Nicholas Investment Partners LP Acquires 5,698 Shares of Fabrinet (NYSE:FN)

Nicholas Investment Partners LP increased its holdings in shares of Fabrinet (NYSE:FN) by 27.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 26,120 shares of the technology company’s stock after acquiring an additional 5,698 shares during the period. Nicholas Investment Partners LP owned about 0.07% of Fabrinet worth $5,743,000 at the end of the most recent reporting period.

Other hedge funds have also made changes to their positions in the company. Assetmark Inc. lifted its stake in Fabrinet by 12.0% in the fourth quarter. Assetmark Inc. now owns 484 shares of the technology company’s stock valued at $106,000 after buying an additional 52 shares during the period. CIBC Asset Management Inc boosted its holdings in shares of Fabrinet by 5.7% during the fourth quarter. CIBC Asset Management Inc now owns 1,113 shares of the technology company’s stock worth $245,000 after acquiring an additional 60 shares during the period. Nations Financial Group Inc. IA ADV raised its stake in Fabrinet by 2.4% in the 4th quarter. Nations Financial Group Inc. IA ADV now owns 2,941 shares of the technology company’s stock worth $647,000 after purchasing an additional 68 shares in the last quarter. Janney Montgomery Scott LLC lifted its position in shares of Fabrinet by 2.6% during the 4th quarter. Janney Montgomery Scott LLC now owns 3,279 shares of the technology company’s stock valued at $721,000 after acquiring an additional 82 shares during the period. Finally, Transamerica Financial Advisors Inc. lifted its holdings in shares of Fabrinet by 17.2% during the 4th quarter. Transamerica Financial Advisors Inc. now owns 565 shares of the technology company’s stock worth $125,000 after acquiring an additional 83 shares during the period. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Price Performance

Shares of FN opened at $227.59 on Wednesday. The stock has a market cap of $8.15 billion, a PE ratio of 25.46 and a beta of 0.95. The firm has a fifty day moving average price of $201.01 and a 200 day moving average price of $219.56. Fabrinet has a 1-year low of $148.55 and a 1-year high of $281.79.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.47 by $0.05. Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. The business had revenue of $871.80 million for the quarter, compared to analysts’ expectations of $857.12 million. During the same quarter in the prior year, the firm posted $2.39 EPS. The company’s revenue was up 19.2% compared to the same quarter last year. As a group, equities analysts expect that Fabrinet will post 9.4 EPS for the current fiscal year.

Insider Buying and Selling at Fabrinet

In related news, Director Rollance E. Olson sold 2,500 shares of Fabrinet stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total transaction of $559,950.00. Following the completion of the sale, the director now owns 23,201 shares of the company’s stock, valued at approximately $5,196,559.98. This trade represents a 9.73% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.38% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have weighed in on the stock. JPMorgan Chase & Co. increased their target price on shares of Fabrinet from $220.00 to $235.00 and gave the company a “neutral” rating in a research report on Tuesday, May 6th. Barclays set a $234.00 target price on shares of Fabrinet and gave the company an “equal weight” rating in a research note on Tuesday, May 6th. Rosenblatt Securities upped their price objective on shares of Fabrinet from $230.00 to $250.00 and gave the company a “buy” rating in a research note on Tuesday, May 6th. Needham & Company LLC reissued a “buy” rating and issued a $280.00 target price on shares of Fabrinet in a report on Tuesday, May 6th. Finally, B. Riley raised Fabrinet from a “sell” rating to a “neutral” rating and lowered their price target for the company from $178.00 to $176.00 in a report on Friday, April 4th. Four research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Fabrinet currently has an average rating of “Hold” and an average target price of $239.29.

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.