Zurcher Kantonalbank Zurich Cantonalbank Reduces Stock Position in Fabrinet (NYSE:FN)

Zurcher Kantonalbank Zurich Cantonalbank decreased its holdings in Fabrinet (NYSE:FN - Free Report) by 28.3% during the 4th quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 57,796 shares of the technology company's stock after selling 22,756 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank owned about 0.16% of Fabrinet worth $11,000,000 at the end of the most recent quarter.

A number of other hedge funds also recently made changes to their positions in FN. Strs Ohio lifted its stake in shares of Fabrinet by 85.5% during the 4th quarter. Strs Ohio now owns 10,200 shares of the technology company's stock worth $1,941,000 after buying an additional 4,700 shares during the last quarter. Vontobel Holding Ltd. acquired a new stake in Fabrinet during the fourth quarter worth approximately $257,000. Sumitomo Mitsui Trust Holdings Inc. bought a new stake in shares of Fabrinet during the fourth quarter worth approximately $1,209,000. Louisiana State Employees Retirement System bought a new stake in shares of Fabrinet during the fourth quarter worth approximately $3,464,000. Finally, Sequoia Financial Advisors LLC grew its position in shares of Fabrinet by 6.4% in the fourth quarter. Sequoia Financial Advisors LLC now owns 2,549 shares of the technology company's stock valued at $485,000 after purchasing an additional 153 shares during the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several research firms recently commented on FN. Needham & Company LLC decreased their price target on shares of Fabrinet from $230.00 to $220.00 and set a "buy" rating on the stock in a research note on Friday, March 22nd. Rosenblatt Securities restated a "buy" rating and set a $230.00 target price on shares of Fabrinet in a research report on Tuesday, February 6th. JPMorgan Chase & Co. lifted their price target on shares of Fabrinet from $210.00 to $212.00 and gave the company a "neutral" rating in a research report on Thursday, April 11th. Finally, Northland Securities upgraded Fabrinet from a "market perform" rating to an "outperform" rating and boosted their price target for the company from $200.00 to $220.00 in a research note on Thursday, March 21st. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $159.57.

Fabrinet Stock Down 1.7 %

Shares of NYSE:FN traded down $2.88 during trading on Friday, hitting $162.32. 634,386 shares of the company were exchanged, compared to its average volume of 425,445. Fabrinet has a 1-year low of $90.19 and a 1-year high of $229.02. The company has a market capitalization of $5.89 billion, a P/E ratio of 23.46 and a beta of 1.04. The business's 50 day moving average is $194.70 and its 200-day moving average is $185.35.

Fabrinet (NYSE:FN - Get Free Report) last released its quarterly earnings data on Monday, February 5th. The technology company reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.84 by $0.05. Fabrinet had a return on equity of 17.27% and a net margin of 9.35%. The company had revenue of $712.69 million during the quarter, compared to the consensus estimate of $699.76 million. As a group, sell-side analysts anticipate that Fabrinet will post 7.59 earnings per share for the current year.

Insider Activity

In other Fabrinet news, Director Rollance E. Olson sold 10,000 shares of the stock in a transaction that occurred on Monday, February 12th. The shares were sold at an average price of $205.52, for a total transaction of $2,055,200.00. Following the completion of the sale, the director now owns 25,981 shares of the company's stock, valued at approximately $5,339,615.12. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.51% 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.