abrdn plc Sells 33,278 Shares of Fabrinet (NYSE:FN)

abrdn plc trimmed its position in Fabrinet (NYSE:FN - Free Report) by 18.0% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 151,432 shares of the technology company's stock after selling 33,278 shares during the period. abrdn plc owned approximately 0.42% of Fabrinet worth $32,522,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently made changes to their positions in FN. Huntington National Bank boosted its position in Fabrinet by 70.4% during the 3rd 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. increased its holdings in shares of Fabrinet by 732.0% in the third quarter. NBC Securities Inc. now owns 208 shares of the technology company's stock valued at $49,000 after purchasing an additional 183 shares during the last quarter. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Fabrinet during the third quarter worth approximately $52,000. UMB Bank n.a. raised its stake in Fabrinet by 252.9% in the 3rd quarter. UMB Bank n.a. now owns 240 shares of the technology company's stock worth $57,000 after purchasing an additional 172 shares in the last quarter. Finally, Eastern Bank bought a new stake in shares of Fabrinet during the 3rd quarter valued at $59,000. 97.38% of the stock is owned by institutional investors.

Fabrinet Stock Performance

Fabrinet stock traded down $8.41 during midday trading on Friday, hitting $212.43. 714,433 shares of the company's stock were exchanged, compared to its average volume of 830,313. Fabrinet has a 52-week low of $159.69 and a 52-week high of $281.79. The company has a market cap of $7.70 billion, a P/E ratio of 23.76 and a beta of 0.92. The stock has a 50-day moving average price of $229.66 and a two-hundred day moving average price of $233.66.

Fabrinet (NYSE:FN - Get Free Report) last released 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, sell-side analysts expect that Fabrinet will post 9.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on FN. Rosenblatt Securities upped their price objective on Fabrinet from $280.00 to $285.00 and gave the stock a "buy" rating in a research report on Tuesday, February 4th. B. Riley downgraded Fabrinet from a "neutral" rating to a "sell" rating and dropped their price objective for the company from $194.00 to $178.00 in a research note on Wednesday, November 20th. JPMorgan Chase & Co. cut their target price 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. Needham & Company LLC restated a "buy" rating and set a $280.00 price objective on shares of Fabrinet in a report on Tuesday, February 4th. Finally, Barclays lowered their price objective on Fabrinet from $292.00 to $245.00 and set an "equal weight" rating for the company in a research note on Tuesday, February 4th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company. According to MarketBeat.com, Fabrinet has an average rating of "Hold" and an average target price of $243.29.

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.