Fabrinet (NYSE:FN) Shares Bought by Whale Rock Capital Management LLC

Whale Rock Capital Management LLC boosted its stake in Fabrinet (NYSE:FN) by 25.8% in the third quarter, Holdings Channel reports. The fund owned 855,767 shares of the technology company’s stock after buying an additional 175,684 shares during the quarter. Fabrinet makes up about 2.8% of Whale Rock Capital Management LLC’s holdings, making the stock its 13th biggest holding. Whale Rock Capital Management LLC’s holdings in Fabrinet were worth $202,338,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Opal Wealth Advisors LLC bought a new stake in shares of Fabrinet in the 2nd quarter worth approximately $28,000. Huntington National Bank lifted its stake in Fabrinet by 70.4% in the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after acquiring an additional 57 shares during the last quarter. Banque Cantonale Vaudoise bought a new position in Fabrinet during the second quarter valued at about $35,000. Kimelman & Baird LLC acquired a new stake in Fabrinet in the 2nd quarter worth approximately $49,000. Finally, NBC Securities Inc. grew its stake in Fabrinet by 732.0% in the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock valued at $49,000 after buying an additional 183 shares during the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

FN has been the topic of several analyst reports. Needham & Company LLC started coverage on shares of Fabrinet in a report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price target on the stock. Rosenblatt Securities boosted their target price on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Barclays assumed coverage on shares of Fabrinet in a research report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 target price for the company. JPMorgan Chase & Co. boosted their price target on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research report on Tuesday, August 20th. Finally, B. Riley downgraded Fabrinet from a “neutral” rating to a “sell” rating and reduced their target price for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $252.14.

Fabrinet Price Performance

FN stock opened at $234.87 on Friday. The stock has a market capitalization of $8.52 billion, a PE ratio of 27.80 and a beta of 0.92. The company has a 50 day moving average price of $244.37 and a 200 day moving average price of $238.10. Fabrinet has a fifty-two week low of $159.69 and a fifty-two week high of $278.38.

Fabrinet (NYSE:FN) last announced its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share for the quarter, topping analysts’ consensus estimates of $2.38 by $0.01. The company had revenue of $804.20 million for the quarter, compared to analysts’ expectations of $771.24 million. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The business’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same period last year, the firm posted $1.78 earnings per share. As a group, equities analysts expect that Fabrinet will post 9.1 earnings per share for the current fiscal year.

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.