Arrowstreet Capital Limited Partnership Has $34.67 Million Holdings in Fabrinet $FN

Arrowstreet Capital Limited Partnership decreased its stake in shares of Fabrinet (NYSE:FN) by 33.7% during the 2nd quarter, Holdings Channel reports. The institutional investor owned 117,652 shares of the technology company’s stock after selling 59,850 shares during the period. Arrowstreet Capital Limited Partnership’s holdings in Fabrinet were worth $34,670,000 as of its most recent SEC filing.

Several other institutional investors have also bought and sold shares of FN. Maseco LLP bought a new stake in shares of Fabrinet in the 2nd quarter worth $25,000. Elevation Point Wealth Partners LLC purchased a new position in Fabrinet during the second quarter worth about $35,000. First Horizon Advisors Inc. boosted its holdings in Fabrinet by 124.2% during the second quarter. First Horizon Advisors Inc. now owns 139 shares of the technology company’s stock worth $41,000 after purchasing an additional 77 shares during the last quarter. Cullen Frost Bankers Inc. grew its position in Fabrinet by 118.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 142 shares of the technology company’s stock worth $42,000 after purchasing an additional 77 shares in the last quarter. Finally, REAP Financial Group LLC increased its stake in Fabrinet by 171.9% in the 2nd quarter. REAP Financial Group LLC now owns 155 shares of the technology company’s stock valued at $46,000 after buying an additional 98 shares during the last quarter. Institutional investors own 97.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts recently issued reports on FN shares. Weiss Ratings restated a “buy (b)” rating on shares of Fabrinet in a report on Tuesday. Northland Securities set a $550.00 price target on Fabrinet in a research report on Tuesday, November 4th. Rosenblatt Securities boosted their price objective on Fabrinet from $425.00 to $550.00 and gave the company a “buy” rating in a research note on Tuesday, November 4th. Needham & Company LLC lifted their target price on Fabrinet from $440.00 to $540.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Finally, B. Riley upped their price target on Fabrinet from $184.00 to $220.00 and gave the company a “neutral” rating in a research report on Tuesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $451.29.

Insiders Place Their Bets

In related news, CEO Seamus Grady sold 22,451 shares of the firm’s stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $446.95, for a total transaction of $10,034,474.45. Following the transaction, the chief executive officer directly owned 23,573 shares of the company’s stock, valued at approximately $10,535,952.35. This trade represents a 48.78% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Homa Bahrami sold 3,500 shares of the business’s stock in a transaction that occurred on Monday, December 1st. The stock was sold at an average price of $453.75, for a total value of $1,588,125.00. Following the completion of the sale, the director owned 18,316 shares of the company’s stock, valued at $8,310,885. The trade was a 16.04% decrease in their position. The SEC filing for this sale provides additional information. Insiders sold a total of 28,151 shares of company stock valued at $12,643,707 over the last 90 days. Insiders own 0.24% of the company’s stock.

Fabrinet Stock Performance

NYSE FN opened at $479.07 on Friday. Fabrinet has a 52-week low of $148.55 and a 52-week high of $498.00. The company has a fifty day moving average of $418.24 and a 200-day moving average of $343.04. The company has a market capitalization of $17.16 billion, a P/E ratio of 49.34 and a beta of 1.05.

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.