Hsbc Holdings PLC Sells 6,722 Shares of Fabrinet (NYSE:FN)

Hsbc Holdings PLC lessened its stake in shares of Fabrinet (NYSE:FN) by 52.1% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 6,192 shares of the technology company’s stock after selling 6,722 shares during the period. Hsbc Holdings PLC’s holdings in Fabrinet were worth $1,504,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. Opal Wealth Advisors LLC purchased a new stake in Fabrinet during the 2nd quarter valued at $28,000. Banque Cantonale Vaudoise purchased a new position in shares of Fabrinet in the 2nd quarter worth $35,000. Parallel Advisors LLC boosted its stake in shares of Fabrinet by 59.7% in the 4th quarter. Parallel Advisors LLC now owns 206 shares of the technology company’s stock worth $39,000 after buying an additional 77 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Fabrinet by 60.6% in the 1st quarter. GAMMA Investing LLC now owns 289 shares of the technology company’s stock worth $55,000 after buying an additional 109 shares during the last quarter. Finally, UMB Bank n.a. purchased a new position in shares of Fabrinet in the 1st quarter worth $57,000. Institutional investors own 97.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts have recently issued reports on the company. JPMorgan Chase & Co. raised their price target on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Rosenblatt Securities lifted their target price on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Needham & Company LLC lifted their target price on Fabrinet from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. B. Riley lifted their target price on Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Finally, Jefferies Financial Group initiated coverage on Fabrinet in a research report on Wednesday, June 26th. They set a “hold” rating and a $230.00 target price on the stock. Five research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $219.00.

Insider Buying and Selling

In related news, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the sale, the executive vice president now directly owns 8,333 shares in the company, valued at $1,835,426.58. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the sale, the executive vice president now directly owns 8,333 shares in the company, valued at $1,835,426.58. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, CEO Seamus Grady sold 26,650 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.00, for a total value of $7,195,500.00. Following the transaction, the chief executive officer now directly owns 37,643 shares in the company, valued at approximately $10,163,610. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,728 shares of company stock worth $11,645,062. Corporate insiders own 0.51% of the company’s stock.

Fabrinet Trading Up 0.9 %

NYSE:FN opened at $239.77 on Friday. The company has a market capitalization of $8.67 billion, a P/E ratio of 31.84 and a beta of 0.96. Fabrinet has a 12 month low of $149.19 and a 12 month high of $278.38. The business’s 50-day moving average is $227.62 and its 200 day moving average is $219.59.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, August 19th. The technology company reported $2.41 EPS for the quarter, topping analysts’ consensus estimates of $2.06 by $0.35. The company had revenue of $753.26 million for the quarter, compared to the consensus estimate of $732.63 million. Fabrinet had a return on equity of 18.10% and a net margin of 10.27%. The firm’s revenue for the quarter was up 14.8% on a year-over-year basis. During the same period in the previous year, the business earned $1.68 earnings per share. On average, research analysts forecast that Fabrinet will post 9.11 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.