Jennison Associates LLC Purchases New Shares in Fabrinet (NYSE:FN)

Jennison Associates LLC bought a new position in shares of Fabrinet (NYSE:FN - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 3,151 shares of the technology company's stock, valued at approximately $745,000.

Several other institutional investors and hedge funds also recently made changes to their positions in the business. O Shaughnessy Asset Management LLC increased its stake in shares of Fabrinet by 20.5% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 3,020 shares of the technology company's stock valued at $571,000 after acquiring an additional 514 shares during the last quarter. Bayesian Capital Management LP bought a new position in shares of Fabrinet during the first quarter worth $290,000. Kennedy Capital Management LLC acquired a new position in shares of Fabrinet in the 1st quarter valued at $15,637,000. Janus Henderson Group PLC increased its position in shares of Fabrinet by 20.4% in the 1st quarter. Janus Henderson Group PLC now owns 276,354 shares of the technology company's stock valued at $52,233,000 after buying an additional 46,864 shares in the last quarter. Finally, Cetera Advisors LLC raised its stake in Fabrinet by 54.0% during the 1st quarter. Cetera Advisors LLC now owns 3,606 shares of the technology company's stock worth $682,000 after buying an additional 1,265 shares during the period. Institutional investors own 97.38% of the company's stock.

Insider Activity

In other Fabrinet news, EVP Edward T. Archer sold 8,690 shares of the business's stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the transaction, the executive vice president now owns 8,333 shares of the company's stock, valued at $1,835,426.58. The trade was a 51.05 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Csaba Sverha sold 100 shares of the company's stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $270.00, for a total value of $27,000.00. Following the completion of the sale, the chief financial officer now owns 19,347 shares in the company, valued at $5,223,690. This represents a 0.51 % decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have issued reports on FN shares. JPMorgan Chase & Co. boosted their target price on Fabrinet from $240.00 to $285.00 and gave the company a "neutral" rating in a research note on Tuesday, August 20th. Barclays began coverage on Fabrinet in a research note on Thursday, November 14th. They set an "equal weight" rating and a $292.00 target price for the company. B. Riley cut shares of Fabrinet from a "neutral" rating to a "sell" rating and reduced their price target for the company from $194.00 to $178.00 in a report on Wednesday. Rosenblatt Securities raised their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the stock a "buy" rating in a report on Tuesday, August 20th. Finally, Needham & Company LLC started coverage on shares of Fabrinet in a research note on Tuesday, November 5th. They issued a "buy" rating and a $280.00 target price for the company. One analyst has rated the stock with a sell rating, three have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat.com, Fabrinet currently has an average rating of "Hold" and a consensus price target of $252.14.

Fabrinet Price Performance

FN stock traded up $0.42 during midday trading on Friday, hitting $230.43. The company's stock had a trading volume of 708,394 shares, compared to its average volume of 655,777. The company's fifty day moving average price is $244.00 and its 200 day moving average price is $237.73. Fabrinet has a twelve month low of $159.30 and a twelve month high of $278.38. The stock has a market capitalization of $8.36 billion, a P/E ratio of 27.27 and a beta of 0.95.

Fabrinet (NYSE:FN - Get Free Report) last released its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.38 by $0.01. The business had revenue of $804.20 million for the quarter, compared to the consensus estimate of $771.24 million. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. Fabrinet's quarterly revenue was up 17.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.78 earnings per share. Equities analysts expect that Fabrinet will post 9.1 EPS for the current fiscal 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.