Atria Investments Inc Decreases Stake in Fabrinet (NYSE:FN)

Atria Investments Inc reduced its holdings in Fabrinet (NYSE:FN) by 16.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 3,075 shares of the technology company’s stock after selling 585 shares during the period. Atria Investments Inc’s holdings in Fabrinet were worth $676,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Wellington Management Group LLP lifted its stake in shares of Fabrinet by 1.7% in the third quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company’s stock worth $276,437,000 after buying an additional 19,677 shares in the last quarter. Geode Capital Management LLC increased its position in Fabrinet by 7.6% during the third quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company’s stock worth $233,359,000 after purchasing an additional 69,554 shares during the last quarter. Whale Rock Capital Management LLC increased its position in Fabrinet by 25.8% during 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. JPMorgan Chase & Co. increased its position in Fabrinet by 3.8% during the third quarter. JPMorgan Chase & Co. now owns 660,401 shares of the technology company’s stock worth $156,145,000 after purchasing an additional 24,439 shares during the last quarter. Finally, Baillie Gifford & Co. increased its position in Fabrinet by 10.7% during the fourth quarter. Baillie Gifford & Co. now owns 553,038 shares of the technology company’s stock worth $121,602,000 after purchasing an additional 53,250 shares during the last quarter. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Price Performance

Shares of FN opened at $220.85 on Friday. Fabrinet has a 1-year low of $159.69 and a 1-year high of $281.79. The stock has a market cap of $8.01 billion, a PE ratio of 24.70 and a beta of 0.89. The firm has a 50-day simple moving average of $219.44 and a two-hundred day simple moving average of $230.99.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, February 3rd. The technology company reported $2.38 earnings per share for the quarter, missing analysts’ consensus estimates 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 Analysts Forecast Growth

FN has been the subject of several recent analyst reports. Rosenblatt Securities restated a “buy” rating and set a $285.00 price objective on shares of Fabrinet in a research report on Friday. JPMorgan Chase & Co. cut their price objective on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating for the company in a research report on Tuesday, February 4th. Needham & Company LLC restated a “buy” rating and set a $280.00 price objective on shares of Fabrinet in a research report on Tuesday, February 4th. B. Riley cut shares of Fabrinet from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $194.00 to $178.00 in a research report on Wednesday, November 20th. Finally, Barclays cut their price objective on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research report on Tuesday, February 4th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and four have issued a buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target 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.