Congress Asset Management Co. Sells 9,246 Shares of Fabrinet (NYSE:FN)

Congress Asset Management Co. trimmed its stake in shares of Fabrinet (NYSE:FN) by 1.8% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 498,633 shares of the technology company’s stock after selling 9,246 shares during the quarter. Congress Asset Management Co.’s holdings in Fabrinet were worth $117,897,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Opal Wealth Advisors LLC bought a new stake in Fabrinet during the 2nd quarter worth approximately $28,000. Banque Cantonale Vaudoise bought a new position in shares of Fabrinet in the 2nd quarter worth $35,000. Kimelman & Baird LLC acquired a new stake in Fabrinet in the 2nd quarter valued at $49,000. NBC Securities Inc. increased its stake in Fabrinet by 732.0% during the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock valued at $49,000 after purchasing an additional 183 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in Fabrinet by 252.9% during the third quarter. UMB Bank n.a. now owns 240 shares of the technology company’s stock worth $57,000 after buying an additional 172 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, CFO Csaba Sverha sold 100 shares of the firm’s stock in a transaction that occurred on Monday, August 26th. The stock was sold at an average price of $270.00, for a total transaction of $27,000.00. Following the completion of the transaction, the chief financial officer now owns 19,347 shares of the company’s stock, valued at $5,223,690. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the completion of the sale, the executive vice president now owns 8,333 shares in the company, valued at approximately $1,835,426.58. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Csaba Sverha sold 100 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $270.00, for a total value of $27,000.00. Following the completion of the transaction, the chief financial officer now directly owns 19,347 shares in the company, valued at approximately $5,223,690. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 44,728 shares of company stock valued at $11,645,062 in the last quarter. Insiders own 0.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on FN. Rosenblatt Securities lifted their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. JPMorgan Chase & Co. lifted their price target on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. B. Riley raised their target price on Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Finally, Needham & Company LLC upped their price target on Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Fabrinet currently has a consensus rating of “Hold” and an average target price of $219.00.

Fabrinet Trading Down 3.0 %

Shares of FN stock traded down $7.63 during trading on Thursday, hitting $242.72. The company’s stock had a trading volume of 111,015 shares, compared to its average volume of 476,446. The business has a fifty day moving average of $239.97 and a 200-day moving average of $229.28. The company has a market cap of $8.77 billion, a PE ratio of 33.29 and a beta of 0.95. Fabrinet has a 52 week low of $149.19 and a 52 week high of $278.38.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.06 by $0.35. Fabrinet had a return on equity of 18.10% and a net margin of 10.27%. The firm had revenue of $753.26 million during the quarter, compared to analyst estimates of $732.63 million. During the same period last year, the firm posted $1.68 EPS. The business’s revenue was up 14.8% compared to the same quarter last year. As a group, research analysts predict that Fabrinet will post 9.11 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.