Woodline Partners LP Increases Stake in Fabrinet (NYSE:FN)

Woodline Partners LP boosted its holdings in shares of Fabrinet (NYSE:FN - Free Report) by 298.8% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 43,329 shares of the technology company's stock after buying an additional 32,465 shares during the period. Woodline Partners LP owned approximately 0.12% of Fabrinet worth $9,527,000 as of its most recent SEC filing.

Several other institutional investors have also recently bought and sold shares of FN. Vanguard Group Inc. raised its holdings in shares of Fabrinet by 2.8% in the fourth quarter. Vanguard Group Inc. now owns 4,137,579 shares of the technology company's stock valued at $909,771,000 after purchasing an additional 113,186 shares during the last quarter. FMR LLC raised its holdings in shares of Fabrinet by 13.1% in the fourth quarter. FMR LLC now owns 2,213,887 shares of the technology company's stock valued at $486,789,000 after purchasing an additional 257,164 shares during the last quarter. Wasatch Advisors LP raised its holdings in shares of Fabrinet by 47.0% in the fourth 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 during the last quarter. Geode Capital Management LLC grew its position in Fabrinet by 2.0% during the fourth quarter. Geode Capital Management LLC now owns 1,006,858 shares of the technology company's stock valued at $221,430,000 after buying an additional 20,045 shares during the period. Finally, JPMorgan Chase & Co. grew its position in Fabrinet by 1.4% during the fourth quarter. JPMorgan Chase & Co. now owns 669,459 shares of the technology company's stock valued at $147,201,000 after buying an additional 9,058 shares during the period. Institutional investors and hedge funds own 97.38% of the company's stock.

Analysts Set New Price Targets

FN has been the subject of several research reports. B. Riley upgraded shares of Fabrinet from a "sell" rating to a "neutral" rating and reduced their price target for the company from $178.00 to $176.00 in a research report on Friday, April 4th. Barclays set a $234.00 price target on shares of Fabrinet and gave the company an "equal weight" rating in a research report on Tuesday, May 6th. Fox Advisors initiated coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They set an "overweight" rating and a $270.00 price target for the company. Rosenblatt Securities increased their price target on shares of Fabrinet from $230.00 to $250.00 and gave the company a "buy" rating in a research report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. increased 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. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company's stock. According to MarketBeat, the stock has an average rating of "Hold" and a consensus target price of $239.29.

Fabrinet Trading Down 0.6%

Shares of Fabrinet stock traded down $1.49 on Wednesday, reaching $233.22. The stock had a trading volume of 58,086 shares, compared to its average volume of 625,654. Fabrinet has a 1 year low of $148.55 and a 1 year high of $281.79. The company has a market cap of $8.36 billion, a P/E ratio of 26.06 and a beta of 0.95. The business's 50 day moving average is $204.40 and its two-hundred day moving average is $218.20.

Fabrinet (NYSE:FN - Get Free Report) last announced its quarterly earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $2.47 by $0.05. Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. The firm had revenue of $871.80 million for the quarter, compared to the consensus estimate of $857.12 million. During the same period in the prior year, the firm posted $2.39 earnings per share. The company's revenue for the quarter was up 19.2% on a year-over-year basis. On average, equities analysts anticipate that Fabrinet will post 9.4 EPS for the current fiscal year.

Insider Activity at Fabrinet

In related news, Director Rollance E. Olson sold 2,500 shares of the firm's stock in a transaction that occurred 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 sale, the director now directly owns 23,201 shares of the company's stock, valued at $5,196,559.98. This trade represents a 9.73% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 0.38% of the stock is currently owned by insiders.

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.