Zacks Investment Management Has $11.09 Million Stock Holdings in Fabrinet (NYSE:FN)

Zacks Investment Management cut its stake in shares of Fabrinet (NYSE:FN - Free Report) by 13.3% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 50,422 shares of the technology company's stock after selling 7,719 shares during the period. Zacks Investment Management owned 0.14% of Fabrinet worth $11,087,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Norges Bank purchased a new position in shares of Fabrinet in the 4th quarter valued at $95,084,000. Wasatch Advisors LP lifted its position in Fabrinet by 47.0% during the 4th quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company's stock worth $249,044,000 after acquiring an additional 362,064 shares in the last quarter. Wedge Capital Management L L P NC purchased a new position in Fabrinet in the 4th quarter worth approximately $63,222,000. FMR LLC grew its position in Fabrinet by 13.1% in the fourth quarter. FMR LLC now owns 2,213,887 shares of the technology company's stock valued at $486,789,000 after acquiring an additional 257,164 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership raised its stake in shares of Fabrinet by 205.2% during the fourth quarter. Arrowstreet Capital Limited Partnership now owns 267,228 shares of the technology company's stock valued at $58,758,000 after purchasing an additional 179,679 shares during the period. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have commented on FN shares. Fox Advisors started coverage on shares of Fabrinet in a report on Tuesday, February 18th. They issued an "overweight" rating and a $270.00 price objective on the stock. Rosenblatt Securities reaffirmed a "buy" rating and issued a $285.00 price target on shares of Fabrinet in a report on Friday, March 14th. B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and dropped their target price for the stock from $178.00 to $176.00 in a research 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 report on Monday, March 17th. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Fabrinet from $265.00 to $220.00 and set a "neutral" rating on the stock in a research note on Thursday, April 17th. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Hold" and a consensus target price of $243.71.

Fabrinet Stock Up 2.3 %

Fabrinet stock traded up $4.04 during trading hours on Tuesday, hitting $176.54. 96,485 shares of the company traded hands, compared to its average volume of 605,162. The firm's 50-day simple moving average is $202.73 and its two-hundred day simple moving average is $224.51. The firm has a market cap of $6.33 billion, a P/E ratio of 19.89 and a beta of 0.97. Fabrinet has a 1-year low of $148.55 and a 1-year high of $281.79.

Fabrinet (NYSE:FN - Get Free Report) last released its earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share 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%. On average, equities research analysts predict that Fabrinet will post 9.4 earnings per share for the current year.

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.