Zurcher Kantonalbank Zurich Cantonalbank Has $11 Million Stock Holdings in Fabrinet (NYSE:FN)

Zurcher Kantonalbank Zurich Cantonalbank lessened its position in Fabrinet (NYSE:FN) by 28.3% during the 4th quarter, Holdings Channel reports. The firm owned 57,796 shares of the technology company’s stock after selling 22,756 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank’s holdings in Fabrinet were worth $11,000,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in FN. Park Place Capital Corp bought a new position in shares of Fabrinet in the fourth quarter valued at about $26,000. Salem Investment Counselors Inc. bought a new stake in Fabrinet during the 4th quarter worth about $29,000. McGlone Suttner Wealth Management Inc. bought a new stake in Fabrinet during the 4th quarter worth about $52,000. Orion Capital Management LLC bought a new stake in Fabrinet during the 3rd quarter worth about $47,000. Finally, 1832 Asset Management L.P. bought a new stake in Fabrinet during the 4th quarter worth about $51,000. Institutional investors and hedge funds own 97.38% of the company’s stock.

Insider Activity at Fabrinet

In other Fabrinet news, Director Rollance E. Olson sold 10,000 shares of the company’s stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $205.52, for a total transaction of $2,055,200.00. Following the completion of the transaction, the director now owns 25,981 shares of the company’s stock, valued at approximately $5,339,615.12. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.51% of the stock is owned by insiders.

Fabrinet Stock Performance

Shares of FN opened at $162.32 on Friday. The stock has a 50 day simple moving average of $194.70 and a 200 day simple moving average of $185.23. Fabrinet has a 52-week low of $90.19 and a 52-week high of $229.02. The firm has a market capitalization of $5.89 billion, a PE ratio of 23.46 and a beta of 1.04.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, February 5th. The technology company reported $1.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.84 by $0.05. Fabrinet had a return on equity of 17.27% and a net margin of 9.35%. The business had revenue of $712.69 million during the quarter, compared to analyst estimates of $699.76 million. Equities research analysts predict that Fabrinet will post 7.59 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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

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.