Victory Capital Management Inc. Increases Stake in Fabrinet (NYSE:FN)

Victory Capital Management Inc. lifted its holdings in shares of Fabrinet (NYSE:FN - Free Report) by 29.9% during the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 222,756 shares of the technology company's stock after purchasing an additional 51,216 shares during the period. Victory Capital Management Inc. owned 0.62% of Fabrinet worth $43,996,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the company. Private Trust Co. NA boosted 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 purchasing an additional 51 shares during the last quarter. KBC Group NV increased its holdings in Fabrinet by 12.1% during the 1st quarter. KBC Group NV now owns 1,594 shares of the technology company's stock worth $315,000 after purchasing an additional 172 shares in the last quarter. T. Rowe Price Investment Management Inc. bought a new stake in Fabrinet during the 4th quarter worth about $1,945,000. Pictet Asset Management Holding SA lifted its position in Fabrinet by 7.6% during 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 in the last quarter. Finally, SG Americas Securities LLC acquired a new position in Fabrinet during the first quarter worth $369,000. Institutional investors own 97.38% of the company's stock.

Insiders Place Their Bets

In related news, Director Rollance E. Olson sold 2,500 shares of Fabrinet 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 of the company's stock, valued at approximately $5,196,559.98. This trade represents a 9.73% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, COO Harpal Gill sold 18,675 shares of the firm's stock in a transaction dated 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 transaction, the chief operating officer directly owned 18,068 shares in the company, valued at approximately $4,336,320. This represents a 50.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

FN has been the subject of a number of recent research reports. Wolfe Research started coverage on shares of Fabrinet in a research report on Tuesday, July 8th. They issued a "peer perform" rating for the company. B. Riley upgraded Fabrinet from a "sell" rating to a "neutral" rating and decreased their price target for the stock from $178.00 to $176.00 in a research report on Friday, April 4th. Rosenblatt Securities raised their price target on Fabrinet from $250.00 to $290.00 and gave the stock a "buy" rating in a research report on Thursday, June 12th. Barclays set a $234.00 price target on Fabrinet and gave the stock an "equal weight" rating in a research report on Tuesday, May 6th. Finally, Needham & Company LLC restated a "buy" rating and issued a $280.00 price target on shares of Fabrinet in a research report on Tuesday, May 6th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat.com, Fabrinet has a consensus rating of "Hold" and an average price target of $261.33.

Fabrinet Stock Up 1.2%

FN traded up $3.47 during trading on Wednesday, reaching $304.26. 454,812 shares of the stock traded hands, compared to its average volume of 651,599. The stock has a market capitalization of $10.90 billion, a PE ratio of 33.88 and a beta of 1.04. The stock's 50-day moving average is $264.57 and its 200 day moving average is $229.32. Fabrinet has a 12 month low of $148.55 and a 12 month high of $314.47.

Fabrinet (NYSE:FN - Get Free Report) last posted its quarterly earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share 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 firm had revenue of $871.80 million during the quarter, compared to the consensus estimate of $857.12 million. During the same period in the previous year, the firm posted $2.39 earnings per share. The business's revenue was up 19.2% compared to the same quarter last year. As a group, equities research analysts anticipate that Fabrinet will post 9.4 EPS for the current year.

Fabrinet 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.