Fabrinet (NYSE:FN) Stock Position Decreased by Lord Abbett & CO. LLC

Lord Abbett & CO. LLC lowered its holdings in Fabrinet (NYSE:FN - Free Report) by 8.4% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 128,399 shares of the technology company's stock after selling 11,808 shares during the period. Lord Abbett & CO. LLC owned 0.35% of Fabrinet worth $28,233,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Fabrinet during the 4th quarter valued at about $95,084,000. Capital Research Global Investors boosted its stake in shares of Fabrinet by 675.2% in the fourth quarter. Capital Research Global Investors now owns 417,020 shares of the technology company's stock valued at $91,694,000 after purchasing an additional 363,228 shares during the period. Wasatch Advisors LP grew its holdings in Fabrinet by 47.0% during the 4th quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company's stock valued at $249,044,000 after purchasing an additional 362,064 shares in the last quarter. Wedge Capital Management L L P NC purchased a new stake in Fabrinet during the 4th quarter worth $63,222,000. Finally, FMR LLC lifted its holdings in Fabrinet by 13.1% in the 4th quarter. FMR LLC now owns 2,213,887 shares of the technology company's stock worth $486,789,000 after buying an additional 257,164 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

FN has been the subject of several recent analyst reports. B. Riley upgraded Fabrinet from a "sell" rating to a "neutral" rating and lowered their target price for the company from $178.00 to $176.00 in a research note on Friday, April 4th. Rosenblatt Securities dropped their price objective on Fabrinet from $280.00 to $230.00 and set a "buy" rating on the stock in a report on Tuesday, April 22nd. Needham & Company LLC reiterated a "buy" rating and set a $280.00 target price on shares of Fabrinet in a research note on Monday, March 17th. Barclays cut their price target on shares of Fabrinet from $292.00 to $245.00 and set an "equal weight" rating on the stock in a report on Tuesday, February 4th. Finally, Fox Advisors began coverage on shares of Fabrinet in a research note on Tuesday, February 18th. They set an "overweight" rating and a $270.00 target price for the company. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $235.86.

Fabrinet Trading Up 2.9 %

NYSE:FN traded up $5.87 during midday trading on Thursday, hitting $210.93. 476,785 shares of the stock were exchanged, compared to its average volume of 613,214. The company has a market capitalization of $7.56 billion, a price-to-earnings ratio of 23.59 and a beta of 0.97. Fabrinet has a one year low of $148.55 and a one year high of $281.79. The business has a 50-day moving average price of $198.47 and a two-hundred day moving average price of $222.26.

Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings data 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%. Sell-side 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.