Y Intercept Hong Kong Ltd purchased a new stake in Fabrinet (NYSE:FN - Free Report) during the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund purchased 3,300 shares of the technology company's stock, valued at approximately $780,000.
Other hedge funds have also added to or reduced their stakes in the company. Wellington Management Group LLP boosted its stake in shares of Fabrinet by 1.7% during the 3rd quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company's stock valued at $276,437,000 after purchasing an additional 19,677 shares in the last quarter. Whale Rock Capital Management LLC raised its stake in Fabrinet by 25.8% in the third quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company's stock worth $202,338,000 after buying an additional 175,684 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in 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. Bank of New York Mellon Corp boosted its position in Fabrinet by 4.1% during the 2nd quarter. Bank of New York Mellon Corp now owns 314,665 shares of the technology company's stock valued at $77,027,000 after acquiring an additional 12,409 shares in the last quarter. Finally, Epoch Investment Partners Inc. grew its holdings in shares of Fabrinet by 9.6% during the 2nd quarter. Epoch Investment Partners Inc. now owns 302,006 shares of the technology company's stock worth $73,928,000 after acquiring an additional 26,475 shares during the period. 97.38% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have recently commented on FN shares. B. Riley cut Fabrinet from a "neutral" rating to a "sell" rating and lowered their target price for the company from $194.00 to $178.00 in a research note on Wednesday, November 20th. Barclays started coverage on Fabrinet in a research report on Thursday, November 14th. They set an "equal weight" rating and a $292.00 price objective for the company. Rosenblatt Securities upped their target price on shares of Fabrinet from $260.00 to $280.00 and gave the stock a "buy" rating in a research report on Tuesday, August 20th. Needham & Company LLC initiated coverage on shares of Fabrinet in a research report on Tuesday, November 5th. They set a "buy" rating and a $280.00 price target for the company. Finally, JPMorgan Chase & Co. boosted their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the stock a "neutral" rating in a research note on Tuesday, August 20th. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company currently has an average rating of "Hold" and an average price target of $252.14.
Get Our Latest Analysis on Fabrinet
Shares of Fabrinet stock opened at $247.76 on Friday. The company has a 50-day simple moving average of $244.91 and a two-hundred day simple moving average of $238.20. The stock has a market capitalization of $8.99 billion, a PE ratio of 29.37 and a beta of 0.92. Fabrinet has a 52-week low of $159.69 and a 52-week high of $278.38.
Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, topping analysts' consensus estimates of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The company had revenue of $804.20 million during the quarter, compared to analyst estimates of $771.24 million. During the same period in the previous year, the business earned $1.78 EPS. The firm's revenue for the quarter was up 17.3% on a year-over-year basis. As a group, equities research analysts forecast that Fabrinet will post 9.1 EPS for the current fiscal year.
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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