Fabrinet (NYSE:FN) Stock Position Decreased by Fred Alger Management LLC

Fred Alger Management LLC lowered its stake in shares of Fabrinet (NYSE:FN - Free Report) by 78.9% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,800 shares of the technology company's stock after selling 66,425 shares during the quarter. Fred Alger Management LLC's holdings in Fabrinet were worth $4,209,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently added to or reduced their stakes in FN. Opal Wealth Advisors LLC acquired a new stake in shares of Fabrinet in the second quarter valued at approximately $28,000. Huntington National Bank increased its position in Fabrinet by 70.4% in the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company's stock valued at $33,000 after acquiring an additional 57 shares during the period. Banque Cantonale Vaudoise acquired a new stake in Fabrinet in the 2nd quarter valued at approximately $35,000. Kimelman & Baird LLC bought a new stake in Fabrinet during the 2nd quarter valued at $49,000. Finally, NBC Securities Inc. boosted its position in Fabrinet by 732.0% during the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company's stock worth $49,000 after acquiring an additional 183 shares during the period. 97.38% of the stock is currently owned by institutional investors.

Fabrinet Stock Up 3.9 %

Fabrinet stock traded up $8.73 during mid-day trading on Friday, hitting $234.58. The company's stock had a trading volume of 498,788 shares, compared to its average volume of 705,327. The stock has a market capitalization of $8.51 billion, a P/E ratio of 27.76 and a beta of 0.95. Fabrinet has a twelve month low of $159.30 and a twelve month high of $278.38. The stock's fifty day moving average price is $244.01 and its two-hundred day moving average price is $238.06.

Fabrinet (NYSE:FN - Get Free Report) last released its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, topping the consensus estimate of $2.38 by $0.01. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The business had revenue of $804.20 million during the quarter, compared to analyst estimates of $771.24 million. During the same period last year, the company posted $1.78 EPS. The company's revenue was up 17.3% compared to the same quarter last year. Equities analysts expect that Fabrinet will post 9.1 earnings per share for the current year.

Wall Street Analysts Forecast Growth

FN has been the topic of a number of research analyst reports. B. Riley lowered Fabrinet from a "neutral" rating to a "sell" rating and lowered their price target for the company from $194.00 to $178.00 in a report on Wednesday, November 20th. Needham & Company LLC assumed coverage on shares of Fabrinet in a research report on Tuesday, November 5th. They set a "buy" rating and a $280.00 price target on the stock. JPMorgan Chase & Co. increased their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the company a "neutral" rating in a report on Tuesday, August 20th. Barclays started coverage on Fabrinet in a report on Thursday, November 14th. They set an "equal weight" rating and a $292.00 target price on the stock. Finally, Rosenblatt Securities upped their target price on Fabrinet from $260.00 to $280.00 and gave the stock a "buy" rating in a research report on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $252.14.

Insider Buying and Selling

In other news, EVP Edward T. Archer sold 8,690 shares of the firm's stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the sale, the executive vice president now owns 8,333 shares of the company's stock, valued at $1,835,426.58. This trade represents a 51.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 0.38% of the stock is currently owned by company insiders.

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.