State of Alaska Department of Revenue Sells 256 Shares of Fabrinet (NYSE:FN)

State of Alaska Department of Revenue cut its holdings in Fabrinet (NYSE:FN) by 1.1% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 22,119 shares of the technology company’s stock after selling 256 shares during the quarter. State of Alaska Department of Revenue owned approximately 0.06% of Fabrinet worth $4,180,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other large investors also recently modified their holdings of the business. Sumitomo Mitsui Trust Holdings Inc. grew its stake in shares of Fabrinet by 468.3% in the first quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 36,103 shares of the technology company’s stock worth $6,824,000 after purchasing an additional 29,750 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Fabrinet by 19.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 67,823 shares of the technology company’s stock worth $12,820,000 after purchasing an additional 11,035 shares during the last quarter. Congress Wealth Management LLC DE grew its stake in shares of Fabrinet by 4.0% in the first quarter. Congress Wealth Management LLC DE now owns 59,775 shares of the technology company’s stock worth $11,299,000 after purchasing an additional 2,317 shares during the last quarter. Park Place Capital Corp grew its stake in shares of Fabrinet by 179.1% in the first quarter. Park Place Capital Corp now owns 388 shares of the technology company’s stock worth $73,000 after purchasing an additional 249 shares during the last quarter. Finally, Wolff Wiese Magana LLC bought a new stake in shares of Fabrinet in the first quarter worth about $246,000. 97.38% of the stock is owned by institutional investors.

Insider Buying and Selling

In related news, Director Frank H. Levinson sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The shares were sold at an average price of $241.71, for a total value of $1,450,260.00. Following the completion of the transaction, the director now directly owns 5,709 shares in the company, valued at approximately $1,379,922.39. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.51% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on FN. Northland Securities raised Fabrinet from a “market perform” rating to an “outperform” rating and raised their target price for the stock from $200.00 to $220.00 in a research note on Thursday, March 21st. Needham & Company LLC reaffirmed a “buy” rating and set a $220.00 price objective on shares of Fabrinet in a research report on Tuesday, May 7th. JPMorgan Chase & Co. lifted their price objective on Fabrinet from $210.00 to $212.00 and gave the company a “neutral” rating in a research report on Thursday, April 11th. B. Riley cut their price objective on Fabrinet from $173.00 to $171.00 and set a “neutral” rating on the stock in a research report on Tuesday, May 7th. Finally, Jefferies Financial Group initiated coverage on Fabrinet in a research report on Wednesday, June 26th. They set a “hold” rating and a $230.00 price objective on the stock. Five analysts have rated the stock with a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $168.67.

Fabrinet Stock Performance

FN stock opened at $240.96 on Friday. The firm has a 50 day moving average price of $229.39 and a 200-day moving average price of $206.67. Fabrinet has a 52-week low of $114.83 and a 52-week high of $257.04. The firm has a market capitalization of $8.71 billion, a price-to-earnings ratio of 32.00 and a beta of 0.96.

Fabrinet (NYSE:FN) last released its earnings results on Monday, May 6th. The technology company reported $2.21 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.93 by $0.28. Fabrinet had a net margin of 9.90% and a return on equity of 17.67%. The firm had revenue of $731.54 million during the quarter, compared to analyst estimates of $718.94 million. As a group, sell-side analysts forecast that Fabrinet will post 7.95 earnings per share for the current fiscal 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.