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

Wedge Capital Management L L P NC decreased its holdings in shares of Fabrinet (NYSE:FN - Free Report) by 11.4% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 254,677 shares of the technology company's stock after selling 32,854 shares during the quarter. Fabrinet makes up 1.0% of Wedge Capital Management L L P NC's holdings, making the stock its 24th biggest position. Wedge Capital Management L L P NC owned about 0.70% of Fabrinet worth $50,301,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently made changes to their positions in FN. Janney Montgomery Scott LLC boosted its stake in shares of Fabrinet by 2.6% in the 4th quarter. Janney Montgomery Scott LLC now owns 3,279 shares of the technology company's stock valued at $721,000 after purchasing an additional 82 shares in the last quarter. Retirement Systems of Alabama boosted its position in Fabrinet by 0.4% during the fourth quarter. Retirement Systems of Alabama now owns 44,098 shares of the technology company's stock valued at $9,696,000 after acquiring an additional 190 shares during the last quarter. Sumitomo Mitsui Trust Group Inc. grew its stake in Fabrinet by 178.9% during the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,008 shares of the technology company's stock worth $881,000 after purchasing an additional 2,571 shares during the period. Moloney Securities Asset Management LLC increased its stake in shares of Fabrinet by 47.4% in the 4th quarter. Moloney Securities Asset Management LLC now owns 2,423 shares of the technology company's stock valued at $533,000 after acquiring an additional 779 shares in the last quarter. Finally, Entropy Technologies LP bought a new position in shares of Fabrinet during the 4th quarter worth about $1,067,000. Institutional investors and hedge funds own 97.38% of the company's stock.

Analyst Upgrades and Downgrades

A number of analysts have commented on FN shares. JPMorgan Chase & Co. increased their price objective on Fabrinet from $220.00 to $235.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Rosenblatt Securities boosted their price objective on Fabrinet from $230.00 to $250.00 and gave the company a "buy" rating in a research note on Tuesday, May 6th. Barclays set a $234.00 target price on Fabrinet and gave the stock an "equal weight" rating in a research note on Tuesday, May 6th. Fox Advisors initiated coverage on Fabrinet in a research note on Tuesday, February 18th. They set an "overweight" rating and a $270.00 price objective for the company. Finally, Needham & Company LLC reiterated a "buy" rating and issued a $280.00 target price 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 given a buy rating to the stock. According to data from MarketBeat, Fabrinet has a consensus rating of "Hold" and an average target price of $239.29.

Fabrinet Stock Down 1.0%

Shares of Fabrinet stock traded down $2.31 during trading hours on Monday, reaching $232.64. 54,713 shares of the stock traded hands, compared to its average volume of 631,077. The company has a 50 day moving average price of $208.46 and a 200 day moving average price of $217.48. Fabrinet has a one year low of $148.55 and a one year high of $281.79. The firm has a market capitalization of $8.34 billion, a price-to-earnings ratio of 26.03 and a beta of 0.98.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.05. The business had revenue of $871.80 million for the quarter, compared to analysts' expectations of $857.12 million. Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. The company's revenue was up 19.2% compared to the same quarter last year. During the same quarter last year, the company posted $2.39 EPS. Sell-side analysts anticipate that Fabrinet will post 9.4 earnings per share for the current year.

Insider Buying and Selling

In other Fabrinet news, 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 transaction of $4,482,000.00. Following the transaction, the chief operating officer now owns 18,068 shares of the company's stock, valued at approximately $4,336,320. This trade represents a 50.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Rollance E. Olson sold 2,500 shares of the business's stock in a transaction dated 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 disclosure for this sale can be found here. 0.38% of the stock is owned by company insiders.

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.