abrdn plc Reduces Position in Fabrinet (NYSE:FN)

abrdn plc lowered its stake in Fabrinet (NYSE:FN) by 9.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 184,710 shares of the technology company’s stock after selling 18,906 shares during the period. abrdn plc’s holdings in Fabrinet were worth $43,673,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. nVerses Capital LLC acquired a new stake in shares of Fabrinet during the third quarter worth about $567,000. Norden Group LLC raised its position in Fabrinet by 1,775.2% during the 1st quarter. Norden Group LLC now owns 28,616 shares of the technology company’s stock worth $5,409,000 after buying an additional 27,090 shares during the last quarter. Pitcairn Co. acquired a new stake in Fabrinet during the 1st quarter valued at approximately $544,000. Seven Eight Capital LP purchased a new stake in shares of Fabrinet in the 1st quarter valued at $1,588,000. Finally, DekaBank Deutsche Girozentrale increased its stake in shares of Fabrinet by 27.4% in the first quarter. DekaBank Deutsche Girozentrale now owns 79,088 shares of the technology company’s stock worth $15,036,000 after acquiring an additional 17,000 shares during the period. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on FN. B. Riley boosted their target price on shares of Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Needham & Company LLC upped their target price on Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. Rosenblatt Securities raised their target price on Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Finally, JPMorgan Chase & Co. boosted their price target on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Four investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat.com, Fabrinet has a consensus rating of “Hold” and an average price target of $219.00.

Insider Buying and Selling at Fabrinet

In other news, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $220.26, for a total transaction 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 trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. In other news, EVP Edward T. Archer sold 8,690 shares of Fabrinet stock in a transaction that occurred 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 sale, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at $1,835,426.58. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Csaba Sverha sold 9,288 shares of the business’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.08, for a total value of $2,508,503.04. Following the sale, the chief financial officer now owns 19,768 shares of the company’s stock, valued at $5,338,941.44. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,728 shares of company stock valued at $11,645,062 over the last ninety days. Corporate insiders own 0.51% of the company’s stock.

Fabrinet Trading Down 0.7 %

Shares of FN stock opened at $250.68 on Thursday. Fabrinet has a 12-month low of $149.19 and a 12-month high of $278.38. The business’s 50 day moving average is $239.97 and its two-hundred day moving average is $229.28. The company has a market capitalization of $9.06 billion, a P/E ratio of 33.29 and a beta of 0.95.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share (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 for the quarter, compared to analyst estimates of $732.63 million. During the same quarter last year, the firm posted $1.68 EPS. The business’s revenue was up 14.8% on a year-over-year basis. On average, research analysts predict that Fabrinet will post 9.11 earnings per share for the current fiscal year.

About Fabrinet

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.