Allspring Global Investments Holdings LLC Trims Stake in Fabrinet (NYSE:FN)

Allspring Global Investments Holdings LLC lessened its stake in shares of Fabrinet (NYSE:FN - Free Report) by 7.6% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 71,889 shares of the technology company's stock after selling 5,922 shares during the period. Allspring Global Investments Holdings LLC owned approximately 0.20% of Fabrinet worth $15,835,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Legacy Wealth Asset Management LLC increased its stake in Fabrinet by 3.2% in the third quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company's stock worth $325,000 after purchasing an additional 43 shares during the period. Cynosure Group LLC increased its stake in Fabrinet by 3.4% in the third quarter. Cynosure Group LLC now owns 1,560 shares of the technology company's stock worth $369,000 after purchasing an additional 51 shares during the period. Trust Point Inc. increased its stake in Fabrinet by 4.7% in the third quarter. Trust Point Inc. now owns 1,272 shares of the technology company's stock worth $301,000 after purchasing an additional 57 shares during the period. Huntington National Bank increased its stake in Fabrinet by 70.4% in the third quarter. Huntington National Bank now owns 138 shares of the technology company's stock worth $33,000 after purchasing an additional 57 shares during the period. Finally, Ausbil Investment Management Ltd increased its stake in shares of Fabrinet by 0.5% during the third quarter. Ausbil Investment Management Ltd now owns 14,741 shares of the technology company's stock valued at $3,485,000 after buying an additional 76 shares during the period. Hedge funds and other institutional investors own 97.38% of the company's stock.

Analyst Upgrades and Downgrades

FN has been the topic of several research reports. Rosenblatt Securities raised their price target on Fabrinet from $280.00 to $285.00 and gave the company a "buy" rating in a research note on Tuesday, February 4th. Needham & Company LLC restated a "buy" rating and set a $280.00 price target on shares of Fabrinet in a research note on Tuesday, February 4th. B. Riley lowered Fabrinet from a "neutral" rating to a "sell" rating and cut their price target for the company from $194.00 to $178.00 in a research note on Wednesday, November 20th. Fox Advisors initiated coverage on Fabrinet in a research note on Tuesday. They set an "overweight" rating and a $270.00 price target on the stock. Finally, JPMorgan Chase & Co. cut their price target on Fabrinet from $275.00 to $265.00 and set a "neutral" rating on the stock in a research note on Tuesday, February 4th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Hold" and an average target price of $246.63.

Fabrinet Stock Performance

FN stock traded down $8.56 during trading on Thursday, reaching $230.46. 661,170 shares of the company traded hands, compared to its average volume of 724,158. Fabrinet has a 12 month low of $159.69 and a 12 month high of $281.79. The business has a 50 day simple moving average of $227.03 and a 200 day simple moving average of $233.93. The company has a market capitalization of $8.36 billion, a price-to-earnings ratio of 25.78 and a beta of 0.92.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 earnings per share 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 forecast that Fabrinet will post 9.4 EPS for the current 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.