Wealth Alliance Cuts Stake in Fabrinet (NYSE:FN)

Wealth Alliance cut its position in Fabrinet (NYSE:FN) by 6.0% in the 4th quarter, according to its most recent disclosure with the SEC. The fund owned 968 shares of the technology company’s stock after selling 62 shares during the period. Wealth Alliance’s holdings in Fabrinet were worth $213,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in FN. Barclays PLC raised its holdings 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 acquiring an additional 52,042 shares during the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of 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 in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Fabrinet in the third quarter worth $2,398,000. Pathstone Holdings LLC raised its stake in shares of Fabrinet by 40.7% in the third quarter. Pathstone Holdings LLC now owns 8,219 shares of the technology company’s stock worth $1,943,000 after purchasing an additional 2,378 shares during the last quarter. Finally, Freedom Investment Management Inc. lifted its holdings in shares of Fabrinet by 106.2% during the third quarter. Freedom Investment Management Inc. now owns 4,969 shares of the technology company’s stock valued at $1,175,000 after purchasing an additional 2,559 shares in the last quarter. Institutional investors own 97.38% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have weighed in on FN. Needham & Company LLC reissued a “buy” rating and issued a $280.00 target price on shares of Fabrinet in a research report on Tuesday, February 4th. B. Riley cut shares of Fabrinet from a “neutral” rating to a “sell” rating and decreased their price objective for the company from $194.00 to $178.00 in a report on Wednesday, November 20th. JPMorgan Chase & Co. dropped their target price on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a report on Tuesday, February 4th. Fox Advisors initiated coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 target price for the company. Finally, Barclays lowered their price target on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 4th. One analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $246.63.

Fabrinet Price Performance

Shares of Fabrinet stock opened at $222.17 on Friday. Fabrinet has a 1-year low of $159.69 and a 1-year high of $281.79. The company’s fifty day simple moving average is $226.21 and its 200-day simple moving average is $234.08. The stock has a market capitalization of $8.06 billion, a PE ratio of 24.85 and a beta of 0.92.

Fabrinet (NYSE:FN) last released its earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share for the quarter, missing the consensus estimate 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, research analysts anticipate that Fabrinet will post 9.4 EPS for the current 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.