Westfield Capital Management Co. LP Sells 84,285 Shares of Fabrinet (NYSE:FN)

Key Points

• Westfield Capital Management Co. LP reduced its Q1 stake in Fabrinet by 20.5%, selling 84,285 shares, now owning a total of 327,137 shares valued at approximately $64.6 million.
• Fabrinet reported a Q1 EPS of $2.52, surpassing estimates, with revenue up 19.2% year-over-year, totaling $871.80 million.
• Recent analyst reports have resulted in varied price targets for Fabrinet, with JPMorgan raising its target from $235 to $318, while others maintain "hold" ratings.

Westfield Capital Management Co. LP lessened its holdings in Fabrinet (NYSE:FN - Free Report) by 20.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 327,137 shares of the technology company's stock after selling 84,285 shares during the quarter. Westfield Capital Management Co. LP owned 0.91% of Fabrinet worth $64,613,000 as of its most recent SEC filing.

Several other large investors have also added to or reduced their stakes in the business. Private Trust Co. NA increased its position in shares of Fabrinet by 44.3% during 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. State of Alaska Department of Revenue boosted its holdings in shares of Fabrinet by 1.7% in the 1st quarter. State of Alaska Department of Revenue now owns 4,205 shares of the technology company's stock valued at $830,000 after buying an additional 70 shares during the last quarter. Henry James International Management Inc. grew its stake in shares of Fabrinet by 5.6% in the first quarter. Henry James International Management Inc. now owns 1,317 shares of the technology company's stock valued at $260,000 after buying an additional 70 shares in the last quarter. Illumine Investment Management LLC increased its holdings in Fabrinet by 2.2% during the first quarter. Illumine Investment Management LLC now owns 3,461 shares of the technology company's stock worth $684,000 after buying an additional 75 shares during the last quarter. Finally, Signaturefd LLC increased its holdings in Fabrinet by 14.3% during the first quarter. Signaturefd LLC now owns 609 shares of the technology company's stock worth $120,000 after buying an additional 76 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company's stock.

Fabrinet Price Performance

NYSE:FN opened at $315.12 on Monday. The company has a market cap of $11.29 billion, a P/E ratio of 35.09 and a beta of 1.02. The firm's fifty day moving average price is $276.85 and its two-hundred day moving average price is $233.46. Fabrinet has a one year low of $148.55 and a one year high of $332.61.

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

Wall Street Analyst Weigh In

FN has been the subject of a number of recent analyst reports. Rosenblatt Securities increased their price target on shares of Fabrinet from $250.00 to $290.00 and gave the company a "buy" rating in a research note on Thursday, June 12th. Barclays set a $234.00 target price on shares of Fabrinet and gave the company an "equal weight" rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. raised their target price on shares of Fabrinet from $235.00 to $318.00 and gave the company a "neutral" rating in a research note on Thursday, July 17th. Needham & Company LLC reiterated a "buy" rating and set a $280.00 price target on shares of Fabrinet in a report on Tuesday, May 6th. Finally, Wolfe Research began coverage on Fabrinet in a research note on Tuesday, July 8th. They issued a "peer perform" rating on the stock. Four analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Fabrinet presently has an average rating of "Hold" and a consensus price target of $261.33.

Insider Activity at Fabrinet

In other news, COO Harpal Gill sold 18,675 shares of the stock in a transaction that occurred 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 transaction, the chief operating officer owned 18,068 shares in the company, valued at approximately $4,336,320. This trade represents a 50.83% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Rollance E. Olson sold 2,500 shares of Fabrinet stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total value of $559,950.00. Following the sale, the director directly owned 23,201 shares of the company's stock, valued at approximately $5,196,559.98. The trade was a 9.73% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.38% of the company's stock.

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.

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