Fabrinet (NYSE:FN) Shares Sold by Congress Asset Management Co.

Congress Asset Management Co. cut its holdings in Fabrinet (NYSE:FN - Free Report) by 96.6% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 17,065 shares of the technology company's stock after selling 481,568 shares during the quarter. Congress Asset Management Co.'s holdings in Fabrinet were worth $3,752,000 at the end of the most recent quarter.

A number of other hedge funds have also recently bought and sold shares of FN. Huntington National Bank boosted its position in Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company's stock worth $33,000 after acquiring an additional 57 shares during the last quarter. NBC Securities Inc. raised its stake in Fabrinet by 732.0% during the third quarter. NBC Securities Inc. now owns 208 shares of the technology company's stock worth $49,000 after purchasing an additional 183 shares during the period. Point72 Asia Singapore Pte. Ltd. purchased a new position in Fabrinet during the third quarter worth approximately $52,000. Eastern Bank purchased a new position in Fabrinet during the third quarter worth approximately $59,000. Finally, Public Employees Retirement System of Ohio purchased a new position in Fabrinet during the third quarter worth approximately $61,000. Institutional investors and hedge funds own 97.38% of the company's stock.

Wall Street Analysts Forecast Growth

FN has been the topic of a number of recent analyst reports. Barclays cut their price target on shares of Fabrinet from $292.00 to $245.00 and set an "equal weight" rating on the stock in a research note on Tuesday, February 4th. B. Riley downgraded shares of Fabrinet from a "neutral" rating to a "sell" rating and cut their price target for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. JPMorgan Chase & Co. cut their price target on shares of Fabrinet from $275.00 to $265.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 4th. Fox Advisors initiated coverage on shares of Fabrinet in a research note on Tuesday. They set an "overweight" rating and a $270.00 price target on the stock. Finally, Rosenblatt Securities increased their price target on shares of Fabrinet from $280.00 to $285.00 and gave the stock a "buy" rating in a research note on Tuesday, February 4th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company's stock. According to data from MarketBeat.com, Fabrinet currently has a consensus rating of "Hold" and a consensus price target of $246.63.

Fabrinet Stock Down 3.7 %

Shares of FN stock traded down $8.50 during mid-day trading on Friday, reaching $222.17. The company's stock had a trading volume of 495,615 shares, compared to its average volume of 717,445. The company's 50 day simple moving average is $226.73 and its 200-day simple moving average is $233.90. Fabrinet has a 12-month low of $159.69 and a 12-month high of $281.79. The firm has a market capitalization of $8.06 billion, a PE ratio of 24.85 and a beta of 0.92.

Fabrinet (NYSE:FN - Get Free Report) last issued its earnings results on Monday, February 3rd. The technology company reported $2.38 EPS for the quarter, missing analysts' consensus estimates of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. As a group, research analysts anticipate that Fabrinet will post 9.4 EPS for the current fiscal year.

Fabrinet Company Profile

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.