Allspring Global Investments Holdings LLC Acquires 38,704 Shares of Fabrinet (NYSE:FN)

Allspring Global Investments Holdings LLC grew its holdings in Fabrinet (NYSE:FN - Free Report) by 214.0% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 56,788 shares of the technology company's stock after purchasing an additional 38,704 shares during the period. Allspring Global Investments Holdings LLC owned about 0.16% of Fabrinet worth $10,809,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Park Place Capital Corp acquired a new position in Fabrinet during the fourth quarter worth $26,000. Salem Investment Counselors Inc. acquired a new position in Fabrinet during the fourth quarter worth $29,000. McGlone Suttner Wealth Management Inc. acquired a new position in Fabrinet during the fourth quarter worth $52,000. Orion Capital Management LLC acquired a new position in Fabrinet during the third quarter worth $47,000. Finally, 1832 Asset Management L.P. bought a new position in Fabrinet during the fourth quarter worth $51,000. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FN has been the subject of a number of research analyst reports. JPMorgan Chase & Co. lifted their price objective on shares of Fabrinet from $210.00 to $212.00 and gave the stock a "neutral" rating in a research report on Thursday, April 11th. Rosenblatt Securities reaffirmed a "buy" rating and set a $230.00 price objective on shares of Fabrinet in a research report on Tuesday, February 6th. Northland Securities raised shares of Fabrinet from a "market perform" rating to an "outperform" rating and lifted their price objective for the stock from $200.00 to $220.00 in a research report on Thursday, March 21st. Finally, Needham & Company LLC reduced their price objective on shares of Fabrinet from $230.00 to $220.00 and set a "buy" rating for the company in a research report on Friday, March 22nd. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $159.57.

Insider Activity

In related news, Director Rollance E. Olson sold 10,000 shares of the business's stock in a transaction dated Monday, February 12th. The stock was sold at an average price of $205.52, for a total value of $2,055,200.00. Following the completion of the transaction, the director now owns 25,981 shares of the company's stock, valued at $5,339,615.12. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 0.51% of the stock is currently owned by company insiders.

Fabrinet Stock Down 3.9 %

Shares of Fabrinet stock traded down $6.66 during trading on Wednesday, reaching $166.19. The company's stock had a trading volume of 410,552 shares, compared to its average volume of 452,888. The business's 50-day moving average price is $196.16 and its 200-day moving average price is $185.41. The firm has a market cap of $6.03 billion, a PE ratio of 24.02 and a beta of 1.04. Fabrinet has a 52 week low of $90.19 and a 52 week high of $229.02.

Fabrinet (NYSE:FN - Get Free Report) last announced its earnings results on Monday, February 5th. The technology company reported $1.89 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.84 by $0.05. The company had revenue of $712.69 million during the quarter, compared to analysts' expectations of $699.76 million. Fabrinet had a net margin of 9.35% and a return on equity of 17.27%. Equities analysts predict that Fabrinet will post 7.64 earnings per share 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.