VIRGINIA RETIREMENT SYSTEMS ET Al Acquires Shares of 5,006 Fabrinet $FN

Key Points

• Virginia Retirement Systems acquired 5,006 Fabrinet shares worth approximately $2.8 million in the second quarter. Institutional investors collectively own 97.38% of the company.
• Fabrinet reported quarterly earnings of $4.10 per share and revenue of $1.32 billion, beating analyst estimates; revenue increased 44.6% year over year.
• Analysts maintain a generally positive view, with a consensus rating of “Moderate Buy” and an average price target of $649.50, although an executive recently sold 2,500 shares.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in shares of Fabrinet (NYSE:FN - Free Report) in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm bought 5,006 shares of the technology company's stock, valued at approximately $2,814,000.

Several other large investors have also recently modified their holdings of the business. California State Teachers Retirement System lifted its stake in shares of Fabrinet by 72,124.7% during the 2nd quarter. California State Teachers Retirement System now owns 30,151,657 shares of the technology company's stock valued at $16,947,643,000 after buying an additional 30,109,910 shares in the last quarter. Greenland Capital Management LP purchased a new position in Fabrinet in the 2nd quarter valued at approximately $534,000. HB Wealth Management LLC grew its stake in Fabrinet by 2.9% in the 2nd quarter. HB Wealth Management LLC now owns 865 shares of the technology company's stock valued at $486,000 after buying an additional 24 shares in the last quarter. Saudi Central Bank bought a new stake in Fabrinet during the 2nd quarter valued at $1,410,000. Finally, Turner Financial Group Inc. bought a new stake in Fabrinet during the 2nd quarter valued at $237,000. Hedge funds and other institutional investors own 97.38% of the company's stock.

Fabrinet Price Performance

FN opened at $403.25 on Friday. The firm has a market capitalization of $14.45 billion, a P/E ratio of 30.90 and a beta of 1.21. Fabrinet has a one year low of $348.01 and a one year high of $748.89. The company has a fifty day moving average price of $472.32 and a 200-day moving average price of $561.31.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings data on Tuesday, August 18th. The technology company reported $4.10 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $3.81 by $0.29. Fabrinet had a return on equity of 21.23% and a net margin of 10.19%.The company had revenue of $1.32 billion for the quarter, compared to the consensus estimate of $1.28 billion. During the same quarter last year, the business posted $2.65 earnings per share. The firm's revenue was up 44.6% compared to the same quarter last year. On average, analysts expect that Fabrinet will post 17.5 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on FN shares. JPMorgan Chase & Co. raised their price target on Fabrinet from $680.00 to $695.00 and gave the stock a "neutral" rating in a report on Tuesday, August 18th. Wall Street Zen lowered Fabrinet from a "buy" rating to a "hold" rating in a research note on Monday, July 20th. Weiss Ratings raised Fabrinet from a "hold (c+)" rating to a "buy (b-)" rating in a report on Wednesday, August 26th. Barclays raised their target price on Fabrinet from $702.00 to $739.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 18th. Finally, Needham & Company LLC reiterated a "buy" rating and set a $650.00 price target on shares of Fabrinet in a research report on Tuesday, August 18th. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $649.50.

Insider Buying and Selling at Fabrinet

In other news, EVP Edward Archer sold 2,500 shares of Fabrinet stock in a transaction dated Thursday, September 3rd. The stock was sold at an average price of $385.91, for a total transaction of $964,775.00. Following the completion of the sale, the executive vice president owned 7,007 shares in the company, valued at approximately $2,704,071.37. This trade represents a 26.30% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.24% of the stock is currently owned by insiders.

About Fabrinet

Fabrinet NYSE: FN is a provider of advanced manufacturing services for original equipment manufacturers and other technology companies. The company specializes in precision optical, electromechanical and electronic manufacturing, helping customers design, assemble, test and package complex products.

Its capabilities support products used in optical communications, including components, modules and transceivers for telecommunications and data-center networks. Fabrinet also provides manufacturing services for industrial lasers, medical devices, automotive applications, and aerospace and defense products.

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