Raymond James Financial Inc. Invests $24.84 Million in Fabrinet (NYSE:FN)

Raymond James Financial Inc. acquired a new stake in shares of Fabrinet (NYSE:FN - Free Report) in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor acquired 112,993 shares of the technology company's stock, valued at approximately $24,844,000. Raymond James Financial Inc. owned about 0.31% of Fabrinet as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the stock. Huntington National Bank raised its position in Fabrinet by 66.7% in the fourth quarter. Huntington National Bank now owns 230 shares of the technology company's stock worth $51,000 after purchasing an additional 92 shares in the last quarter. Public Employees Retirement System of Ohio acquired a new position in shares of Fabrinet in the 3rd quarter worth approximately $61,000. IFP Advisors Inc lifted its position in shares of Fabrinet by 576.2% during the 4th quarter. IFP Advisors Inc now owns 284 shares of the technology company's stock worth $63,000 after buying an additional 242 shares during the period. Wilmington Savings Fund Society FSB bought a new stake in Fabrinet in the third quarter valued at $70,000. Finally, Assetmark Inc. raised its stake in Fabrinet by 12.0% during the fourth quarter. Assetmark Inc. now owns 484 shares of the technology company's stock worth $106,000 after acquiring an additional 52 shares in the last quarter. Institutional investors own 97.38% of the company's stock.

Fabrinet Stock Performance

Fabrinet stock traded up $12.69 during trading hours on Thursday, reaching $199.51. 205,652 shares of the company's stock traded hands, compared to its average volume of 609,067. Fabrinet has a fifty-two week low of $148.55 and a fifty-two week high of $281.79. The firm's 50 day moving average is $201.27 and its 200-day moving average is $223.93. The firm has a market capitalization of $7.15 billion, a price-to-earnings ratio of 22.28 and a beta of 0.97.

Fabrinet (NYSE:FN - Get Free Report) last issued its earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $2.48 by ($0.10). Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. Analysts predict that Fabrinet will post 9.4 EPS for the current year.

Analyst Ratings Changes

Several research firms have recently weighed in on FN. B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and lowered their target price for the stock from $178.00 to $176.00 in a report on Friday, April 4th. Needham & Company LLC reiterated a "buy" rating and issued a $280.00 target price on shares of Fabrinet in a research note on Monday, March 17th. Rosenblatt Securities reduced their target price on Fabrinet from $280.00 to $230.00 and set a "buy" rating on the stock in a report on Tuesday. JPMorgan Chase & Co. cut their price objective on Fabrinet from $265.00 to $220.00 and set a "neutral" rating for the company in a research report on Thursday, April 17th. Finally, Barclays reduced their price objective on Fabrinet from $292.00 to $245.00 and set an "equal weight" rating on the stock in a research note on Tuesday, February 4th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, Fabrinet currently has a consensus rating of "Hold" and a consensus target price of $235.86.

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.