Baillie Gifford & Co. Sells 36,013 Shares of Fabrinet $FN

Baillie Gifford & Co. trimmed its position in Fabrinet (NYSE:FN) by 6.1% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 553,158 shares of the technology company’s stock after selling 36,013 shares during the period. Baillie Gifford & Co.’s holdings in Fabrinet were worth $201,692,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Maseco LLP acquired a new position in Fabrinet during the second quarter valued at approximately $25,000. Root Financial Partners LLC bought a new position in shares of Fabrinet during the third quarter worth $34,000. Elevation Point Wealth Partners LLC bought a new position in shares of Fabrinet during the second quarter worth $35,000. First Horizon Advisors Inc. grew its holdings in shares of Fabrinet by 124.2% in the 2nd quarter. First Horizon Advisors Inc. now owns 139 shares of the technology company’s stock valued at $41,000 after buying an additional 77 shares during the period. Finally, Cullen Frost Bankers Inc. increased its position in shares of Fabrinet by 118.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 142 shares of the technology company’s stock valued at $42,000 after buying an additional 77 shares in the last quarter. Institutional investors own 97.38% of the company’s stock.

Insider Buying and Selling

In other Fabrinet news, Director Thomas F. Kelly sold 2,200 shares of the business’s stock in a transaction dated Thursday, December 4th. The shares were sold at an average price of $464.14, for a total transaction of $1,021,108.00. Following the sale, the director directly owned 18,789 shares of the company’s stock, valued at $8,720,726.46. The trade was a 10.48% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Seamus Grady sold 22,451 shares of the 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 owned 23,573 shares of the company’s stock, valued at approximately $10,535,952.35. This represents a 48.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 28,151 shares of company stock worth $12,643,707. 0.24% of the stock is owned by insiders.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on FN. JPMorgan Chase & Co. lifted their target price on Fabrinet from $430.00 to $530.00 and gave the stock an “overweight” rating in a report on Tuesday, November 4th. Weiss Ratings reissued a “buy (b-)” rating on shares of Fabrinet in a research note on Monday, December 29th. Zacks Research downgraded shares of Fabrinet from a “strong-buy” rating to a “hold” rating in a report on Monday, January 5th. Northland Securities set a $600.00 price target on shares of Fabrinet in a report on Monday, December 22nd. Finally, Barclays raised shares of Fabrinet from an “equal weight” rating to an “overweight” rating and increased their price objective for the stock from $499.00 to $537.00 in a research report on Wednesday, January 14th. Seven investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $477.13.

Fabrinet Stock Down 0.7%

NYSE:FN opened at $467.33 on Friday. The company has a market cap of $16.74 billion, a P/E ratio of 48.13 and a beta of 1.04. Fabrinet has a twelve month low of $148.55 and a twelve month high of $531.22. The business has a 50 day moving average price of $462.91 and a two-hundred day moving average price of $396.33.

About Fabrinet

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.