Panagora Asset Management Inc. Has $24.50 Million Stock Holdings in Fabrinet (NYSE:FN)

Panagora Asset Management Inc. lifted its holdings in shares of Fabrinet (NYSE:FN - Free Report) by 3.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 206,319 shares of the technology company's stock after buying an additional 6,890 shares during the period. Panagora Asset Management Inc. owned about 0.56% of Fabrinet worth $24,502,000 at the end of the most recent quarter.

A number of other large investors also recently modified their holdings of FN. Capital International Investors boosted its stake in shares of Fabrinet by 108.1% during the 1st quarter. Capital International Investors now owns 1,529,864 shares of the technology company's stock worth $160,835,000 after buying an additional 794,833 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in Fabrinet by 1,165.6% in the 1st quarter. Envestnet Asset Management Inc. now owns 625,576 shares of the technology company's stock valued at $6,388,000 after purchasing an additional 576,147 shares during the last quarter. Driehaus Capital Management LLC acquired a new stake in Fabrinet in the 4th quarter valued at about $41,668,000. Alyeska Investment Group L.P. acquired a new stake in Fabrinet in the 1st quarter valued at about $33,032,000. Finally, JPMorgan Chase & Co. lifted its stake in Fabrinet by 149.3% in the 4th quarter. JPMorgan Chase & Co. now owns 444,021 shares of the technology company's stock valued at $56,933,000 after purchasing an additional 265,920 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Several equities research analysts recently issued reports on the stock. Lake Street Capital raised their target price on shares of Fabrinet from $130.00 to $165.00 and gave the company a "buy" rating in a research note on Tuesday, August 22nd. Northland Securities raised their target price on shares of Fabrinet from $150.00 to $200.00 in a research note on Wednesday. StockNews.com assumed coverage on shares of Fabrinet in a research note on Thursday, August 17th. They issued a "hold" rating for the company. Needham & Company LLC raised their target price on shares of Fabrinet from $150.00 to $165.00 and gave the company a "buy" rating in a research note on Tuesday, August 22nd. Finally, HC Wainwright reiterated a "buy" rating and issued a $28.00 target price on shares of Fabrinet in a research note on Tuesday, August 22nd. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $125.13.

View Our Latest Stock Analysis on Fabrinet

In related news, CEO Seamus Grady sold 27,000 shares of Fabrinet stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $159.92, for a total value of $4,317,840.00. Following the transaction, the chief executive officer now directly owns 45,471 shares of the company's stock, valued at $7,271,722.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, CEO Seamus Grady sold 27,000 shares of Fabrinet stock in a transaction that occurred on Thursday, August 24th. The shares were sold at an average price of $159.92, for a total value of $4,317,840.00. Following the transaction, the chief executive officer now directly owns 45,471 shares of the company's stock, valued at $7,271,722.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Csaba Sverha sold 20,000 shares of the business's stock in a transaction on Thursday, August 24th. The stock was sold at an average price of $160.90, for a total transaction of $3,218,000.00. Following the sale, the chief financial officer now directly owns 14,073 shares in the company, valued at approximately $2,264,345.70. The disclosure for this sale can be found here. 0.50% of the stock is currently owned by insiders.

FN stock traded up $1.52 during mid-day trading on Wednesday, hitting $158.98. 58,925 shares of the company were exchanged, compared to its average volume of 319,427. The business has a 50 day simple moving average of $129.36 and a 200-day simple moving average of $116.74. The stock has a market capitalization of $5.75 billion, a PE ratio of 23.41 and a beta of 1.14. Fabrinet has a 1-year low of $90.19 and a 1-year high of $163.88.

Fabrinet (NYSE:FN - Get Free Report) last announced its earnings results on Monday, August 21st. The technology company reported $1.86 EPS for the quarter, topping the consensus estimate of $1.80 by $0.06. Fabrinet had a net margin of 9.37% and a return on equity of 18.23%. The company had revenue of $655.87 million for the quarter, compared to analysts' expectations of $641.42 million. During the same period last year, the firm earned $1.51 earnings per share. The business's revenue for the quarter was up 11.6% on a year-over-year basis. Equities research analysts expect that Fabrinet will post 7.17 earnings per share for the current year.

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.

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