Victory Capital Management Inc. Has $40.44 Million Holdings in Fabrinet (NYSE:FN)

Victory Capital Management Inc. lessened its position in Fabrinet (NYSE:FN) by 27.7% in the third quarter, according to its most recent disclosure with the SEC. The firm owned 171,031 shares of the technology company’s stock after selling 65,674 shares during the period. Victory Capital Management Inc. owned approximately 0.47% of Fabrinet worth $40,438,000 as of its most recent filing with the SEC.

A number of other large investors also recently modified their holdings of the stock. Legacy Wealth Asset Management LLC lifted its holdings in shares of Fabrinet by 3.2% in the third quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company’s stock valued at $325,000 after purchasing an additional 43 shares in the last quarter. Wolff Wiese Magana LLC lifted its holdings in shares of Fabrinet by 2.7% in the third quarter. Wolff Wiese Magana LLC now owns 1,765 shares of the technology company’s stock valued at $417,000 after purchasing an additional 47 shares in the last quarter. Trust Point Inc. lifted its holdings in shares of Fabrinet by 4.7% in the third quarter. Trust Point Inc. now owns 1,272 shares of the technology company’s stock valued at $301,000 after purchasing an additional 57 shares in the last quarter. Cim LLC lifted its holdings in shares of Fabrinet by 1.0% in the second quarter. Cim LLC now owns 5,980 shares of the technology company’s stock valued at $1,344,000 after purchasing an additional 61 shares in the last quarter. Finally, Ausbil Investment Management Ltd lifted its holdings in shares of Fabrinet by 0.5% in the third quarter. Ausbil Investment Management Ltd now owns 14,741 shares of the technology company’s stock valued at $3,485,000 after purchasing an additional 76 shares in the last quarter. Institutional investors own 97.38% of the company’s stock.

Wall Street Analysts Forecast Growth

FN has been the topic of a number of recent research reports. B. Riley dropped their target price on Fabrinet from $196.00 to $194.00 and set a “neutral” rating on the stock in a report on Tuesday, November 5th. JPMorgan Chase & Co. boosted their price objective 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 boosted their price objective on Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Needham & Company LLC started coverage on Fabrinet in a research report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price objective on the stock. Finally, Barclays started coverage on Fabrinet in a research report on Thursday. They issued an “equal weight” rating and a $292.00 price objective on the stock. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $254.43.

Fabrinet Price Performance

Shares of NYSE FN opened at $234.90 on Friday. Fabrinet has a one year low of $159.30 and a one year high of $278.38. The business’s fifty day moving average price is $241.87 and its 200-day moving average price is $235.18. The stock has a market capitalization of $8.52 billion, a PE ratio of 27.80 and a beta of 0.95.

Fabrinet (NYSE:FN) 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. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The firm had revenue of $804.20 million for the quarter, compared to analysts’ expectations of $771.24 million. During the same quarter in the prior year, the firm earned $1.78 EPS. The business’s revenue for the quarter was up 17.3% compared to the same quarter last year. As a group, equities analysts expect that Fabrinet will post 9.1 EPS for the current fiscal year.

Insider Activity

In related news, EVP Edward T. Archer sold 8,690 shares of the business’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 sale, the executive vice president now directly owns 8,333 shares in the company, valued at approximately $1,835,426.58. The trade was a 51.05 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Csaba Sverha sold 9,288 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.08, for a total value of $2,508,503.04. Following the sale, the chief financial officer now owns 19,768 shares in the company, valued at approximately $5,338,941.44. The trade was a 31.97 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 44,728 shares of company stock valued at $11,645,062 in the last 90 days. Insiders own 0.38% of the company’s stock.

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.