Clark Capital Management Group Inc. Acquires 52,804 Shares of Fabrinet (NYSE:FN)

Clark Capital Management Group Inc. boosted its holdings in shares of Fabrinet (NYSE:FN - Free Report) by 30.4% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 226,386 shares of the technology company's stock after acquiring an additional 52,804 shares during the period. Clark Capital Management Group Inc. owned approximately 0.62% of Fabrinet worth $49,778,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Barclays PLC grew its holdings in Fabrinet by 304.6% during the third quarter. Barclays PLC now owns 69,128 shares of the technology company's stock worth $16,345,000 after purchasing an additional 52,042 shares during the period. Wilmington Savings Fund Society FSB bought a new position in Fabrinet during the third quarter worth about $70,000. Tidal Investments LLC grew its holdings in Fabrinet by 46.3% during the third quarter. Tidal Investments LLC now owns 3,089 shares of the technology company's stock worth $730,000 after purchasing an additional 978 shares during the period. Franklin Resources Inc. boosted its holdings in shares of Fabrinet by 41.3% during the third quarter. Franklin Resources Inc. now owns 133,791 shares of the technology company's stock worth $31,634,000 after acquiring an additional 39,076 shares during the period. Finally, Principal Financial Group Inc. boosted its holdings in shares of Fabrinet by 18.5% during the third quarter. Principal Financial Group Inc. now owns 227,300 shares of the technology company's stock worth $53,743,000 after acquiring an additional 35,504 shares during the period. Institutional investors and hedge funds own 97.38% of the company's stock.

Analysts Set New Price Targets

Several brokerages recently issued reports on FN. Barclays set a $234.00 price target on Fabrinet and gave the company an "equal weight" rating in a research note on Tuesday, May 6th. B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and reduced their price objective for the stock from $178.00 to $176.00 in a research note on Friday, April 4th. JPMorgan Chase & Co. upped their price target on shares of Fabrinet from $220.00 to $235.00 and gave the company a "neutral" rating in a research report on Tuesday, May 6th. Rosenblatt Securities increased their price objective on shares of Fabrinet from $230.00 to $250.00 and gave the stock a "buy" rating in a research report on Tuesday, May 6th. Finally, Needham & Company LLC restated a "buy" rating and issued a $280.00 target price on shares of Fabrinet in a report on Tuesday, May 6th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, Fabrinet currently has an average rating of "Hold" and an average price target of $239.29.

Fabrinet Stock Up 6.3%

FN traded up $12.75 on Monday, hitting $215.37. The company's stock had a trading volume of 434,992 shares, compared to its average volume of 620,096. The company's 50 day simple moving average is $199.79 and its 200-day simple moving average is $219.73. The firm has a market cap of $7.72 billion, a P/E ratio of 24.09 and a beta of 0.95. Fabrinet has a 12 month low of $148.55 and a 12 month high of $281.79.

Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The technology company reported $2.52 EPS for the quarter, beating the consensus estimate of $2.47 by $0.05. The firm had revenue of $871.80 million during the quarter, compared to the consensus estimate of $857.12 million. Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. The business's quarterly revenue was up 19.2% compared to the same quarter last year. During the same period last year, the firm earned $2.39 EPS. Equities analysts predict that Fabrinet will post 9.4 earnings per share 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.