Pier Capital LLC Cuts Holdings in Fabrinet (NYSE:FN)

Pier Capital LLC decreased its stake in Fabrinet (NYSE:FN) by 19.8% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 27,062 shares of the technology company’s stock after selling 6,684 shares during the period. Pier Capital LLC owned about 0.07% of Fabrinet worth $5,950,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in FN. EFG Asset Management North America Corp. purchased a new position in shares of Fabrinet during the 4th quarter valued at about $1,726,000. Emerald Advisers LLC raised its stake in shares of Fabrinet by 32.0% during the fourth quarter. Emerald Advisers LLC now owns 123,001 shares of the technology company’s stock worth $27,045,000 after acquiring an additional 29,834 shares in the last quarter. Vanguard Group Inc. lifted its holdings in shares of Fabrinet by 2.8% in the 4th quarter. Vanguard Group Inc. now owns 4,137,579 shares of the technology company’s stock worth $909,771,000 after acquiring an additional 113,186 shares during the last quarter. Bridge City Capital LLC boosted its stake in shares of Fabrinet by 12.5% in the 4th quarter. Bridge City Capital LLC now owns 23,957 shares of the technology company’s stock valued at $5,268,000 after purchasing an additional 2,668 shares in the last quarter. Finally, LPL Financial LLC boosted its stake in shares of Fabrinet by 110.4% in the 4th quarter. LPL Financial LLC now owns 14,531 shares of the technology company’s stock valued at $3,195,000 after purchasing an additional 7,624 shares in the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Performance

NYSE FN opened at $231.74 on Tuesday. The stock has a market cap of $8.40 billion, a P/E ratio of 25.92 and a beta of 0.89. Fabrinet has a fifty-two week low of $159.69 and a fifty-two week high of $281.79. The stock has a 50 day simple moving average of $218.73 and a two-hundred day simple moving average of $230.38.

Fabrinet (NYSE:FN) last announced its quarterly 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%. Sell-side analysts predict that Fabrinet will post 9.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several analysts have weighed in on FN shares. Rosenblatt Securities reissued a “buy” rating and issued a $285.00 price target on shares of Fabrinet in a research note on Friday, March 14th. Needham & Company LLC reissued a “buy” rating and issued a $280.00 target price on shares of Fabrinet in a research note on Monday, March 17th. JPMorgan Chase & Co. reduced their price target on Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 4th. Barclays lowered their price objective on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 4th. Finally, Fox Advisors began 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. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $250.43.

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.