Fabrinet (NYSE:FN) Shares Sold by Sequoia Financial Advisors LLC

Sequoia Financial Advisors LLC cut its position in Fabrinet (NYSE:FN) by 32.9% during the fourth quarter, HoldingsChannel.com reports. The fund owned 1,593 shares of the technology company’s stock after selling 782 shares during the period. Sequoia Financial Advisors LLC’s holdings in Fabrinet were worth $350,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Barclays PLC boosted its position 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 acquiring an additional 52,042 shares during the last quarter. Charles Schwab Investment Management Inc. lifted its stake in Fabrinet by 14.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock worth $113,621,000 after purchasing an additional 61,491 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Fabrinet during the 3rd quarter worth approximately $2,398,000. Pathstone Holdings LLC grew its position in shares of Fabrinet by 40.7% in the third quarter. Pathstone Holdings LLC now owns 8,219 shares of the technology company’s stock valued at $1,943,000 after purchasing an additional 2,378 shares in the last quarter. Finally, Freedom Investment Management Inc. increased its holdings in shares of Fabrinet by 106.2% in the third quarter. Freedom Investment Management Inc. now owns 4,969 shares of the technology company’s stock valued at $1,175,000 after purchasing an additional 2,559 shares during the last quarter. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Fabrinet Price Performance

Shares of FN opened at $222.73 on Wednesday. The firm has a 50-day simple moving average of $219.08 and a two-hundred day simple moving average of $230.48. Fabrinet has a 1-year low of $159.69 and a 1-year high of $281.79. The stock has a market cap of $8.08 billion, a PE ratio of 24.91 and a beta of 0.89.

Fabrinet (NYSE:FN) last posted its earnings results 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%. As a group, sell-side analysts expect that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the company. Barclays lowered their price objective on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Needham & Company LLC reissued a “buy” rating and issued a $280.00 price objective on shares of Fabrinet in a report on Monday. Rosenblatt Securities restated a “buy” rating and set a $285.00 price objective on shares of Fabrinet in a research report on Friday, March 14th. Fox Advisors initiated coverage on shares of Fabrinet in a report on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 target price on the stock. Finally, B. Riley cut shares of Fabrinet from a “neutral” rating to a “sell” rating and dropped their price target for the company from $194.00 to $178.00 in a research note on Wednesday, November 20th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $246.63.

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.