Fabrinet $FN is Toronado Partners LLC’s Largest Position

Toronado Partners LLC cut its holdings in shares of Fabrinet (NYSE:FN) by 16.8% in the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 84,329 shares of the technology company’s stock after selling 17,000 shares during the quarter. Fabrinet accounts for about 17.6% of Toronado Partners LLC’s investment portfolio, making the stock its largest holding. Toronado Partners LLC owned 0.24% of Fabrinet worth $24,850,000 as of its most recent SEC filing.

Other large investors also recently made changes to their positions in the company. Avantax Advisory Services Inc. grew its position in Fabrinet by 23.8% during the first quarter. Avantax Advisory Services Inc. now owns 2,530 shares of the technology company’s stock valued at $500,000 after purchasing an additional 486 shares in the last quarter. Cetera Investment Advisers boosted its stake in shares of Fabrinet by 11.6% during the 1st quarter. Cetera Investment Advisers now owns 13,212 shares of the technology company’s stock valued at $2,610,000 after buying an additional 1,368 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Fabrinet by 2.7% during the 1st quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 9,789 shares of the technology company’s stock valued at $1,933,000 after acquiring an additional 255 shares in the last quarter. LPL Financial LLC increased its stake in shares of Fabrinet by 19.0% in the first quarter. LPL Financial LLC now owns 17,293 shares of the technology company’s stock worth $3,415,000 after acquiring an additional 2,762 shares during the last quarter. Finally, Banque Cantonale Vaudoise purchased a new stake in shares of Fabrinet during the first quarter worth $29,000. Institutional investors and hedge funds own 97.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research analysts have commented on FN shares. Needham & Company LLC boosted their target price on 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. boosted their price target on Fabrinet from $430.00 to $530.00 and gave the company an “overweight” rating in a research note on Tuesday, November 4th. Zacks Research raised shares of Fabrinet from a “hold” rating to a “strong-buy” rating in a research report on Thursday, October 23rd. Weiss Ratings reiterated a “buy (b)” rating on shares of Fabrinet in a research note on Wednesday. Finally, Rosenblatt Securities increased their price target on shares of Fabrinet from $425.00 to $550.00 and gave the stock a “buy” rating in a research note on Tuesday, November 4th. One analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, Fabrinet currently has a consensus rating of “Moderate Buy” and an average price target of $451.29.

Insiders Place Their Bets

In related news, COO Harpal Gill sold 14,203 shares of the company’s stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $355.15, for a total transaction of $5,044,195.45. Following the completion of the sale, the chief operating officer directly owned 13,983 shares of the company’s stock, valued at approximately $4,966,062.45. This represents a 50.39% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Edward T. Archer sold 3,333 shares of the firm’s stock in a transaction on Thursday, September 4th. The shares were sold at an average price of $354.48, for a total transaction of $1,181,481.84. Following the completion of the transaction, the executive vice president owned 6,644 shares in the company, valued at $2,355,165.12. The trade was a 33.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.24% of the stock is currently owned by insiders.

Fabrinet Stock Up 2.3%

Shares of Fabrinet stock opened at $459.41 on Friday. Fabrinet has a 12-month low of $148.55 and a 12-month high of $498.00. The stock has a 50 day moving average price of $409.63 and a two-hundred day moving average price of $335.78. The stock has a market capitalization of $16.46 billion, a P/E ratio of 47.31 and a beta of 1.05.

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.