Jennison Associates LLC Has $1.36 Million Stake in Fabrinet $FN

Jennison Associates LLC boosted its holdings in Fabrinet (NYSE:FN) by 45.6% in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 2,987 shares of the technology company’s stock after purchasing an additional 935 shares during the quarter. Jennison Associates LLC’s holdings in Fabrinet were worth $1,360,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Balboa Wealth Partners raised its stake in Fabrinet by 2.5% in the 4th quarter. Balboa Wealth Partners now owns 863 shares of the technology company’s stock worth $393,000 after purchasing an additional 21 shares in the last quarter. Richardson Financial Services Inc. raised its stake in Fabrinet by 12.2% in the 4th quarter. Richardson Financial Services Inc. now owns 211 shares of the technology company’s stock worth $96,000 after purchasing an additional 23 shares in the last quarter. Cullen Frost Bankers Inc. raised its stake in Fabrinet by 20.4% in the 3rd quarter. Cullen Frost Bankers Inc. now owns 171 shares of the technology company’s stock worth $62,000 after purchasing an additional 29 shares in the last quarter. Ashton Thomas Private Wealth LLC raised its position in shares of Fabrinet by 2.8% in the 4th quarter. Ashton Thomas Private Wealth LLC now owns 1,134 shares of the technology company’s stock valued at $516,000 after buying an additional 31 shares in the last quarter. Finally, Evergreen Capital Management LLC raised its position in shares of Fabrinet by 1.0% in the 2nd quarter. Evergreen Capital Management LLC now owns 3,032 shares of the technology company’s stock valued at $893,000 after buying an additional 31 shares in the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently commented on FN. Rosenblatt Securities restated a “buy” rating and issued a $550.00 target price on shares of Fabrinet in a research report on Tuesday, February 3rd. Barclays boosted their target price on shares of Fabrinet from $537.00 to $548.00 and gave the company an “overweight” rating in a research report on Tuesday, February 3rd. Wolfe Research upgraded shares of Fabrinet from a “peer perform” rating to an “outperform” rating and set a $540.00 target price for the company in a research report on Wednesday, February 4th. B. Riley Financial boosted their target price on shares of Fabrinet from $366.00 to $452.00 and gave the company a “neutral” rating in a research report on Tuesday, February 3rd. Finally, JPMorgan Chase & Co. cut shares of Fabrinet from an “overweight” rating to a “neutral” rating and boosted their target price for the company from $530.00 to $700.00 in a research report on Thursday, April 16th. Five equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $587.50.

Fabrinet Trading Up 0.2%

Shares of Fabrinet stock opened at $708.25 on Monday. The firm has a market capitalization of $25.37 billion, a PE ratio of 67.84 and a beta of 1.22. The firm’s 50 day moving average is $588.72 and its 200 day moving average is $504.95. Fabrinet has a 1 year low of $193.54 and a 1 year high of $734.79.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, February 2nd. The technology company reported $3.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $3.26 by $0.10. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.08 billion. Fabrinet had a net margin of 9.69% and a return on equity of 18.69%. The firm’s revenue was up 35.9% on a year-over-year basis. During the same period in the previous year, the firm posted $2.61 EPS. As a group, research analysts anticipate that Fabrinet will post 12.8 earnings per share for the current year.

Fabrinet Profile

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.