Charles Schwab Investment Management Inc. Has $83.09 Million Position in Fabrinet (NYSE:FN)

Charles Schwab Investment Management Inc. cut its holdings in Fabrinet (NYSE:FN) by 7.1% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 420,698 shares of the technology company’s stock after selling 32,078 shares during the period. Charles Schwab Investment Management Inc. owned approximately 1.17% of Fabrinet worth $83,092,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the business. Wasatch Advisors LP raised its position in shares of Fabrinet by 47.0% in the 4th quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company’s stock worth $249,044,000 after acquiring an additional 362,064 shares in the last quarter. Baillie Gifford & Co. increased its position in Fabrinet by 16.5% in the 1st quarter. Baillie Gifford & Co. now owns 644,557 shares of the technology company’s stock valued at $127,306,000 after buying an additional 91,519 shares in the last quarter. Northern Trust Corp increased its position in Fabrinet by 14.6% in the 4th quarter. Northern Trust Corp now owns 499,356 shares of the technology company’s stock valued at $109,798,000 after buying an additional 63,686 shares in the last quarter. TD Asset Management Inc increased its position in Fabrinet by 17.8% in the 1st quarter. TD Asset Management Inc now owns 478,104 shares of the technology company’s stock valued at $94,430,000 after buying an additional 72,385 shares in the last quarter. Finally, Capital Research Global Investors increased its position in Fabrinet by 675.2% in the 4th quarter. Capital Research Global Investors now owns 417,020 shares of the technology company’s stock valued at $91,694,000 after buying an additional 363,228 shares in the last quarter. 97.38% of the stock is owned by institutional investors.

Insider Buying and Selling at Fabrinet

In other 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 value of $4,482,000.00. Following 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 position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.38% of the stock is owned by insiders.

Wall Street Analyst Weigh In

A number of analysts recently commented on FN shares. Wolfe Research started coverage on Fabrinet in a research report on Tuesday, July 8th. They issued a “peer perform” rating for the company. Rosenblatt Securities boosted their target price on Fabrinet from $250.00 to $290.00 and gave the company a “buy” rating in a research report on Thursday, June 12th. JPMorgan Chase & Co. boosted their target price on Fabrinet from $235.00 to $318.00 and gave the company a “neutral” rating in a research report on Thursday, July 17th. Barclays set a $234.00 target price on Fabrinet and gave the company an “equal weight” rating in a research report on Tuesday, May 6th. Finally, Needham & Company LLC reaffirmed a “buy” rating and issued a $280.00 target price on shares of Fabrinet in a research report on Tuesday, May 6th. Four research analysts have rated the stock with a hold rating and three have given a buy rating to the company. Based on data from MarketBeat.com, Fabrinet currently has a consensus rating of “Hold” and an average target price of $261.33.

Fabrinet Stock Down 2.8%

Shares of NYSE FN opened at $338.41 on Thursday. Fabrinet has a twelve month low of $148.55 and a twelve month high of $356.55. The stock’s 50 day moving average price is $293.11 and its 200-day moving average price is $238.25. The company has a market capitalization of $12.13 billion, a PE ratio of 37.68 and a beta of 1.02.

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.