Jennison Associates LLC Buys 2,573 Shares of Fabrinet (NYSE:FN)

Jennison Associates LLC boosted its stake in shares of Fabrinet (NYSE:FN) by 81.7% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 5,724 shares of the technology company’s stock after buying an additional 2,573 shares during the quarter. Jennison Associates LLC’s holdings in Fabrinet were worth $1,259,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the stock. Legacy Wealth Asset Management LLC increased its stake in shares of Fabrinet by 3.2% during the third quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company’s stock valued at $325,000 after buying an additional 43 shares during the period. Wolff Wiese Magana LLC grew its holdings in Fabrinet by 2.7% during the 3rd quarter. Wolff Wiese Magana LLC now owns 1,765 shares of the technology company’s stock worth $417,000 after acquiring an additional 47 shares in the last quarter. Cynosure Group LLC increased its position in Fabrinet by 3.4% during the 3rd quarter. Cynosure Group LLC now owns 1,560 shares of the technology company’s stock valued at $369,000 after purchasing an additional 51 shares during the period. Trust Point Inc. raised its holdings in shares of Fabrinet by 4.7% in the 3rd quarter. Trust Point Inc. now owns 1,272 shares of the technology company’s stock valued at $301,000 after purchasing an additional 57 shares in the last quarter. Finally, Huntington National Bank lifted its position in shares of Fabrinet by 70.4% in the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after purchasing an additional 57 shares during the period. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Stock Performance

Shares of NYSE FN opened at $220.83 on Friday. Fabrinet has a fifty-two week low of $159.69 and a fifty-two week high of $281.79. The company has a market cap of $8.01 billion, a PE ratio of 26.13 and a beta of 0.92. The business has a 50-day simple moving average of $230.21 and a two-hundred day simple moving average of $234.03.

Fabrinet (NYSE:FN) last released its earnings results on Monday, February 3rd. The technology company reported $2.38 EPS for the quarter, missing analysts’ consensus estimates of $2.48 by ($0.10). Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. On average, sell-side analysts predict that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Analysts Set New Price Targets

FN has been the topic of several research reports. Needham & Company LLC reissued a “buy” rating and set a $280.00 price objective on shares of Fabrinet in a report on Tuesday. Barclays cut their price target on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a report on Tuesday. JPMorgan Chase & Co. decreased their price objective on Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a research note on Tuesday. B. Riley lowered Fabrinet from a “neutral” rating to a “sell” rating and cut their target price for the company from $194.00 to $178.00 in a research note on Wednesday, November 20th. Finally, Rosenblatt Securities increased their price target on shares of Fabrinet from $280.00 to $285.00 and gave the company a “buy” rating in a research report on Tuesday. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to MarketBeat, Fabrinet currently has an average rating of “Hold” and an average target price of $243.29.

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.