Whale Rock Capital Management LLC Reduces Stock Holdings in Fabrinet (NYSE:FN)

Whale Rock Capital Management LLC lessened its holdings in Fabrinet (NYSE:FN - Free Report) by 1.9% in the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 839,777 shares of the technology company's stock after selling 15,990 shares during the quarter. Fabrinet accounts for approximately 2.2% of Whale Rock Capital Management LLC's holdings, making the stock its 19th largest holding. Whale Rock Capital Management LLC owned 2.32% of Fabrinet worth $184,650,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of FN. Huntington National Bank increased its holdings in shares of Fabrinet by 66.7% in the fourth quarter. Huntington National Bank now owns 230 shares of the technology company's stock valued at $51,000 after purchasing an additional 92 shares during the period. Quarry LP raised its position in Fabrinet by 315.8% during the fourth quarter. Quarry LP now owns 237 shares of the technology company's stock valued at $52,000 after acquiring an additional 180 shares in the last quarter. IFP Advisors Inc boosted its position in Fabrinet by 576.2% in the 4th quarter. IFP Advisors Inc now owns 284 shares of the technology company's stock worth $63,000 after purchasing an additional 242 shares in the last quarter. Assetmark Inc. grew its stake in shares of Fabrinet by 12.0% during the 4th quarter. Assetmark Inc. now owns 484 shares of the technology company's stock worth $106,000 after purchasing an additional 52 shares during the period. Finally, Transamerica Financial Advisors Inc. boosted its holdings in Fabrinet by 17.2% during the fourth quarter. Transamerica Financial Advisors Inc. now owns 565 shares of the technology company's stock worth $125,000 after buying an additional 83 shares in the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Fabrinet

In related news, Director Rollance E. Olson sold 2,500 shares of Fabrinet stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total value of $559,950.00. Following the completion of the sale, the director now owns 23,201 shares in the company, valued at approximately $5,196,559.98. This trade represents a 9.73% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.38% of the company's stock.

Wall Street Analysts Forecast Growth

FN has been the subject of several recent analyst reports. Fox Advisors assumed coverage on Fabrinet in a research note on Tuesday, February 18th. They issued an "overweight" rating and a $270.00 price target for the company. Barclays set a $234.00 target price on shares of Fabrinet and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. B. Riley upgraded Fabrinet from a "sell" rating to a "neutral" rating and lowered their price objective for the stock from $178.00 to $176.00 in a report on Friday, April 4th. JPMorgan Chase & Co. lifted their target price on shares of Fabrinet from $220.00 to $235.00 and gave the stock a "neutral" rating in a research note on Tuesday, May 6th. Finally, Rosenblatt Securities raised their price target on shares of Fabrinet from $230.00 to $250.00 and gave the stock a "buy" rating in a research note on Tuesday, May 6th. Four equities research 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 has a consensus rating of "Hold" and an average target price of $239.29.

Fabrinet Trading Down 0.7%

Shares of FN stock opened at $227.83 on Tuesday. The company's 50-day moving average price is $203.54 and its 200-day moving average price is $218.84. Fabrinet has a twelve month low of $148.55 and a twelve month high of $281.79. The stock has a market cap of $8.16 billion, a price-to-earnings ratio of 25.48 and a beta of 0.95.

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

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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