Fabrinet (NYSE:FN) Shares Sold by Prudential Financial Inc.

Prudential Financial Inc. lowered its holdings in Fabrinet (NYSE:FN - Free Report) by 55.4% in the fourth quarter, according to its most recent Form 13F filing with the SEC. The fund owned 4,763 shares of the technology company's stock after selling 5,911 shares during the period. Prudential Financial Inc.'s holdings in Fabrinet were worth $1,047,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. acquired a new position in Fabrinet during the 3rd quarter worth $52,000. Public Employees Retirement System of Ohio bought a new position in shares of Fabrinet during the third quarter worth about $61,000. IFP Advisors Inc grew its stake in Fabrinet by 576.2% in the fourth quarter. IFP Advisors Inc now owns 284 shares of the technology company's stock worth $63,000 after purchasing an additional 242 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Fabrinet in the third quarter valued at about $70,000. Finally, Assetmark Inc. increased its holdings in Fabrinet by 12.0% in the fourth quarter. Assetmark Inc. now owns 484 shares of the technology company's stock valued at $106,000 after buying an additional 52 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company's stock.

Analyst Upgrades and Downgrades

FN has been the subject of several research reports. Fox Advisors started coverage on Fabrinet in a research report on Tuesday, February 18th. They issued an "overweight" rating and a $270.00 target price for the company. B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and decreased their price objective for the stock from $178.00 to $176.00 in a report on Friday, April 4th. JPMorgan Chase & Co. lowered their target price on shares of Fabrinet from $275.00 to $265.00 and set a "neutral" rating for the company in a research note on Tuesday, February 4th. Barclays reduced their price target on shares of Fabrinet from $292.00 to $245.00 and set an "equal weight" rating on the stock in a research report on Tuesday, February 4th. Finally, Needham & Company LLC reaffirmed a "buy" rating and set a $280.00 price objective on shares of Fabrinet in a research report on Monday, March 17th. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average price target of $250.14.

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Fabrinet Stock Performance

Shares of FN traded up $6.30 during midday trading on Friday, hitting $189.10. 751,486 shares of the stock traded hands, compared to its average volume of 602,274. The business's 50 day moving average price is $206.17 and its two-hundred day moving average price is $226.76. The firm has a market capitalization of $6.86 billion, a PE ratio of 21.15 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 posted its earnings results 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 net margin of 10.44% and a return on equity of 18.48%. As a group, equities research analysts forecast that Fabrinet will post 9.4 EPS for the current fiscal 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.