Woodline Partners LP Purchases 32,465 Shares of Fabrinet (NYSE:FN)

Woodline Partners LP lifted its position in shares of Fabrinet (NYSE:FN) by 298.8% in the fourth quarter, HoldingsChannel.com reports. The fund owned 43,329 shares of the technology company’s stock after buying an additional 32,465 shares during the period. Woodline Partners LP’s holdings in Fabrinet were worth $9,527,000 at the end of the most recent reporting period.

Several other large investors have also made changes to their positions in the company. Huntington National Bank raised its position in Fabrinet by 66.7% during the fourth quarter. Huntington National Bank now owns 230 shares of the technology company’s stock valued at $51,000 after purchasing an additional 92 shares in the last quarter. Quarry LP increased its stake in shares of Fabrinet by 315.8% in 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 increased its stake in shares of Fabrinet by 576.2% in the 4th quarter. IFP Advisors Inc now owns 284 shares of the technology company’s stock valued at $63,000 after purchasing an additional 242 shares during the last quarter. Assetmark Inc. raised its holdings in shares of Fabrinet by 12.0% during the 4th 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. Finally, Transamerica Financial Advisors Inc. lifted its position 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 buying an additional 83 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Insider Activity at Fabrinet

In related news, Director Rollance E. Olson sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total value of $559,950.00. Following the sale, the director now directly owns 23,201 shares in the company, valued at $5,196,559.98. This represents a 9.73% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 0.38% of the stock is currently owned by company insiders.

Fabrinet Price Performance

NYSE:FN opened at $228.46 on Friday. Fabrinet has a one year low of $148.55 and a one year high of $281.79. The company has a market cap of $8.19 billion, a PE ratio of 25.55 and a beta of 0.95. The firm’s 50 day simple moving average is $203.89 and its 200 day simple moving average is $218.88.

Fabrinet (NYSE:FN) last released its quarterly earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.05. The firm had revenue of $871.80 million during the quarter, compared to the consensus estimate of $857.12 million. Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. The company’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same quarter last year, the firm earned $2.39 earnings per share. Equities research analysts expect that Fabrinet will post 9.4 EPS for the current year.

Wall Street Analysts Forecast Growth

A number of research firms have issued reports on FN. Rosenblatt Securities lifted their target price on Fabrinet from $230.00 to $250.00 and gave the company a “buy” rating in a research report on Tuesday, May 6th. Fox Advisors began coverage on shares of Fabrinet in a report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 price target on the stock. B. Riley raised shares of Fabrinet from a “sell” rating to a “neutral” rating and dropped their price objective for the company from $178.00 to $176.00 in a research note on Friday, April 4th. Needham & Company LLC restated a “buy” rating and issued a $280.00 target price on shares of Fabrinet in a research report on Tuesday, May 6th. Finally, JPMorgan Chase & Co. upped their price target on shares of Fabrinet from $220.00 to $235.00 and gave the stock a “neutral” rating in a report on Tuesday, May 6th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $239.29.

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.