Victory Capital Management Inc. Sells 407,096 Shares of Fabrinet (NYSE:FN)

Victory Capital Management Inc. cut its stake in Fabrinet (NYSE:FN) by 56.5% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 312,812 shares of the technology company’s stock after selling 407,096 shares during the period. Victory Capital Management Inc. owned 0.86% of Fabrinet worth $59,537,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the stock. Campbell Newman Asset Management Inc. boosted its holdings in Fabrinet by 0.4% in the fourth quarter. Campbell Newman Asset Management Inc. now owns 17,895 shares of the technology company’s stock valued at $3,406,000 after acquiring an additional 64 shares during the last quarter. Signaturefd LLC boosted its holdings in shares of Fabrinet by 15.9% during the 3rd quarter. Signaturefd LLC now owns 503 shares of the technology company’s stock worth $84,000 after buying an additional 69 shares in the last quarter. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Fabrinet by 3.5% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 2,208 shares of the technology company’s stock worth $368,000 after buying an additional 75 shares in the last quarter. Sequoia Financial Advisors LLC boosted its holdings in shares of Fabrinet by 3.2% during the 3rd quarter. Sequoia Financial Advisors LLC now owns 2,396 shares of the technology company’s stock worth $399,000 after buying an additional 75 shares in the last quarter. Finally, Mariner LLC boosted its holdings in shares of Fabrinet by 2.1% during the 3rd quarter. Mariner LLC now owns 4,103 shares of the technology company’s stock worth $684,000 after buying an additional 85 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of research firms have issued reports on FN. Needham & Company LLC cut their price target on Fabrinet from $230.00 to $220.00 and set a “buy” rating on the stock in a report on Friday, March 22nd. Rosenblatt Securities reaffirmed a “buy” rating and set a $230.00 target price on shares of Fabrinet in a research report on Tuesday, February 6th. Northland Securities raised Fabrinet from a “market perform” rating to an “outperform” rating and upped their target price for the stock from $200.00 to $220.00 in a research report on Thursday, March 21st. Finally, JPMorgan Chase & Co. upped their target price on Fabrinet from $210.00 to $212.00 and gave the stock a “neutral” rating in a research report on Thursday, April 11th. Three equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $159.57.

Insider Activity at Fabrinet

In other news, Director Rollance E. Olson sold 10,000 shares of the firm’s stock in a transaction 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 sale, the director now directly owns 25,981 shares of the company’s stock, valued at approximately $5,339,615.12. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.51% of the stock is currently owned by insiders.

Fabrinet Trading Up 2.9 %

NYSE FN opened at $179.22 on Friday. The firm has a market capitalization of $6.51 billion, a P/E ratio of 25.90 and a beta of 1.04. The business has a fifty day simple moving average of $189.84 and a 200 day simple moving average of $185.13. Fabrinet has a 12 month low of $90.19 and a 12 month high of $229.02.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, February 5th. The technology company reported $1.89 EPS 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 return on equity of 17.27% and a net margin of 9.35%. As a group, sell-side analysts predict that Fabrinet will post 7.59 EPS for the current fiscal year.

Fabrinet 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.