Fabrinet (NYSE:FN) Shares Sold by Edgestream Partners L.P.

Edgestream Partners L.P. cut its holdings in shares of Fabrinet (NYSE:FN) by 90.8% in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 834 shares of the technology company’s stock after selling 8,183 shares during the period. Edgestream Partners L.P.’s holdings in Fabrinet were worth $204,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also added to or reduced their stakes in FN. 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. New York State Teachers Retirement System boosted its holdings in shares of Fabrinet by 0.3% in the first quarter. New York State Teachers Retirement System now owns 29,950 shares of the technology company’s stock valued at $5,661,000 after buying an additional 100 shares during the period. GAMMA Investing LLC boosted its holdings in shares of Fabrinet by 60.6% in the first quarter. GAMMA Investing LLC now owns 289 shares of the technology company’s stock valued at $55,000 after buying an additional 109 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Fabrinet by 1.5% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,780 shares of the technology company’s stock valued at $1,904,000 after buying an additional 114 shares during the period. Finally, Opal Wealth Advisors LLC acquired a new position in shares of Fabrinet in the second quarter valued at approximately $28,000. 97.38% of the stock is owned by institutional investors and hedge funds.

Fabrinet Stock Performance

Shares of Fabrinet stock opened at $231.94 on Tuesday. Fabrinet has a 52-week low of $149.19 and a 52-week high of $278.38. The stock’s 50-day simple moving average is $228.82 and its 200 day simple moving average is $219.29. The stock has a market capitalization of $8.38 billion, a P/E ratio of 30.80 and a beta of 0.96.

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

Insider Transactions at Fabrinet

In related news, EVP Edward T. Archer sold 8,690 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the sale, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at $1,835,426.58. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Seamus Grady sold 26,650 shares of Fabrinet stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the transaction, the chief executive officer now directly owns 37,643 shares of the company’s stock, valued at approximately $10,163,610. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Edward T. Archer sold 8,690 shares of Fabrinet stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $220.26, for a total value of $1,914,059.40. Following the transaction, the executive vice president now directly owns 8,333 shares in the company, valued at $1,835,426.58. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,728 shares of company stock valued at $11,645,062. Insiders own 0.51% of the company’s stock.

Wall Street Analyst Weigh In

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

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.