Herald Investment Management Ltd Trims Stake in Fabrinet (NYSE:FN)

Herald Investment Management Ltd cut its holdings in shares of Fabrinet (NYSE:FN - Free Report) by 2.7% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 178,550 shares of the technology company's stock after selling 5,000 shares during the period. Fabrinet makes up 6.4% of Herald Investment Management Ltd's holdings, making the stock its 2nd biggest holding. Herald Investment Management Ltd owned 0.49% of Fabrinet worth $39,235,000 as of its most recent SEC filing.

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

Fabrinet Price Performance

Shares of FN traded up $10.95 during midday trading on Wednesday, hitting $188.09. 417,599 shares of the company traded hands, compared to its average volume of 607,362. The stock has a 50-day moving average of $202.00 and a 200-day moving average of $224.18. Fabrinet has a one year low of $148.55 and a one year high of $281.79. The firm has a market cap of $6.74 billion, a P/E ratio of 21.04 and a beta of 0.97.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings data 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%. Sell-side analysts forecast that Fabrinet will post 9.4 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of equities analysts recently weighed in on FN shares. JPMorgan Chase & Co. cut their price target on shares of Fabrinet from $265.00 to $220.00 and set a "neutral" rating on the stock in a report on Thursday, April 17th. Fox Advisors initiated coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They set an "overweight" rating and a $270.00 target price for the company. Needham & Company LLC reaffirmed a "buy" rating and issued a $280.00 price target on shares of Fabrinet in a report on Monday, March 17th. Rosenblatt Securities cut their price target on Fabrinet from $280.00 to $230.00 and set a "buy" rating for the company in a research note on Tuesday. Finally, B. Riley upgraded Fabrinet from a "sell" rating to a "neutral" rating and lowered their price objective for the company from $178.00 to $176.00 in a research note on Friday, April 4th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Fabrinet presently has an average rating of "Hold" and an average price target of $235.86.

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.