Fabrinet (NYSE:FN) Shares Sold by Wedge Capital Management L L P NC

Wedge Capital Management L L P NC reduced its position in shares of Fabrinet (NYSE:FN - Free Report) by 11.4% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 254,677 shares of the technology company's stock after selling 32,854 shares during the period. Fabrinet makes up 1.0% of Wedge Capital Management L L P NC's portfolio, making the stock its 24th biggest holding. Wedge Capital Management L L P NC owned about 0.70% of Fabrinet worth $50,301,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Norges Bank purchased a new stake in Fabrinet during the fourth quarter valued at about $95,084,000. Capital Research Global Investors grew its holdings in shares of Fabrinet by 675.2% in the fourth quarter. Capital Research Global Investors now owns 417,020 shares of the technology company's stock worth $91,694,000 after acquiring an additional 363,228 shares during the period. Wasatch Advisors LP raised its holdings in Fabrinet by 47.0% in the 4th quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company's stock worth $249,044,000 after purchasing an additional 362,064 shares during the period. FMR LLC boosted its holdings in Fabrinet by 13.1% in the 4th quarter. FMR LLC now owns 2,213,887 shares of the technology company's stock worth $486,789,000 after buying an additional 257,164 shares during the period. Finally, Arrowstreet Capital Limited Partnership grew its stake in Fabrinet by 205.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 267,228 shares of the technology company's stock valued at $58,758,000 after acquiring an additional 179,679 shares in the last quarter. Institutional investors own 97.38% of the company's stock.

Analyst Ratings Changes

Several analysts recently weighed in on FN shares. B. Riley upgraded Fabrinet from a "sell" rating to a "neutral" rating and decreased their price target for the company from $178.00 to $176.00 in a report on Friday, April 4th. Rosenblatt Securities increased their price target on shares of Fabrinet from $230.00 to $250.00 and gave the stock a "buy" rating in a report on Tuesday, May 6th. Fox Advisors started coverage on Fabrinet in a report on Tuesday, February 18th. They issued an "overweight" rating and a $270.00 price target for the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $280.00 price target on shares of Fabrinet in a research note on Tuesday, May 6th. Finally, JPMorgan Chase & Co. lifted their price target on Fabrinet from $220.00 to $235.00 and gave the stock a "neutral" rating in a report on Tuesday, May 6th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and a consensus target price of $239.29.

Fabrinet Trading Up 2.3%

Shares of NYSE FN traded up $5.50 during mid-day trading on Wednesday, reaching $243.22. The company had a trading volume of 479,923 shares, compared to its average volume of 631,438. The stock has a market cap of $8.71 billion, a P/E ratio of 27.21 and a beta of 0.98. Fabrinet has a 52-week low of $148.55 and a 52-week high of $281.79. The firm has a 50 day simple moving average of $210.36 and a two-hundred day simple moving average of $217.64.

Fabrinet (NYSE:FN - Get Free Report) last announced its 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 return on equity of 18.48% and a net margin of 10.44%. The company had revenue of $871.80 million for the quarter, compared to the consensus estimate of $857.12 million. During the same period last year, the business posted $2.39 EPS. The company's revenue was up 19.2% on a year-over-year basis. On average, equities analysts expect that Fabrinet will post 9.4 EPS for the current year.

Insider Buying and Selling

In related news, Director Rollance E. Olson sold 2,500 shares of the stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total transaction of $559,950.00. Following the completion of the sale, the director now owns 23,201 shares of the company's stock, valued at approximately $5,196,559.98. This represents a 9.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, COO Harpal Gill sold 18,675 shares of Fabrinet stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total transaction of $4,482,000.00. Following the sale, the chief operating officer now directly owns 18,068 shares in the company, valued at $4,336,320. This trade represents a 50.83% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.38% of the company's stock.

Fabrinet Company 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.