Whale Rock Capital Management LLC Purchases 175,684 Shares of Fabrinet (NYSE:FN)

Whale Rock Capital Management LLC raised its position in Fabrinet (NYSE:FN - Free Report) by 25.8% during the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 855,767 shares of the technology company's stock after buying an additional 175,684 shares during the period. Fabrinet accounts for about 2.8% of Whale Rock Capital Management LLC's investment portfolio, making the stock its 13th biggest position. Whale Rock Capital Management LLC owned 2.36% of Fabrinet worth $202,338,000 at the end of the most recent reporting period.

Other hedge funds also recently modified their holdings of the company. nVerses Capital LLC bought a new stake in Fabrinet during the 3rd quarter worth about $567,000. Charles Schwab Investment Management Inc. raised its position in Fabrinet by 14.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company's stock worth $113,621,000 after purchasing an additional 61,491 shares during the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in Fabrinet during the 3rd quarter worth $2,398,000. Pathstone Holdings LLC boosted its position in Fabrinet by 40.7% in the 3rd quarter. Pathstone Holdings LLC now owns 8,219 shares of the technology company's stock valued at $1,943,000 after buying an additional 2,378 shares during the last quarter. Finally, Freedom Investment Management Inc. increased its stake in shares of Fabrinet by 106.2% in the 3rd quarter. Freedom Investment Management Inc. now owns 4,969 shares of the technology company's stock valued at $1,175,000 after buying an additional 2,559 shares during the period. Institutional investors and hedge funds own 97.38% of the company's stock.

Wall Street Analyst Weigh In

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

Fabrinet Price Performance

FN traded up $7.80 during mid-day trading on Friday, hitting $242.67. The stock had a trading volume of 120,221 shares, compared to its average volume of 496,922. Fabrinet has a 1-year low of $159.69 and a 1-year high of $278.38. The firm has a market capitalization of $8.80 billion, a price-to-earnings ratio of 27.80 and a beta of 0.92. The stock's fifty day simple moving average is $244.37 and its 200-day simple moving average is $238.10.

Fabrinet (NYSE:FN - Get Free Report) last posted 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. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The firm had revenue of $804.20 million during the quarter, compared to analysts' expectations of $771.24 million. During the same period in the previous year, the firm earned $1.78 earnings per share. The company's revenue was up 17.3% on a year-over-year basis. As a group, research analysts expect that Fabrinet will post 9.1 earnings per share 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.