Seven Eight Capital LP Sells 4,009 Shares of Fabrinet (NYSE:FN)

Seven Eight Capital LP lessened its stake in shares of Fabrinet (NYSE:FN) by 47.7% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 4,393 shares of the technology company’s stock after selling 4,009 shares during the quarter. Seven Eight Capital LP’s holdings in Fabrinet were worth $1,075,000 as of its most recent SEC filing.

A number of other large investors have also recently made changes to their positions in the stock. Principal Securities Inc. purchased a new stake in shares of Fabrinet during the 4th quarter valued at about $65,000. Janney Montgomery Scott LLC raised its holdings in Fabrinet by 211.9% in the 4th quarter. Janney Montgomery Scott LLC now owns 4,516 shares of the technology company’s stock worth $860,000 after purchasing an additional 3,068 shares during the period. Dynamic Technology Lab Private Ltd purchased a new position in Fabrinet during the fourth quarter valued at $473,000. Trexquant Investment LP purchased a new position in Fabrinet during the fourth quarter valued at $563,000. Finally, Franklin Resources Inc. bought a new stake in Fabrinet during the fourth quarter valued at about $1,421,000. 97.38% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

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

Insiders Place Their Bets

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

Fabrinet Stock Performance

FN stock opened at $231.53 on Friday. The company has a market capitalization of $8.37 billion, a PE ratio of 30.75 and a beta of 0.96. The company’s fifty day moving average price is $229.29 and its 200-day moving average price is $219.26. Fabrinet has a one year low of $149.19 and a one year high of $278.38.

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