Vanguard Group Inc. Sells 41,777 Shares of Fabrinet (NYSE:FN)

Vanguard Group Inc. decreased its stake in shares of Fabrinet (NYSE:FN) by 1.0% in the first quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 4,095,802 shares of the technology company’s stock after selling 41,777 shares during the quarter. Vanguard Group Inc. owned about 11.43% of Fabrinet worth $808,962,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Wasatch Advisors LP boosted its position in shares of Fabrinet by 47.0% during the 4th quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company’s stock valued at $249,044,000 after acquiring an additional 362,064 shares during the last quarter. Baillie Gifford & Co. boosted its position in shares of Fabrinet by 16.5% during the 1st quarter. Baillie Gifford & Co. now owns 644,557 shares of the technology company’s stock valued at $127,306,000 after acquiring an additional 91,519 shares during the last quarter. Northern Trust Corp boosted its position in shares of Fabrinet by 14.6% during the 4th quarter. Northern Trust Corp now owns 499,356 shares of the technology company’s stock valued at $109,798,000 after acquiring an additional 63,686 shares during the last quarter. TD Asset Management Inc boosted its position in shares of Fabrinet by 17.8% during the 1st quarter. TD Asset Management Inc now owns 478,104 shares of the technology company’s stock valued at $94,430,000 after acquiring an additional 72,385 shares during the last quarter. Finally, Capital Research Global Investors boosted its position in shares of Fabrinet by 675.2% during the 4th quarter. Capital Research Global Investors now owns 417,020 shares of the technology company’s stock valued at $91,694,000 after acquiring an additional 363,228 shares during the last quarter. Institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Up 4.8%

Shares of FN opened at $348.44 on Wednesday. The company has a market cap of $12.48 billion, a PE ratio of 38.80 and a beta of 1.02. The business has a fifty day moving average of $291.13 and a 200 day moving average of $237.56. Fabrinet has a 52-week low of $148.55 and a 52-week high of $349.21.

Insider Transactions at Fabrinet

In other Fabrinet news, COO Harpal Gill sold 18,675 shares of the stock in a transaction on Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total value of $4,482,000.00. Following the sale, the chief operating officer owned 18,068 shares in the company, valued at $4,336,320. This trade represents a 50.83% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.38% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on the company. Rosenblatt Securities increased their target price on Fabrinet from $250.00 to $290.00 and gave the company a “buy” rating in a research report on Thursday, June 12th. Needham & Company LLC reiterated a “buy” rating and set a $280.00 target price on shares of Fabrinet in a research report on Tuesday, May 6th. Wolfe Research assumed coverage on Fabrinet in a research report on Tuesday, July 8th. They set a “peer perform” rating for the company. JPMorgan Chase & Co. increased their target price on Fabrinet from $235.00 to $318.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. Finally, Barclays set a $234.00 price target on Fabrinet and gave the stock an “equal weight” rating in a research report on Tuesday, May 6th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $261.33.

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.