Envestnet Portfolio Solutions Inc. Has $644,000 Stake in Fabrinet (NYSE:FN)

Envestnet Portfolio Solutions Inc. lowered its holdings in shares of Fabrinet (NYSE:FN) by 26.8% during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 2,928 shares of the technology company’s stock after selling 1,074 shares during the period. Envestnet Portfolio Solutions Inc.’s holdings in Fabrinet were worth $644,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Wedge Capital Management L L P NC acquired a new position in shares of Fabrinet in the 4th quarter worth approximately $63,222,000. Whale Rock Capital Management LLC grew its position in Fabrinet by 25.8% in the third quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock valued at $202,338,000 after acquiring an additional 175,684 shares during the period. Stephens Investment Management Group LLC acquired a new position in Fabrinet during the fourth quarter worth $28,218,000. Raymond James Financial Inc. bought a new position in shares of Fabrinet during the fourth quarter valued at $24,844,000. Finally, World Investment Advisors LLC bought a new stake in shares of Fabrinet in the 3rd quarter worth about $20,187,000. Institutional investors own 97.38% of the company’s stock.

Analyst Ratings Changes

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

Fabrinet Stock Up 5.0 %

Shares of FN opened at $231.74 on Tuesday. The stock’s fifty day simple moving average is $218.73 and its 200-day simple moving average is $230.38. The firm has a market capitalization of $8.40 billion, a PE ratio of 25.92 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 earnings results on Monday, February 3rd. The technology company reported $2.38 earnings per share (EPS) 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%. Analysts anticipate that Fabrinet will post 9.4 EPS for the current 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.