Allspring Global Investments Holdings LLC Increases Position in Fabrinet (NYSE:FN)

Allspring Global Investments Holdings LLC raised its stake in shares of Fabrinet (NYSE:FN) by 214.0% in the 4th quarter, according to its most recent Form 13F filing with the SEC. The fund owned 56,788 shares of the technology company’s stock after purchasing an additional 38,704 shares during the period. Allspring Global Investments Holdings LLC owned 0.16% of Fabrinet worth $10,809,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. BlackRock Inc. increased its position in Fabrinet by 1.7% during the first quarter. BlackRock Inc. now owns 5,776,976 shares of the technology company’s stock worth $686,074,000 after purchasing an additional 93,882 shares during the last quarter. Vanguard Group Inc. increased its position in Fabrinet by 0.4% during the third quarter. Vanguard Group Inc. now owns 4,333,317 shares of the technology company’s stock worth $722,017,000 after purchasing an additional 16,228 shares during the last quarter. FMR LLC increased its position in Fabrinet by 9.7% during the third quarter. FMR LLC now owns 1,987,726 shares of the technology company’s stock worth $331,195,000 after purchasing an additional 174,945 shares during the last quarter. Capital International Investors increased its position in Fabrinet by 108.1% during the first quarter. Capital International Investors now owns 1,529,864 shares of the technology company’s stock worth $160,835,000 after purchasing an additional 794,833 shares during the last quarter. Finally, State Street Corp increased its position in Fabrinet by 0.8% during the second quarter. State Street Corp now owns 1,258,991 shares of the technology company’s stock worth $163,518,000 after purchasing an additional 9,757 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Insider Activity at Fabrinet

In related news, Director Rollance E. Olson sold 10,000 shares of the firm’s stock in a transaction on Monday, February 12th. The shares were sold at an average price of $205.52, for a total transaction of $2,055,200.00. Following the completion of the sale, the director now directly owns 25,981 shares of the company’s stock, valued at approximately $5,339,615.12. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.51% of the company’s stock.

Fabrinet Trading Down 0.0 %

FN opened at $172.81 on Wednesday. The company has a fifty day simple moving average of $196.69 and a 200 day simple moving average of $185.55. The firm has a market cap of $6.27 billion, a price-to-earnings ratio of 24.97 and a beta of 1.04. Fabrinet has a twelve month low of $90.19 and a twelve month high of $229.02.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, February 5th. The technology company reported $1.89 earnings per share for the quarter, beating analysts’ consensus estimates of $1.84 by $0.05. The business had revenue of $712.69 million during the quarter, compared to analyst estimates of $699.76 million. Fabrinet had a net margin of 9.35% and a return on equity of 17.27%. On average, analysts forecast that Fabrinet will post 7.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages recently commented on FN. Northland Securities raised shares of Fabrinet from a “market perform” rating to an “outperform” rating and upped their price target for the stock from $200.00 to $220.00 in a research report on Thursday, March 21st. JPMorgan Chase & Co. increased their price objective on shares of Fabrinet from $210.00 to $212.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. Rosenblatt Securities reissued a “buy” rating and issued a $230.00 price objective on shares of Fabrinet in a research report on Tuesday, February 6th. Finally, Needham & Company LLC dropped their price objective on shares of Fabrinet from $230.00 to $220.00 and set a “buy” rating for the company in a research report on Friday, March 22nd. Three investment analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $159.57.

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.