Prudential Financial Inc. Sells 5,911 Shares of Fabrinet (NYSE:FN)

Prudential Financial Inc. decreased its holdings in shares of Fabrinet (NYSE:FN) by 55.4% in the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,763 shares of the technology company’s stock after selling 5,911 shares during the period. Prudential Financial Inc.’s holdings in Fabrinet were worth $1,047,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. Point72 Asia Singapore Pte. Ltd. bought a new position in shares of Fabrinet during the third quarter valued at approximately $52,000. Public Employees Retirement System of Ohio purchased a new position in Fabrinet during the 3rd quarter valued at $61,000. IFP Advisors Inc raised its holdings in Fabrinet by 576.2% in the 4th quarter. IFP Advisors Inc now owns 284 shares of the technology company’s stock worth $63,000 after purchasing an additional 242 shares in the last quarter. Wilmington Savings Fund Society FSB purchased a new stake in shares of Fabrinet in the 3rd quarter worth about $70,000. Finally, Assetmark Inc. boosted its stake in shares of Fabrinet by 12.0% during the 4th quarter. Assetmark Inc. now owns 484 shares of the technology company’s stock valued at $106,000 after purchasing an additional 52 shares in the last quarter. Institutional investors own 97.38% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently issued reports on FN. Needham & Company LLC reissued a “buy” rating and issued a $280.00 price target on shares of Fabrinet in a research note on Monday, March 17th. Fox Advisors began coverage on Fabrinet in a research report on Tuesday, February 18th. They issued an “overweight” rating and a $270.00 target price for the company. JPMorgan Chase & Co. dropped their price target on Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research report on Tuesday, February 4th. B. Riley upgraded Fabrinet from a “sell” rating to a “neutral” rating and decreased their price objective for the stock from $178.00 to $176.00 in a report on Friday. Finally, Rosenblatt Securities restated a “buy” rating and set a $285.00 target price on shares of Fabrinet in a report on Friday, March 14th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $250.14.

Fabrinet Price Performance

Shares of NYSE:FN opened at $171.11 on Monday. The company has a market capitalization of $6.21 billion, a PE ratio of 19.14 and a beta of 0.97. The business has a fifty day moving average price of $209.73 and a 200-day moving average price of $228.93. Fabrinet has a 1-year low of $148.55 and a 1-year high of $281.79.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share (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, sell-side analysts anticipate that Fabrinet will post 9.4 earnings per share for the current fiscal year.

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.