Congress Wealth Management LLC DE Lowers Stock Holdings in Fabrinet (NYSE:FN)

Congress Wealth Management LLC DE cut its holdings in Fabrinet (NYSE:FN) by 94.0% in the 4th quarter, according to its most recent 13F filing with the SEC. The fund owned 3,665 shares of the technology company’s stock after selling 57,015 shares during the period. Congress Wealth Management LLC DE’s holdings in Fabrinet were worth $806,000 at the end of the most recent reporting period.

A number of other large investors also recently made changes to their positions in FN. Point72 Asia Singapore Pte. Ltd. purchased a new stake in shares of Fabrinet in the third quarter valued at $52,000. Public Employees Retirement System of Ohio purchased a new stake in Fabrinet in the 3rd quarter valued at about $61,000. IFP Advisors Inc increased its stake in shares of Fabrinet by 576.2% during the 4th quarter. IFP Advisors Inc now owns 284 shares of the technology company’s stock valued at $63,000 after acquiring an additional 242 shares during the last quarter. Wilmington Savings Fund Society FSB purchased a new position in shares of Fabrinet during the 3rd quarter worth about $70,000. Finally, Assetmark Inc. boosted its position in shares of Fabrinet by 12.0% in the fourth quarter. Assetmark Inc. now owns 484 shares of the technology company’s stock worth $106,000 after acquiring an additional 52 shares during the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Down 0.8 %

Shares of NYSE:FN opened at $207.17 on Friday. The company has a market capitalization of $7.51 billion, a price-to-earnings ratio of 23.17 and a beta of 0.89. The company has a 50 day moving average of $217.58 and a two-hundred day moving average of $230.15. Fabrinet has a 52-week low of $159.69 and a 52-week 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 analysts’ consensus estimates of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. On average, equities analysts anticipate that Fabrinet will post 9.4 earnings per share for the current year.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on FN. Needham & Company LLC reaffirmed a “buy” rating and set a $280.00 price target on shares of Fabrinet in a research note on Monday, March 17th. JPMorgan Chase & Co. reduced their target price on Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a report on Tuesday, February 4th. Barclays dropped their price target on Fabrinet from $292.00 to $245.00 and set an “equal weight” rating for the company in a research note on Tuesday, February 4th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $285.00 price objective on shares of Fabrinet in a research note on Friday, March 14th. Finally, Fox Advisors started coverage on shares of Fabrinet in a research report on Tuesday, February 18th. They set an “overweight” rating and a $270.00 target price for the company. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat.com, Fabrinet has a consensus rating of “Hold” and an average price target of $250.43.

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.