DekaBank Deutsche Girozentrale Sells 77,000 Shares of Fabrinet (NYSE:FN)

DekaBank Deutsche Girozentrale cut its stake in Fabrinet (NYSE:FN) by 97.4% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,088 shares of the technology company’s stock after selling 77,000 shares during the period. DekaBank Deutsche Girozentrale’s holdings in Fabrinet were worth $511,000 at the end of the most recent quarter.

A number of other institutional investors have also recently modified their holdings of FN. Opal Wealth Advisors LLC bought a new stake in Fabrinet during the second quarter worth about $28,000. Banque Cantonale Vaudoise acquired a new position in shares of Fabrinet in the 2nd quarter valued at approximately $35,000. Parallel Advisors LLC lifted its holdings in shares of Fabrinet by 59.7% during the 4th quarter. Parallel Advisors LLC now owns 206 shares of the technology company’s stock worth $39,000 after acquiring an additional 77 shares during the period. GAMMA Investing LLC boosted its position in shares of Fabrinet by 60.6% during the 1st quarter. GAMMA Investing LLC now owns 289 shares of the technology company’s stock worth $55,000 after acquiring an additional 109 shares in the last quarter. Finally, UMB Bank n.a. bought a new position in Fabrinet in the first quarter valued at approximately $57,000. 97.38% of the stock is currently owned by institutional investors.

Insiders Place Their Bets

In other news, EVP Edward T. Archer sold 8,690 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the sale, the executive vice president now owns 8,333 shares of the company’s stock, valued at $1,835,426.58. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Fabrinet news, CFO Csaba Sverha sold 100 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $270.00, for a total transaction of $27,000.00. Following the sale, the chief financial officer now owns 19,347 shares of the company’s stock, valued at $5,223,690. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Edward T. Archer sold 8,690 shares of the stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the sale, the executive vice president now owns 8,333 shares of the company’s stock, valued at $1,835,426.58. The disclosure for this sale can be found here. In the last three months, insiders have sold 44,728 shares of company stock valued at $11,645,062. 0.51% of the stock is currently owned by company insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on FN shares. JPMorgan Chase & Co. upped their target price on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. B. Riley upped their price objective on Fabrinet from $171.00 to $196.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Needham & Company LLC lifted their target price on Fabrinet from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Jefferies Financial Group assumed coverage on shares of Fabrinet in a report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 target price for the company. Finally, Rosenblatt Securities lifted their price target on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average target price of $219.00.

Fabrinet Price Performance

Fabrinet stock opened at $231.53 on Friday. The business has a 50 day moving average of $229.29 and a 200-day moving average of $219.26. The company has a market capitalization of $8.37 billion, a P/E ratio of 30.75 and a beta of 0.96. Fabrinet has a 1 year low of $149.19 and a 1 year high of $278.38.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share for the quarter, topping analysts’ consensus estimates of $2.06 by $0.35. The firm had revenue of $753.26 million for the quarter, compared to analyst estimates of $732.63 million. Fabrinet had a net margin of 10.27% and a return on equity of 18.10%. The company’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.68 EPS. Equities analysts anticipate that Fabrinet will post 9.11 EPS for the current year.

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.