State of Alaska Department of Revenue Sells 17,095 Shares of Fabrinet (NYSE:FN)

State of Alaska Department of Revenue lessened its position in Fabrinet (NYSE:FN) by 80.3% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 4,190 shares of the technology company’s stock after selling 17,095 shares during the period. State of Alaska Department of Revenue’s holdings in Fabrinet were worth $990,000 at the end of the most recent reporting period.

Other hedge funds have also recently modified their holdings of the company. TD Asset Management Inc boosted its holdings in Fabrinet by 216.1% in the first quarter. TD Asset Management Inc now owns 409,761 shares of the technology company’s stock valued at $77,453,000 after acquiring an additional 280,145 shares in the last quarter. Epoch Investment Partners Inc. boosted its stake in shares of 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 in the last quarter. Driehaus Capital Management LLC increased its position in shares of Fabrinet by 183.5% during the second quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock valued at $68,046,000 after buying an additional 179,943 shares during the period. Clearbridge Investments LLC bought a new position in Fabrinet in the second quarter worth about $27,911,000. Finally, Kennedy Capital Management LLC bought a new stake in Fabrinet during the 1st quarter valued at approximately $15,637,000. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Price Performance

Shares of NYSE:FN opened at $239.61 on Tuesday. The business has a fifty day moving average price of $238.82 and a 200-day moving average price of $231.22. The company has a market capitalization of $8.69 billion, a PE ratio of 29.58 and a beta of 0.95. Fabrinet has a 1-year low of $157.55 and a 1-year high of $278.38.

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. The business had revenue of $753.26 million during the quarter, compared to analysts’ expectations of $732.63 million. Fabrinet had a net margin of 10.27% and a return on equity of 18.10%. The business’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same period in the previous year, the company earned $1.68 earnings per share. On average, sell-side analysts anticipate that Fabrinet will post 9.11 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. B. Riley increased their target price on Fabrinet from $171.00 to $196.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Rosenblatt Securities raised their price objective on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. JPMorgan Chase & Co. upped their target price on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Finally, Needham & Company LLC lifted their price target on shares of Fabrinet from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $248.50.

Insiders Place Their Bets

In other news, EVP Edward T. Archer sold 8,690 shares of the firm’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 sale, the executive vice president now owns 8,333 shares of the company’s stock, valued at $1,835,426.58. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of the firm’s stock in a transaction dated 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 transaction, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Seamus Grady sold 26,650 shares of the company’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 transaction of $7,195,500.00. Following the sale, the chief executive officer now directly owns 37,643 shares of the company’s stock, valued at approximately $10,163,610. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,728 shares of company stock valued at $11,645,062. Corporate insiders own 0.38% of the company’s stock.

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.