Envestnet Asset Management Inc. Sells 17,223 Shares of Fabrinet (NYSE:FN)

Envestnet Asset Management Inc. lowered its position in Fabrinet (NYSE:FN - Free Report) by 14.2% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 103,965 shares of the technology company's stock after selling 17,223 shares during the period. Envestnet Asset Management Inc. owned about 0.29% of Fabrinet worth $22,860,000 at the end of the most recent reporting period.

Other large investors also recently modified their holdings of the company. Huntington National Bank boosted its stake in shares of Fabrinet by 66.7% during the 4th quarter. Huntington National Bank now owns 230 shares of the technology company's stock worth $51,000 after acquiring an additional 92 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Fabrinet during the third quarter valued at $61,000. IFP Advisors Inc grew its holdings in Fabrinet by 576.2% during the fourth quarter. IFP Advisors Inc now owns 284 shares of the technology company's stock valued at $63,000 after purchasing an additional 242 shares during the period. Wilmington Savings Fund Society FSB purchased a new stake in Fabrinet in the third quarter worth about $70,000. Finally, Assetmark Inc. lifted its position in shares of Fabrinet by 12.0% during the 4th quarter. Assetmark Inc. now owns 484 shares of the technology company's stock valued at $106,000 after buying an additional 52 shares in the last quarter. Institutional investors own 97.38% of the company's stock.

Wall Street Analysts Forecast Growth

FN has been the subject of several analyst reports. Barclays reduced their target price on shares of Fabrinet from $292.00 to $245.00 and set an "equal weight" rating for the company in a report on Tuesday, February 4th. B. Riley upgraded shares of Fabrinet from a "sell" rating to a "neutral" rating and decreased their price objective for the company from $178.00 to $176.00 in a research report on Friday, April 4th. Rosenblatt Securities restated a "buy" rating and set a $285.00 target price on shares of Fabrinet in a research note on Friday, March 14th. JPMorgan Chase & Co. cut their price target on Fabrinet from $265.00 to $220.00 and set a "neutral" rating for the company in a research note on Thursday. Finally, Needham & Company LLC reissued a "buy" rating and set a $280.00 price target on shares of Fabrinet in a report on Monday, March 17th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the company has a consensus rating of "Hold" and a consensus target price of $243.71.

Fabrinet Trading Down 1.6 %

FN traded down $3.08 during trading hours on Friday, hitting $183.63. The company's stock had a trading volume of 425,242 shares, compared to its average volume of 605,015. The stock has a market cap of $6.58 billion, a price-to-earnings ratio of 20.54 and a beta of 0.97. The business's 50-day moving average price is $203.97 and its 200-day moving average price is $225.44. Fabrinet has a 12 month low of $148.55 and a 12 month high of $281.79.

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

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.