Perpetual Ltd Sells 1,105 Shares of Fabrinet (NYSE:FN)

Perpetual Ltd reduced its holdings in Fabrinet (NYSE:FN) by 17.5% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,223 shares of the technology company’s stock after selling 1,105 shares during the period. Perpetual Ltd’s holdings in Fabrinet were worth $1,148,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also recently made changes to their positions in FN. Wedge Capital Management L L P NC purchased a new stake in shares of Fabrinet in the fourth quarter valued at $63,222,000. Driehaus Capital Management LLC raised its position in Fabrinet by 183.5% in the 2nd quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock worth $68,046,000 after purchasing an additional 179,943 shares during the period. Whale Rock Capital Management LLC lifted its stake in Fabrinet by 25.8% in the third quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock worth $202,338,000 after purchasing an additional 175,684 shares during the last quarter. Clearbridge Investments LLC purchased a new position in shares of Fabrinet during the second quarter valued at approximately $27,911,000. Finally, World Investment Advisors LLC bought a new position in shares of Fabrinet during the third quarter valued at approximately $20,187,000. Institutional investors own 97.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on FN shares. Needham & Company LLC assumed coverage on Fabrinet in a report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price objective for the company. Barclays began coverage on shares of Fabrinet in a research note on Thursday, November 14th. They set an “equal weight” rating and a $292.00 target price for the company. Finally, B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and reduced their price target for the stock 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 assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Fabrinet has a consensus rating of “Hold” and an average price target of $252.14.

Fabrinet Price Performance

FN stock opened at $267.74 on Thursday. Fabrinet has a 1-year low of $159.69 and a 1-year high of $281.79. The business has a 50-day moving average price of $232.41 and a 200 day moving average price of $235.55. The company has a market capitalization of $9.71 billion, a P/E ratio of 31.69 and a beta of 0.93.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, beating the consensus estimate of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The business had revenue of $804.20 million during the quarter, compared to analyst estimates of $771.24 million. During the same quarter in the previous year, the business posted $1.78 EPS. The company’s quarterly revenue was up 17.3% compared to the same quarter last year. On average, analysts anticipate that Fabrinet will post 9.1 earnings per share for the current fiscal year.

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.