Wedge Capital Management L L P NC Buys Shares of 287,531 Fabrinet (NYSE:FN)

Wedge Capital Management L L P NC bought a new position in Fabrinet (NYSE:FN) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 287,531 shares of the technology company’s stock, valued at approximately $63,222,000. Fabrinet comprises 1.1% of Wedge Capital Management L L P NC’s portfolio, making the stock its 20th biggest holding. Wedge Capital Management L L P NC owned approximately 0.79% of Fabrinet as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. Driehaus Capital Management LLC boosted its stake in shares of Fabrinet by 183.5% during the second quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock valued at $68,046,000 after purchasing an additional 179,943 shares in the last quarter. Whale Rock Capital Management LLC boosted its position in 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 buying an additional 175,684 shares during the period. Clearbridge Investments LLC bought a new stake in Fabrinet during the 2nd quarter worth approximately $27,911,000. World Investment Advisors LLC acquired a new position in Fabrinet in the 3rd quarter valued at approximately $20,187,000. Finally, DekaBank Deutsche Girozentrale raised its stake in shares of Fabrinet by 3,831.4% during the third quarter. DekaBank Deutsche Girozentrale now owns 82,088 shares of the technology company’s stock valued at $19,465,000 after acquiring an additional 80,000 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several brokerages recently weighed in on FN. B. Riley cut shares of Fabrinet from a “neutral” rating to a “sell” rating and reduced their price objective for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. Needham & Company LLC started coverage on Fabrinet in a research note on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price target for the company. Finally, Barclays started coverage on Fabrinet in a research report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price objective for the company. One research 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, Fabrinet currently has an average rating of “Hold” and an average price target of $252.14.

Fabrinet Price Performance

Shares of Fabrinet stock opened at $242.13 on Friday. The firm has a market cap of $8.78 billion, a price-to-earnings ratio of 28.65 and a beta of 0.93. The stock’s 50-day moving average is $233.12 and its 200 day moving average is $235.54. Fabrinet has a one year low of $159.69 and a one year high of $278.38.

Fabrinet (NYSE:FN) last announced its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The company had revenue of $804.20 million during the quarter, compared to the consensus estimate of $771.24 million. During the same quarter last year, the firm posted $1.78 EPS. The company’s quarterly revenue was up 17.3% on a year-over-year basis. On average, sell-side analysts expect that Fabrinet will post 9.1 EPS 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.