Jennison Associates LLC Reduces Stock Position in Fabrinet (NYSE:FN)

Jennison Associates LLC trimmed its stake in Fabrinet (NYSE:FN - Free Report) by 23.5% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 4,380 shares of the technology company's stock after selling 1,344 shares during the quarter. Jennison Associates LLC's holdings in Fabrinet were worth $865,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Berbice Capital Management LLC bought a new stake in Fabrinet during the 1st quarter worth approximately $30,000. Wayfinding Financial LLC bought a new stake in Fabrinet during the 1st quarter worth approximately $30,000. Private Trust Co. NA increased its holdings in Fabrinet by 44.3% during the 1st quarter. Private Trust Co. NA now owns 166 shares of the technology company's stock worth $33,000 after acquiring an additional 51 shares during the period. SBI Securities Co. Ltd. increased its holdings in Fabrinet by 93.5% during the 1st quarter. SBI Securities Co. Ltd. now owns 180 shares of the technology company's stock worth $36,000 after acquiring an additional 87 shares during the period. Finally, Versant Capital Management Inc increased its holdings in Fabrinet by 353.7% during the 1st quarter. Versant Capital Management Inc now owns 186 shares of the technology company's stock worth $37,000 after acquiring an additional 145 shares during the period. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of analysts recently weighed in on FN shares. JPMorgan Chase & Co. upped their target price on shares of Fabrinet from $235.00 to $318.00 and gave the stock a "neutral" rating in a report on Thursday, July 17th. Barclays set a $234.00 target price on shares of Fabrinet and gave the stock an "equal weight" rating in a report on Tuesday, May 6th. B. Riley raised shares of Fabrinet from a "sell" rating to a "neutral" rating and decreased their target price for the stock from $178.00 to $176.00 in a report on Friday, April 4th. Needham & Company LLC reissued a "buy" rating and issued a $280.00 price target on shares of Fabrinet in a report on Tuesday, May 6th. Finally, Wolfe Research started coverage on shares of Fabrinet in a report on Tuesday, July 8th. They issued a "peer perform" rating on the stock. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat, Fabrinet has an average rating of "Hold" and an average target price of $261.33.

Fabrinet Trading Up 1.1%

Shares of NYSE:FN traded up $3.44 during trading on Friday, reaching $308.29. The company had a trading volume of 236,569 shares, compared to its average volume of 475,514. Fabrinet has a 12 month low of $148.55 and a 12 month high of $314.47. The stock has a market capitalization of $11.05 billion, a P/E ratio of 34.33 and a beta of 1.04. The company has a fifty day moving average of $267.74 and a two-hundred day moving average of $230.36.

Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $2.47 by $0.05. Fabrinet had a net margin of 10.00% and a return on equity of 17.99%. The company had revenue of $871.80 million during the quarter, compared to analysts' expectations of $857.12 million. During the same quarter in the prior year, the company earned $2.39 EPS. The firm's revenue was up 19.2% on a year-over-year basis. As a group, equities research analysts predict that Fabrinet will post 9.4 earnings per share for the current year.

Insiders Place Their Bets

In other news, Director Rollance E. Olson sold 2,500 shares of the company's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total value of $559,950.00. Following the completion of the sale, the director owned 23,201 shares of the company's stock, valued at approximately $5,196,559.98. This represents a 9.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Harpal Gill sold 18,675 shares of the stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $240.00, for a total transaction of $4,482,000.00. Following the sale, the chief operating officer directly owned 18,068 shares of the company's stock, valued at $4,336,320. The trade was a 50.83% decrease in their position. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by corporate insiders.

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.