QRG Capital Management Inc. Sells 1,569 Shares of Fabrinet $FN

QRG Capital Management Inc. lowered its position in shares of Fabrinet (NYSE:FN) by 50.4% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,544 shares of the technology company’s stock after selling 1,569 shares during the quarter. QRG Capital Management Inc.’s holdings in Fabrinet were worth $563,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of FN. Coldstream Capital Management Inc. raised its position in shares of Fabrinet by 3.2% during the 2nd quarter. Coldstream Capital Management Inc. now owns 998 shares of the technology company’s stock valued at $294,000 after purchasing an additional 31 shares during the period. Evergreen Capital Management LLC raised its holdings in Fabrinet by 1.0% during the second quarter. Evergreen Capital Management LLC now owns 3,032 shares of the technology company’s stock valued at $893,000 after acquiring an additional 31 shares during the period. Stephens Inc. AR lifted its position in shares of Fabrinet by 4.4% in the third quarter. Stephens Inc. AR now owns 782 shares of the technology company’s stock valued at $285,000 after acquiring an additional 33 shares in the last quarter. IFP Advisors Inc lifted its position in shares of Fabrinet by 10.9% in the second quarter. IFP Advisors Inc now owns 347 shares of the technology company’s stock valued at $103,000 after acquiring an additional 34 shares in the last quarter. Finally, SBI Securities Co. Ltd. boosted its stake in shares of Fabrinet by 21.7% in the second quarter. SBI Securities Co. Ltd. now owns 219 shares of the technology company’s stock worth $65,000 after acquiring an additional 39 shares during the period. 97.38% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Fabrinet

In related news, Director Homa Bahrami sold 3,500 shares of the stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $453.75, for a total value of $1,588,125.00. Following the completion of the transaction, the director owned 18,316 shares of the company’s stock, valued at approximately $8,310,885. This trade represents a 16.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Seamus Grady sold 22,451 shares of Fabrinet stock in a transaction dated Wednesday, November 26th. The stock was sold at an average price of $446.95, for a total value of $10,034,474.45. Following the completion of 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 position. The disclosure for this sale is available in the SEC filing. In the last quarter, insiders sold 28,151 shares of company stock valued at $12,643,707. Insiders own 0.24% of the company’s stock.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Barclays raised Fabrinet from an “equal weight” rating to an “overweight” rating and lifted their target price for the company from $499.00 to $537.00 in a research note on Wednesday, January 14th. Rosenblatt Securities lifted their price objective on shares of Fabrinet from $425.00 to $550.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Susquehanna boosted their target price on shares of Fabrinet from $550.00 to $570.00 and gave the stock a “positive” rating in a report on Thursday. JPMorgan Chase & Co. raised their target price on shares of Fabrinet from $430.00 to $530.00 and gave the company an “overweight” rating in a research note on Tuesday, November 4th. Finally, Needham & Company LLC lifted their price target on shares of Fabrinet from $440.00 to $540.00 and gave the company a “buy” rating in a report on Tuesday, November 4th. Seven equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to MarketBeat, Fabrinet currently has an average rating of “Moderate Buy” and a consensus target price of $477.13.

Fabrinet Stock Down 4.0%

Fabrinet stock opened at $468.77 on Friday. Fabrinet has a 52-week low of $148.55 and a 52-week high of $531.22. The firm’s fifty day moving average is $461.81 and its 200 day moving average is $395.07. The company has a market cap of $16.80 billion, a price-to-earnings ratio of 48.28 and a beta of 1.04.

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.