Oppenheimer Asset Management Inc. Sells 3,192 Shares of Fabrinet (NYSE:FN)

Oppenheimer Asset Management Inc. lowered its stake in Fabrinet (NYSE:FN) by 18.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 14,450 shares of the technology company’s stock after selling 3,192 shares during the quarter. Oppenheimer Asset Management Inc.’s holdings in Fabrinet were worth $3,417,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also added to or reduced their stakes in the stock. nVerses Capital LLC bought a new stake in Fabrinet during the third quarter valued at $567,000. Pitcairn Co. purchased a new position in Fabrinet during the first quarter worth about $544,000. Seven Eight Capital LP purchased a new position in Fabrinet during the first quarter worth about $1,588,000. DekaBank Deutsche Girozentrale grew its position in Fabrinet by 27.4% during the first quarter. DekaBank Deutsche Girozentrale now owns 79,088 shares of the technology company’s stock worth $15,036,000 after buying an additional 17,000 shares in the last quarter. Finally, M&G Plc purchased a new position in Fabrinet during the first quarter worth about $9,719,000. Institutional investors own 97.38% of the company’s stock.

Analysts Set New Price Targets

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

Fabrinet Trading Down 6.8 %

NYSE FN opened at $234.90 on Friday. Fabrinet has a 1-year low of $159.30 and a 1-year high of $278.38. The stock has a 50-day moving average of $241.87 and a 200-day moving average of $235.18. The firm has a market cap of $8.52 billion, a PE ratio of 27.80 and a beta of 0.95.

Fabrinet (NYSE:FN) last released its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, beating analysts’ consensus estimates of $2.38 by $0.01. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The company had revenue of $804.20 million during the quarter, compared to analyst estimates of $771.24 million. During the same quarter in the previous year, the company posted $1.78 EPS. Fabrinet’s revenue for the quarter was up 17.3% on a year-over-year basis. As a group, equities research analysts forecast that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Insider Activity

In other Fabrinet news, CEO Seamus Grady sold 26,650 shares of the company’s stock in a transaction that occurred on Friday, August 23rd. The stock was sold at an average price of $270.00, for a total transaction of $7,195,500.00. Following the completion of the transaction, the chief executive officer now owns 37,643 shares of the company’s stock, valued at $10,163,610. This represents a 41.45 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at $1,835,426.58. The trade was a 51.05 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,728 shares of company stock valued at $11,645,062. Insiders own 0.38% of the company’s stock.

Fabrinet 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.