Envestnet Asset Management Inc. Has $19.43 Million Holdings in Fabrinet (NYSE:FN)

Envestnet Asset Management Inc. cut its position in Fabrinet (NYSE:FNFree Report) by 5.4% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 98,379 shares of the technology company’s stock after selling 5,586 shares during the quarter. Envestnet Asset Management Inc. owned 0.27% of Fabrinet worth $19,431,000 as of its most recent SEC filing.

A number of other hedge funds also recently made changes to their positions in FN. Private Trust Co. NA grew its stake in Fabrinet by 44.3% in the first quarter. Private Trust Co. NA now owns 166 shares of the technology company’s stock valued at $33,000 after acquiring an additional 51 shares during the period. State of Alaska Department of Revenue boosted its position in Fabrinet by 1.7% in the first quarter. State of Alaska Department of Revenue now owns 4,205 shares of the technology company’s stock worth $830,000 after purchasing an additional 70 shares during the last quarter. Henry James International Management Inc. boosted its position in Fabrinet by 5.6% in the first quarter. Henry James International Management Inc. now owns 1,317 shares of the technology company’s stock worth $260,000 after purchasing an additional 70 shares during the last quarter. Illumine Investment Management LLC raised its stake in shares of Fabrinet by 2.2% in the first quarter. Illumine Investment Management LLC now owns 3,461 shares of the technology company’s stock valued at $684,000 after buying an additional 75 shares during the period. Finally, Cim LLC raised its stake in shares of Fabrinet by 1.4% in the fourth quarter. Cim LLC now owns 6,013 shares of the technology company’s stock valued at $1,322,000 after buying an additional 82 shares during the period. 97.38% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

FN has been the topic of a number of research analyst reports. JPMorgan Chase & Co. upped their target price on Fabrinet from $220.00 to $235.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 6th. B. Riley raised Fabrinet from a “sell” rating to a “neutral” rating and decreased their target price for the stock from $178.00 to $176.00 in a research report on Friday, April 4th. Wolfe Research began coverage on Fabrinet in a research report on Tuesday, July 8th. They set a “peer perform” rating for the company. Needham & Company LLC reaffirmed a “buy” rating and set a $280.00 price objective on shares of Fabrinet in a research report on Tuesday, May 6th. Finally, Rosenblatt Securities increased their target price on Fabrinet from $250.00 to $290.00 and gave the company a “buy” rating in a research note on Thursday, June 12th. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $247.50.

View Our Latest Report on Fabrinet

Fabrinet Stock Down 1.3%

NYSE:FN opened at $297.55 on Thursday. The business’s 50-day simple moving average is $255.44 and its two-hundred day simple moving average is $226.35. The stock has a market cap of $10.66 billion, a PE ratio of 33.13 and a beta of 1.04. Fabrinet has a 52 week low of $148.55 and a 52 week high of $303.65.

Fabrinet (NYSE:FNGet Free Report) last issued its earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.05. The firm had revenue of $871.80 million for the quarter, compared to analysts’ expectations of $857.12 million. Fabrinet had a return on equity of 17.99% and a net margin of 10.00%. The business’s revenue was up 19.2% compared to the same quarter last year. During the same period in the previous year, the firm posted $2.39 earnings per share. Sell-side analysts anticipate that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Insider Activity at Fabrinet

In other Fabrinet news, COO Harpal Gill sold 18,675 shares of the business’s stock in a transaction that occurred on Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total transaction of $4,482,000.00. Following the completion of the transaction, the chief operating officer owned 18,068 shares in the company, valued at $4,336,320. The trade was a 50.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, Director Rollance E. Olson sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total value of $559,950.00. Following the transaction, the director owned 23,201 shares of the company’s stock, valued at $5,196,559.98. This trade represents a 9.73% decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is owned by insiders.

About Fabrinet

(Free Report)

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.

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Institutional Ownership by Quarter for Fabrinet (NYSE:FN)

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