Herald Investment Management Ltd Reduces Holdings in Fabrinet (NYSE:FN)

Herald Investment Management Ltd trimmed its stake in Fabrinet (NYSE:FN) by 2.7% during the 4th quarter, HoldingsChannel reports. The fund owned 178,550 shares of the technology company’s stock after selling 5,000 shares during the quarter. Fabrinet comprises 6.4% of Herald Investment Management Ltd’s holdings, making the stock its 2nd biggest position. Herald Investment Management Ltd’s holdings in Fabrinet were worth $39,235,000 as of its most recent SEC filing.

A number of other hedge funds also recently bought and sold shares of FN. Huntington National Bank raised its stake in shares of Fabrinet by 66.7% in the fourth quarter. Huntington National Bank now owns 230 shares of the technology company’s stock worth $51,000 after purchasing an additional 92 shares during the last quarter. Public Employees Retirement System of Ohio purchased a new position in Fabrinet in the 3rd quarter worth about $61,000. IFP Advisors Inc raised its position in Fabrinet by 576.2% in the 4th quarter. IFP Advisors Inc now owns 284 shares of the technology company’s stock worth $63,000 after buying an additional 242 shares during the last quarter. Wilmington Savings Fund Society FSB bought a new position in Fabrinet during the 3rd quarter valued at about $70,000. Finally, Assetmark Inc. grew its stake in shares of Fabrinet by 12.0% in the fourth quarter. Assetmark Inc. now owns 484 shares of the technology company’s stock worth $106,000 after acquiring an additional 52 shares during the period. Institutional investors own 97.38% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently weighed in on FN. JPMorgan Chase & Co. lowered their price objective on shares of Fabrinet from $265.00 to $220.00 and set a “neutral” rating on the stock in a research report on Thursday. Needham & Company LLC restated a “buy” rating and issued a $280.00 price target on shares of Fabrinet in a research note on Monday, March 17th. B. Riley upgraded Fabrinet from a “sell” rating to a “neutral” rating and reduced their price objective for the company from $178.00 to $176.00 in a research report on Friday, April 4th. Rosenblatt Securities reissued a “buy” rating and issued a $285.00 target price on shares of Fabrinet in a report on Friday, March 14th. Finally, Barclays cut their price target on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, Fabrinet has an average rating of “Hold” and an average target price of $243.71.

Fabrinet Stock Down 1.6 %

Shares of FN opened at $183.63 on Friday. The business has a 50-day simple moving average of $203.97 and a two-hundred day simple moving average of $225.44. Fabrinet has a 52 week low of $148.55 and a 52 week high of $281.79. The stock has a market cap of $6.58 billion, a price-to-earnings ratio of 20.54 and a beta of 0.97.

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 18.48% and a net margin of 10.44%. On average, equities analysts anticipate that Fabrinet will post 9.4 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.