Artisan Partners Limited Partnership Sells 41,612 Shares of Fabrinet (NYSE:FN)

Artisan Partners Limited Partnership lessened its stake in shares of Fabrinet (NYSE:FN) by 9.7% in the 4th quarter, Holdings Channel.com reports. The institutional investor owned 387,380 shares of the technology company’s stock after selling 41,612 shares during the period. Artisan Partners Limited Partnership’s holdings in Fabrinet were worth $85,177,000 at the end of the most recent reporting period.

Other institutional investors have also bought and sold shares of the company. Point72 Asia Singapore Pte. Ltd. bought a new stake in Fabrinet during the third quarter worth about $52,000. Public Employees Retirement System of Ohio bought a new stake in Fabrinet during the 3rd quarter worth approximately $61,000. IFP Advisors Inc increased its holdings in Fabrinet by 576.2% during the 4th quarter. IFP Advisors Inc now owns 284 shares of the technology company’s stock valued at $63,000 after purchasing an additional 242 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new position in Fabrinet in the 3rd quarter valued at $70,000. Finally, Assetmark Inc. boosted its stake in Fabrinet by 12.0% in the fourth quarter. Assetmark Inc. now owns 484 shares of the technology company’s stock worth $106,000 after purchasing an additional 52 shares in the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Stock Performance

Shares of Fabrinet stock opened at $207.17 on Friday. Fabrinet has a 52 week low of $159.69 and a 52 week high of $281.79. The stock has a market capitalization of $7.51 billion, a price-to-earnings ratio of 23.17 and a beta of 0.89. The firm has a fifty day moving average of $217.58 and a two-hundred day moving average of $230.15.

Fabrinet (NYSE:FN) last released 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, research analysts forecast that Fabrinet will post 9.4 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on the company. JPMorgan Chase & Co. lowered their target price on Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a research note on Tuesday, February 4th. Needham & Company LLC reaffirmed a “buy” rating and issued a $280.00 target price on shares of Fabrinet in a research note on Monday, March 17th. Barclays decreased their price target on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Rosenblatt Securities restated a “buy” rating and issued a $285.00 price objective on shares of Fabrinet in a research report on Friday, March 14th. Finally, Fox Advisors assumed coverage on Fabrinet in a research report on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Fabrinet presently has an average rating of “Hold” and an average target price of $250.43.

About Fabrinet

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.