Jennison Associates LLC Buys 935 Shares of Fabrinet $FN

Jennison Associates LLC lifted its stake in shares of Fabrinet (NYSE:FN) by 45.6% during the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 2,987 shares of the technology company’s stock after purchasing an additional 935 shares during the quarter. Jennison Associates LLC’s holdings in Fabrinet were worth $1,360,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Westend Capital Management LLC bought a new stake in shares of Fabrinet during the 4th quarter valued at approximately $29,000. Root Financial Partners LLC bought a new stake in shares of Fabrinet during the 3rd quarter valued at approximately $34,000. Rakuten Securities Inc. grew its holdings in shares of Fabrinet by 340.9% during the 4th quarter. Rakuten Securities Inc. now owns 97 shares of the technology company’s stock valued at $44,000 after purchasing an additional 75 shares during the last quarter. USA Financial Formulas bought a new stake in shares of Fabrinet during the 4th quarter valued at approximately $49,000. Finally, CI Investments Inc. grew its holdings in shares of Fabrinet by 40.6% during the 3rd quarter. CI Investments Inc. now owns 149 shares of the technology company’s stock valued at $54,000 after purchasing an additional 43 shares during the last quarter. 97.38% of the stock is owned by institutional investors.

Fabrinet Price Performance

FN opened at $708.25 on Monday. Fabrinet has a fifty-two week low of $193.54 and a fifty-two week high of $734.79. The firm has a market capitalization of $25.37 billion, a price-to-earnings ratio of 67.84 and a beta of 1.22. The company’s 50 day moving average price is $588.72 and its two-hundred day moving average price is $504.95.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, February 2nd. The technology company reported $3.36 earnings per share for the quarter, topping analysts’ consensus estimates of $3.26 by $0.10. Fabrinet had a net margin of 9.69% and a return on equity of 18.69%. The firm had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.08 billion. During the same period in the previous year, the firm posted $2.61 EPS. The company’s revenue for the quarter was up 35.9% compared to the same quarter last year. As a group, equities research analysts predict that Fabrinet will post 12.8 EPS for the current year.

Analysts Set New Price Targets

FN has been the topic of several research reports. Weiss Ratings lowered shares of Fabrinet from a “buy (b-)” rating to a “hold (c+)” rating in a report on Wednesday, April 8th. B. Riley Financial boosted their target price on shares of Fabrinet from $366.00 to $452.00 and gave the stock a “neutral” rating in a report on Tuesday, February 3rd. Wolfe Research raised shares of Fabrinet from a “peer perform” rating to an “outperform” rating and set a $540.00 target price on the stock in a report on Wednesday, February 4th. Barclays boosted their target price on shares of Fabrinet from $537.00 to $548.00 and gave the stock an “overweight” rating in a report on Tuesday, February 3rd. Finally, Rosenblatt Securities reissued a “buy” rating and set a $550.00 target price on shares of Fabrinet in a report on Tuesday, February 3rd. Five equities research analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $587.50.

Fabrinet Profile

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.