Pier Capital LLC decreased its position in shares of Fabrinet (NYSE:FN - Free Report) by 19.8% during the fourth quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,062 shares of the technology company's stock after selling 6,684 shares during the period. Pier Capital LLC owned approximately 0.07% of Fabrinet worth $5,950,000 at the end of the most recent reporting period.
Several other hedge funds have also recently added to or reduced their stakes in the company. Barclays PLC raised its position in Fabrinet by 304.6% in the 3rd quarter. Barclays PLC now owns 69,128 shares of the technology company's stock worth $16,345,000 after purchasing an additional 52,042 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Fabrinet by 14.7% in the third quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company's stock worth $113,621,000 after buying an additional 61,491 shares during the period. Dynamic Technology Lab Private Ltd bought a new stake in shares of Fabrinet in the 3rd quarter valued at about $2,398,000. Pathstone Holdings LLC boosted its holdings in Fabrinet by 40.7% during the 3rd quarter. Pathstone Holdings LLC now owns 8,219 shares of the technology company's stock valued at $1,943,000 after acquiring an additional 2,378 shares during the period. Finally, Freedom Investment Management Inc. grew its position in Fabrinet by 106.2% during the 3rd quarter. Freedom Investment Management Inc. now owns 4,969 shares of the technology company's stock worth $1,175,000 after acquiring an additional 2,559 shares during the last quarter. Institutional investors own 97.38% of the company's stock.
Wall Street Analyst Weigh In
A number of analysts have recently weighed in on FN shares. Fox Advisors initiated coverage on Fabrinet in a research note on Tuesday, February 18th. They set an "overweight" rating and a $270.00 price objective for the company. JPMorgan Chase & Co. dropped their price target on shares of Fabrinet from $275.00 to $265.00 and set a "neutral" rating for the company in a research report on Tuesday, February 4th. Barclays lowered their price objective on shares of Fabrinet from $292.00 to $245.00 and set an "equal weight" rating for the company in a research note on Tuesday, February 4th. Needham & Company LLC reissued a "buy" rating and issued a $280.00 target price on shares of Fabrinet in a research note on Monday, March 17th. Finally, Rosenblatt Securities reaffirmed a "buy" rating and set a $285.00 price target on shares of Fabrinet in a research report on Friday, March 14th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Fabrinet presently has a consensus rating of "Hold" and a consensus target price of $250.43.
Check Out Our Latest Research Report on FN
Fabrinet Stock Performance
Shares of NYSE FN traded down $11.46 during midday trading on Friday, hitting $195.14. 432,013 shares of the company traded hands, compared to its average volume of 568,322. Fabrinet has a 12-month low of $159.69 and a 12-month high of $281.79. The firm has a market cap of $7.08 billion, a P/E ratio of 21.81 and a beta of 0.89. The stock has a 50-day moving average price of $217.58 and a 200 day moving average price of $230.15.
Fabrinet (NYSE:FN - Get Free Report) last posted 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%. As a group, equities analysts expect that Fabrinet will post 9.4 earnings per share for the current year.
Fabrinet Company Profile
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Free Report)
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.
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