Allspring Global Investments Holdings LLC Has $10.81 Million Position in Fabrinet (NYSE:FN)

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

Several other institutional investors have also made changes to their positions in FN. Bank of Montreal Can boosted its holdings in shares of Fabrinet by 9.7% during the first quarter. Bank of Montreal Can now owns 11,292 shares of the technology company’s stock worth $1,217,000 after purchasing an additional 998 shares during the period. Rhumbline Advisers boosted its holdings in shares of Fabrinet by 6.6% during the first quarter. Rhumbline Advisers now owns 90,911 shares of the technology company’s stock worth $9,557,000 after purchasing an additional 5,603 shares during the period. BlackRock Inc. boosted its holdings in shares of Fabrinet by 0.4% during the first quarter. BlackRock Inc. now owns 5,594,458 shares of the technology company’s stock worth $588,146,000 after purchasing an additional 24,058 shares during the period. Yousif Capital Management LLC boosted its holdings in shares of Fabrinet by 1.1% during the first quarter. Yousif Capital Management LLC now owns 34,565 shares of the technology company’s stock worth $3,634,000 after purchasing an additional 365 shares during the period. Finally, Vanguard Group Inc. lifted its stake in Fabrinet by 0.7% in the first quarter. Vanguard Group Inc. now owns 4,173,594 shares of the technology company’s stock valued at $438,770,000 after acquiring an additional 30,481 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

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

Insider Activity at Fabrinet

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

Fabrinet Trading Down 0.0 %

Shares of Fabrinet stock opened at $172.81 on Wednesday. The firm has a fifty day simple moving average of $196.69 and a 200-day simple moving average of $185.55. Fabrinet has a 1-year low of $90.19 and a 1-year high of $229.02. The stock has a market capitalization of $6.27 billion, a price-to-earnings ratio of 24.97 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 for the quarter, topping analysts’ consensus estimates of $1.84 by $0.05. Fabrinet had a net margin of 9.35% and a return on equity of 17.27%. The business had revenue of $712.69 million during the quarter, compared to analysts’ expectations of $699.76 million. As a group, research analysts predict that Fabrinet will post 7.64 earnings per share for the current year.

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.