Fabrinet $FN Shares Sold by Neuberger Berman Group LLC

Neuberger Berman Group LLC lessened its holdings in Fabrinet (NYSE:FN) by 2.0% in the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 99,975 shares of the technology company’s stock after selling 2,041 shares during the quarter. Neuberger Berman Group LLC owned 0.28% of Fabrinet worth $29,465,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. B. Riley Wealth Advisors Inc. acquired a new stake in shares of Fabrinet during the second quarter worth $317,000. Cim LLC lifted its holdings in shares of Fabrinet by 3.1% in the 2nd quarter. Cim LLC now owns 6,200 shares of the technology company’s stock valued at $1,827,000 after buying an additional 189 shares during the period. State of Wyoming boosted its stake in shares of Fabrinet by 28.9% in the second quarter. State of Wyoming now owns 1,665 shares of the technology company’s stock worth $491,000 after buying an additional 373 shares during the last quarter. Castleark Management LLC grew its holdings in Fabrinet by 55.0% during the second quarter. Castleark Management LLC now owns 31,920 shares of the technology company’s stock worth $9,406,000 after acquiring an additional 11,330 shares during the period. Finally, Rexford Capital Inc. purchased a new position in Fabrinet during the second quarter valued at approximately $269,000. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Trading Down 11.2%

FN opened at $469.06 on Friday. The stock’s 50-day moving average price is $431.61 and its 200 day moving average price is $353.30. Fabrinet has a 12-month low of $148.55 and a 12-month high of $531.22. The firm has a market cap of $16.81 billion, a price-to-earnings ratio of 48.31 and a beta of 1.05.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on the company. Barclays upped their price objective on Fabrinet from $329.00 to $499.00 and gave the stock an “equal weight” rating in a research report on Wednesday, November 5th. 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 research note on Tuesday, November 4th. JPMorgan Chase & Co. upped their price objective on shares of Fabrinet from $430.00 to $530.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 4th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fabrinet in a research report on Tuesday, December 2nd. Finally, Northland Securities set a $550.00 price target on shares of Fabrinet in a research report on Tuesday, November 4th. One investment analyst has rated the stock with a Strong Buy rating, five have given a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $451.29.

Insider Transactions at Fabrinet

In related news, CEO Seamus Grady sold 22,451 shares of the business’s stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $446.95, for a total transaction of $10,034,474.45. Following the completion of the transaction, the chief executive officer owned 23,573 shares in the company, valued at approximately $10,535,952.35. The trade was a 48.78% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Thomas F. Kelly sold 2,200 shares of the stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $464.14, for a total value of $1,021,108.00. Following the completion of the transaction, the director directly owned 18,789 shares in the company, valued at $8,720,726.46. This trade represents a 10.48% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 28,151 shares of company stock valued at $12,643,707. Insiders own 0.24% of the company’s stock.

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.