Victory Capital Management Inc. Sells 65,674 Shares of Fabrinet (NYSE:FN)

Victory Capital Management Inc. lowered its position in Fabrinet (NYSE:FN - Free Report) by 27.7% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 171,031 shares of the technology company's stock after selling 65,674 shares during the quarter. Victory Capital Management Inc. owned about 0.47% of Fabrinet worth $40,438,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Fabrinet by 0.9% during the 1st quarter. Vanguard Group Inc. now owns 4,348,671 shares of the technology company's stock valued at $821,986,000 after purchasing an additional 38,999 shares during the period. Bank of New York Mellon Corp increased its position in shares of Fabrinet by 4.1% during the second quarter. Bank of New York Mellon Corp now owns 314,665 shares of the technology company's stock valued at $77,027,000 after buying an additional 12,409 shares during the period. Epoch Investment Partners Inc. lifted its holdings in shares of Fabrinet by 9.6% in the second quarter. Epoch Investment Partners Inc. now owns 302,006 shares of the technology company's stock worth $73,928,000 after buying an additional 26,475 shares in the last quarter. Westfield Capital Management Co. LP boosted its position in shares of Fabrinet by 13.4% in the first quarter. Westfield Capital Management Co. LP now owns 300,421 shares of the technology company's stock valued at $56,786,000 after acquiring an additional 35,529 shares during the period. Finally, Driehaus Capital Management LLC grew its stake in Fabrinet by 183.5% during the second quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company's stock valued at $68,046,000 after acquiring an additional 179,943 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of the firm's stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total value of $1,914,059.40. Following 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 position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CFO Csaba Sverha sold 9,288 shares of the company's stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the transaction, the chief financial officer now directly owns 19,768 shares of the company's stock, valued at approximately $5,338,941.44. This trade represents a 31.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 44,728 shares of company stock worth $11,645,062 in the last 90 days. 0.38% of the stock is owned by company insiders.

Analyst Ratings Changes

Several analysts have issued reports on the stock. Needham & Company LLC started coverage on shares of Fabrinet in a research note on Tuesday, November 5th. They issued a "buy" rating and a $280.00 target price on the stock. Barclays initiated coverage on Fabrinet in a research note on Thursday. They set an "equal weight" rating and a $292.00 price objective for the company. B. Riley decreased their target price on Fabrinet from $196.00 to $194.00 and set a "neutral" rating on the stock in a research note on Tuesday, November 5th. Rosenblatt Securities lifted their price target on Fabrinet from $260.00 to $280.00 and gave the company a "buy" rating in a research report on Tuesday, August 20th. Finally, JPMorgan Chase & Co. boosted their price objective on Fabrinet from $240.00 to $285.00 and gave the stock a "neutral" rating in a report on Tuesday, August 20th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Fabrinet presently has an average rating of "Hold" and an average target price of $254.43.

Fabrinet Stock Down 6.8 %

Shares of Fabrinet stock traded down $17.15 during trading on Friday, hitting $234.85. 793,218 shares of the stock traded hands, compared to its average volume of 491,548. The stock has a market cap of $8.52 billion, a price-to-earnings ratio of 27.79 and a beta of 0.95. Fabrinet has a 52 week low of $159.30 and a 52 week high of $278.38. The firm's fifty day moving average is $242.35 and its 200-day moving average is $235.59.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, beating analysts' consensus estimates of $2.38 by $0.01. The business had revenue of $804.20 million for the quarter, compared to analysts' expectations of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The business's quarterly revenue was up 17.3% on a year-over-year basis. During the same period last year, the business earned $1.78 earnings per share. On average, analysts forecast that Fabrinet will post 9.1 earnings per share for the current fiscal year.

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.