Fabrinet (NYSE:FN) CEO Seamus Grady Sells 26,650 Shares

Fabrinet (NYSE:FN) CEO Seamus Grady sold 26,650 shares of the company’s stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.00, for a total value of $7,195,500.00. Following the sale, the chief executive officer now owns 37,643 shares of the company’s stock, valued at $10,163,610. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink.

Fabrinet Stock Down 0.8 %

Shares of NYSE FN opened at $244.37 on Thursday. The stock’s 50 day moving average price is $235.07 and its two-hundred day moving average price is $216.48. Fabrinet has a 52-week low of $146.65 and a 52-week high of $278.38. The stock has a market capitalization of $8.83 billion, a P/E ratio of 32.45 and a beta of 0.96.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share for the quarter, topping analysts’ consensus estimates of $2.06 by $0.35. The business had revenue of $753.26 million for the quarter, compared to analysts’ expectations of $732.63 million. Fabrinet had a return on equity of 17.67% and a net margin of 9.90%. The business’s quarterly revenue was up 14.8% on a year-over-year basis. During the same period in the prior year, the firm earned $1.68 EPS. On average, analysts anticipate that Fabrinet will post 7.95 EPS for the current year.

Institutional Trading of Fabrinet

A number of institutional investors and hedge funds have recently made changes to their positions in FN. California Public Employees Retirement System raised its position in shares of Fabrinet by 3.1% during the 4th quarter. California Public Employees Retirement System now owns 60,275 shares of the technology company’s stock worth $11,472,000 after purchasing an additional 1,805 shares during the period. GAMMA Investing LLC acquired a new stake in Fabrinet in the 4th quarter valued at approximately $34,000. Atria Wealth Solutions Inc. acquired a new stake in Fabrinet in the 4th quarter valued at approximately $476,000. Truist Financial Corp increased its position in Fabrinet by 178.9% in the 4th quarter. Truist Financial Corp now owns 5,463 shares of the technology company’s stock valued at $1,040,000 after acquiring an additional 3,504 shares during the period. Finally, Van ECK Associates Corp increased its position in Fabrinet by 36.6% in the 4th quarter. Van ECK Associates Corp now owns 10,472 shares of the technology company’s stock valued at $1,993,000 after acquiring an additional 2,804 shares during the period. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

FN has been the subject of several analyst reports. Needham & Company LLC upped their target price on Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. JPMorgan Chase & Co. upped their target price on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. B. Riley increased their price target on Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Rosenblatt Securities increased their price target on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Finally, Jefferies Financial Group initiated coverage on Fabrinet in a report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 price target for the company. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $219.00.

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.