares of Fabrinet in the 1st quarter worth about $369,000. 97.38% of the stock is currently owned by institutional investors.

Fabrinet Trading Up 0.9%

NYSE FN traded up $2.71 on Friday, reaching $311.07. 358,917 shares of the stock were exchanged, compared to its average volume of 650,960. Fabrinet has a one year low of $148.55 and a one year high of $312.67. The firm has a market capitalization of $11.15 billion, a PE ratio of 34.64 and a beta of 1.04. The company's 50-day simple moving average is $259.66 and its two-hundred day simple moving average is $227.68.

Fabrinet (NYSE:FN - Get Free Report) last released its earnings results on Monday, May 5th. The technology company reported $2.52 EPS for the quarter, topping 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 firm had revenue of $871.80 million for the quarter, compared to the consensus estimate of $857.12 million. During the same quarter in the previous year, the firm earned $2.39 earnings per share. The company's quarterly revenue was up 19.2% compared to the same quarter last year. Sell-side analysts forecast that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Insider Buying and Selling at Fabrinet

In related news, COO Harpal Gill sold 18,675 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were 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 approximately $4,336,320. The trade was a 50.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Rollance E. Olson sold 2,500 shares of the business's stock in a transaction on Tuesday, May 13th. The stock was 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 in the company, valued at $5,196,559.98. This represents a 9.73% decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several brokerages recently commented on FN. Barclays set a $234.00 price objective on shares of Fabrinet and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. 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 research report on Thursday, June 12th. Wolfe Research began coverage on shares of Fabrinet in a research report on Tuesday, July 8th. They set a "peer perform" rating on the stock. B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and cut their price objective for the company from $178.00 to $176.00 in a research report on Friday, April 4th. Finally, Needham & Company LLC reissued a "buy" rating and set a $280.00 price objective on shares of Fabrinet in a research report on Tuesday, May 6th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Fabrinet has a consensus rating of "Hold" and a consensus target price 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.