Algert Global LLC Raises Stock Holdings in Fabrinet (NYSE:FN)

Algert Global LLC boosted its stake in Fabrinet (NYSE:FN) by 92.9% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 55,296 shares of the technology company’s stock after purchasing an additional 26,633 shares during the quarter. Algert Global LLC’s holdings in Fabrinet were worth $12,158,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also bought and sold shares of FN. Huntington National Bank lifted its holdings in shares of Fabrinet by 66.7% during the 4th quarter. Huntington National Bank now owns 230 shares of the technology company’s stock worth $51,000 after acquiring an additional 92 shares during the last quarter. Quarry LP increased its position in shares of Fabrinet by 315.8% during the 4th quarter. Quarry LP now owns 237 shares of the technology company’s stock valued at $52,000 after purchasing an additional 180 shares during the last quarter. IFP Advisors Inc raised its holdings 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 buying an additional 242 shares in the last quarter. Wilmington Savings Fund Society FSB bought a new stake in Fabrinet in the 3rd quarter worth approximately $70,000. Finally, Assetmark Inc. boosted its stake in Fabrinet by 12.0% in the fourth quarter. Assetmark Inc. now owns 484 shares of the technology company’s stock worth $106,000 after buying an additional 52 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors.

Fabrinet Stock Up 3.6 %

Shares of Fabrinet stock opened at $218.44 on Friday. The business has a 50 day moving average of $198.68 and a 200 day moving average of $221.35. Fabrinet has a 52 week low of $148.55 and a 52 week high of $281.79. The company has a market cap of $7.83 billion, a PE ratio of 24.43 and a beta of 0.97.

Fabrinet (NYSE:FN) last posted its 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 return on equity of 18.48% and a net margin of 10.44%. On average, research analysts anticipate that Fabrinet will post 9.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts have commented on the stock. Fox Advisors initiated coverage on shares of Fabrinet in a research note on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price target on the stock. B. Riley upgraded shares of Fabrinet from a “sell” rating to a “neutral” rating and cut their price target for the company from $178.00 to $176.00 in a research report on Friday, April 4th. Needham & Company LLC reiterated a “buy” rating and issued a $280.00 price objective on shares of Fabrinet in a report on Monday, March 17th. Rosenblatt Securities dropped their target price on Fabrinet from $280.00 to $230.00 and set a “buy” rating for the company in a report on Tuesday, April 22nd. Finally, Barclays decreased their price target on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $235.86.

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.