Proficio Capital Partners LLC Takes Position in Fabrinet (NYSE:FN)

Proficio Capital Partners LLC bought a new position in shares of Fabrinet (NYSE:FN) during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund bought 38,259 shares of the technology company’s stock, valued at approximately $8,412,000.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Huntington National Bank raised its holdings in shares of Fabrinet by 70.4% in the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after purchasing an additional 57 shares in the last quarter. Point72 Asia Singapore Pte. Ltd. acquired a new position in Fabrinet in the third quarter worth approximately $52,000. Public Employees Retirement System of Ohio bought a new position in shares of Fabrinet in the third quarter valued at $61,000. IFP Advisors Inc lifted its position in shares of 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 acquiring an additional 242 shares during the last quarter. Finally, Wilmington Savings Fund Society FSB bought a new stake in shares of Fabrinet during the 3rd quarter worth $70,000. 97.38% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Needham & Company LLC reaffirmed a “buy” rating and set a $280.00 target price on shares of Fabrinet in a report on Tuesday, February 4th. Rosenblatt Securities reaffirmed a “buy” rating and set a $285.00 price objective on shares of Fabrinet in a research note on Friday. Barclays cut their price target on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a report on Tuesday, February 4th. B. Riley lowered shares of Fabrinet from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. Finally, JPMorgan Chase & Co. lowered their price objective on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock 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 data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $246.63.

Fabrinet Stock Down 1.3 %

FN stock opened at $220.85 on Friday. The company has a 50 day moving average of $219.44 and a two-hundred day moving average of $230.88. The company has a market cap of $8.01 billion, a price-to-earnings ratio of 24.70 and a beta of 0.89. Fabrinet has a 12-month low of $159.69 and a 12-month high of $281.79.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, February 3rd. The technology company reported $2.38 EPS 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%. On average, research analysts anticipate that Fabrinet will post 9.4 EPS for the current 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.