Fabrinet (NYSE:FN) Holdings Raised by Fred Alger Management LLC

Fred Alger Management LLC lifted its position in shares of Fabrinet (NYSE:FN) by 19.4% during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 84,225 shares of the technology company’s stock after acquiring an additional 13,714 shares during the period. Fred Alger Management LLC’s holdings in Fabrinet were worth $20,617,000 at the end of the most recent reporting period.

Other large investors have also recently added to or reduced their stakes in the company. Congress Asset Management Co. MA acquired a new position in Fabrinet in the fourth quarter valued at approximately $99,045,000. TD Asset Management Inc boosted its position in Fabrinet by 216.1% during the 1st quarter. TD Asset Management Inc now owns 409,761 shares of the technology company’s stock valued at $77,453,000 after purchasing an additional 280,145 shares during the period. Epoch Investment Partners Inc. boosted its position in Fabrinet by 291.0% during the 1st quarter. Epoch Investment Partners Inc. now owns 275,531 shares of the technology company’s stock valued at $52,081,000 after purchasing an additional 205,057 shares during the period. Kennedy Capital Management LLC bought a new position in Fabrinet during the 1st quarter worth $15,637,000. Finally, Rice Hall James & Associates LLC increased its position in Fabrinet by 89.1% in the second quarter. Rice Hall James & Associates LLC now owns 134,519 shares of the technology company’s stock worth $32,929,000 after buying an additional 63,398 shares during the period. 97.38% of the stock is currently owned by institutional investors.

Fabrinet Price Performance

NYSE FN opened at $227.54 on Thursday. Fabrinet has a 12 month low of $149.19 and a 12 month high of $278.38. The firm has a market capitalization of $8.22 billion, a PE ratio of 30.22 and a beta of 0.96. The company’s 50 day simple moving average is $227.62 and its 200 day simple moving average is $219.47.

Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share for the quarter, beating analysts’ consensus estimates of $2.06 by $0.35. Fabrinet had a net margin of 10.27% and a return on equity of 18.10%. The company 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. Fabrinet’s revenue was up 14.8% on a year-over-year basis. Sell-side analysts anticipate that Fabrinet will post 9.11 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling at Fabrinet

In related news, CEO Seamus Grady sold 26,650 shares of the firm’s stock in a transaction that occurred on 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 completion of the transaction, the chief executive officer now owns 37,643 shares of the company’s stock, valued at approximately $10,163,610. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, CFO Csaba Sverha sold 9,288 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the transaction, the chief financial officer now directly owns 19,768 shares in the company, valued at approximately $5,338,941.44. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, 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 completion of 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. Over the last ninety days, insiders sold 44,728 shares of company stock valued at $11,645,062. 0.51% of the stock is currently owned by corporate insiders.

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.