Avantax Advisory Services Inc. Cuts Stock Holdings in Fabrinet (NYSE:FN)

Avantax Advisory Services Inc. reduced its stake in Fabrinet (NYSE:FN) by 12.4% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,044 shares of the technology company’s stock after selling 289 shares during the quarter. Avantax Advisory Services Inc.’s holdings in Fabrinet were worth $449,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of FN. Wellington Management Group LLP increased its holdings in Fabrinet by 1.7% during the third quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company’s stock worth $276,437,000 after buying an additional 19,677 shares during the last quarter. Geode Capital Management LLC grew its position in shares of Fabrinet by 7.6% during the 3rd quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company’s stock valued at $233,359,000 after acquiring an additional 69,554 shares during the period. Whale Rock Capital Management LLC increased its stake in shares of Fabrinet by 25.8% during the 3rd quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock worth $202,338,000 after purchasing an additional 175,684 shares during the last quarter. JPMorgan Chase & Co. raised its holdings in shares of Fabrinet by 3.8% in the 3rd quarter. JPMorgan Chase & Co. now owns 660,401 shares of the technology company’s stock worth $156,145,000 after purchasing an additional 24,439 shares during the period. Finally, Baillie Gifford & Co. lifted its stake in Fabrinet by 10.7% in the fourth quarter. Baillie Gifford & Co. now owns 553,038 shares of the technology company’s stock valued at $121,602,000 after purchasing an additional 53,250 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on FN. 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. Rosenblatt Securities reiterated a “buy” rating and issued a $285.00 target price on shares of Fabrinet in a research note on Friday, March 14th. Barclays dropped their price target on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. Needham & Company LLC reiterated a “buy” rating and issued a $280.00 price objective on shares of Fabrinet in a research note on Monday, March 17th. Finally, Fox Advisors initiated coverage on shares of Fabrinet in a report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 target price on the stock. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, Fabrinet has an average rating of “Hold” and an average price target of $250.43.

Fabrinet Trading Down 0.7 %

Shares of NYSE:FN opened at $220.57 on Monday. The company has a 50 day moving average of $218.54 and a 200 day moving average of $230.33. The stock has a market cap of $8.00 billion, a P/E ratio of 24.67 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 released its quarterly earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share 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, equities analysts forecast that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Fabrinet Company 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.