Wasatch Advisors LP Has $136.52 Million Stock Position in Fabrinet $FN

Key Points

• Wasatch Advisors cut its Fabrinet stake by 65.5% in the second quarter, selling 460,251 shares and retaining 242,889 shares valued at approximately $136.5 million. Institutional investors own 97.38% of Fabrinet.
• Analyst sentiment remains favorable but mixed, with six Buy ratings and four Holds. Fabrinet has a “Moderate Buy” consensus rating and an average price target of $643, compared with its $526.97 opening price.
• Fabrinet’s shares have traded between $272.49 and $748.89 over the past year, while the company carries an $18.88 billion market capitalization and a P/E ratio of 45.27. Director Homa Bahrami also sold 2,500 shares in May.

Wasatch Advisors LP lowered its stake in shares of Fabrinet (NYSE:FN - Free Report) by 65.5% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 242,889 shares of the technology company's stock after selling 460,251 shares during the quarter. Wasatch Advisors LP owned 0.68% of Fabrinet worth $136,523,000 at the end of the most recent quarter.

A number of other institutional investors have also added to or reduced their stakes in the company. Glenmede Trust Co. NA grew its stake in Fabrinet by 1.7% in the 1st quarter. Glenmede Trust Co. NA now owns 1,168 shares of the technology company's stock valued at $609,000 after purchasing an additional 19 shares during the period. REAP Financial Group LLC boosted its holdings in shares of Fabrinet by 15.7% in the 4th quarter. REAP Financial Group LLC now owns 192 shares of the technology company's stock worth $87,000 after buying an additional 26 shares during the last quarter. Harbour Investments Inc. boosted its stake in Fabrinet by 75.0% in the fourth quarter. Harbour Investments Inc. now owns 63 shares of the technology company's stock valued at $29,000 after acquiring an additional 27 shares during the last quarter. Allworth Financial LP lifted its stake in Fabrinet by 7.4% in the fourth quarter. Allworth Financial LP now owns 405 shares of the technology company's stock valued at $184,000 after purchasing an additional 28 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC grew its stake in shares of Fabrinet by 2.8% during the 4th quarter. Ashton Thomas Private Wealth LLC now owns 1,134 shares of the technology company's stock worth $516,000 after acquiring an additional 31 shares during the period. 97.38% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on FN. JPMorgan Chase & Co. cut their price target on Fabrinet from $700.00 to $680.00 and set a "neutral" rating for the company in a report on Tuesday, May 5th. Barclays increased their price target on shares of Fabrinet from $548.00 to $702.00 and gave the stock an "overweight" rating in a report on Tuesday, May 5th. Weiss Ratings lowered shares of Fabrinet from a "buy (b)" rating to a "buy (b-)" rating in a research report on Tuesday, June 30th. Wall Street Zen cut shares of Fabrinet from a "buy" rating to a "hold" rating in a research note on Monday, July 20th. Finally, Northland Securities set a $800.00 target price on shares of Fabrinet in a report on Monday, April 20th. Six analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average price target of $643.00.

Fabrinet Stock Performance

NYSE FN opened at $526.97 on Wednesday. Fabrinet has a 52-week low of $272.49 and a 52-week high of $748.89. The company has a fifty day moving average of $533.97 and a 200-day moving average of $566.55. The company has a market capitalization of $18.88 billion, a P/E ratio of 45.27 and a beta of 1.23.

Insiders Place Their Bets

In other Fabrinet news, Director Homa Bahrami sold 2,500 shares of Fabrinet stock in a transaction dated Friday, May 22nd. The stock was sold at an average price of $711.91, for a total transaction of $1,779,775.00. Following the completion of the sale, the director owned 16,233 shares of the company's stock, valued at $11,556,435.03. The trade was a 13.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.24% of the stock is owned by insiders.

Fabrinet Company Profile

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.

Want to see what other hedge funds are holding FN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fabrinet (NYSE:FN - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source