Principal Financial Group Inc. Sells 8,320 Shares of Fabrinet (NYSE:FN)

Principal Financial Group Inc. lowered its holdings in Fabrinet (NYSE:FN - Free Report) by 3.7% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 218,980 shares of the technology company's stock after selling 8,320 shares during the period. Principal Financial Group Inc. owned about 0.60% of Fabrinet worth $48,149,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in FN. Wellington Management Group LLP lifted its stake in Fabrinet by 1.7% in the third quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company's stock valued at $276,437,000 after buying an additional 19,677 shares during the last quarter. Geode Capital Management LLC raised its stake in Fabrinet by 7.6% during the 3rd quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company's stock valued at $233,359,000 after acquiring an additional 69,554 shares in the last quarter. Whale Rock Capital Management LLC raised its stake in shares of Fabrinet by 25.8% during the third quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company's stock valued at $202,338,000 after purchasing an additional 175,684 shares in the last quarter. JPMorgan Chase & Co. raised its stake in shares of Fabrinet by 3.8% during the third quarter. JPMorgan Chase & Co. now owns 660,401 shares of the technology company's stock valued at $156,145,000 after purchasing an additional 24,439 shares in the last quarter. Finally, Baillie Gifford & Co. raised its position in shares of Fabrinet by 10.7% during the 4th quarter. Baillie Gifford & Co. now owns 553,038 shares of the technology company's stock worth $121,602,000 after buying an additional 53,250 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors.

Fabrinet Stock Down 3.7 %

Shares of FN stock traded down $8.50 during 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. Fabrinet has a one year low of $159.69 and a one year high of $281.79. The company has a market cap of $8.06 billion, a price-to-earnings ratio of 24.85 and a beta of 0.92. The business has a fifty day moving average price of $226.73 and a 200-day moving average price of $233.90.

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

Wall Street Analysts Forecast Growth

Several analysts recently commented on the stock. B. Riley lowered shares of Fabrinet from a "neutral" rating to a "sell" rating and cut their target price for the company from $194.00 to $178.00 in a research note on Wednesday, November 20th. Barclays cut their price target 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. Needham & Company LLC restated a "buy" rating and set a $280.00 target price on shares of Fabrinet in a report on Tuesday, February 4th. JPMorgan Chase & Co. dropped their target price on shares of Fabrinet from $275.00 to $265.00 and set a "neutral" rating on the stock in a report on Tuesday, February 4th. Finally, Fox Advisors initiated coverage on shares of Fabrinet in a research report on Tuesday. They set an "overweight" rating and a $270.00 target price on the stock. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $246.63.

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.