Cynosure Group LLC Has $369,000 Stake in Fabrinet (NYSE:FN)

Cynosure Group LLC raised its stake in shares of Fabrinet (NYSE:FN) by 3.4% during the 3rd quarter, HoldingsChannel.com reports. The firm owned 1,560 shares of the technology company’s stock after acquiring an additional 51 shares during the quarter. Cynosure Group LLC’s holdings in Fabrinet were worth $369,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the stock. Driehaus Capital Management LLC boosted its stake in Fabrinet by 183.5% during the second quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock worth $68,046,000 after buying an additional 179,943 shares in the last quarter. Clearbridge Investments LLC acquired a new stake in shares of Fabrinet during the 2nd quarter valued at about $27,911,000. DekaBank Deutsche Girozentrale increased its stake in Fabrinet by 3,831.4% in 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 period. Rice Hall James & Associates LLC raised its position in Fabrinet by 89.1% in the second quarter. Rice Hall James & Associates LLC now owns 134,519 shares of the technology company’s stock worth $32,929,000 after purchasing an additional 63,398 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. lifted its stake in Fabrinet by 14.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock worth $113,621,000 after purchasing an additional 61,491 shares during the period. Institutional investors own 97.38% of the company’s stock.

Fabrinet Stock Performance

Shares of FN stock opened at $225.85 on Friday. The stock’s fifty day moving average is $243.94 and its 200-day moving average is $237.91. Fabrinet has a 52 week low of $159.30 and a 52 week high of $278.38. The stock has a market capitalization of $8.19 billion, a PE ratio of 26.73 and a beta of 0.95.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The firm had revenue of $804.20 million for the quarter, compared to analyst estimates of $771.24 million. During the same quarter in the prior year, the firm earned $1.78 EPS. The company’s revenue was up 17.3% on a year-over-year basis. As a group, analysts forecast that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on FN shares. JPMorgan Chase & Co. upped their price objective on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Needham & Company LLC began coverage on Fabrinet in a research note on Tuesday, November 5th. They set a “buy” rating and a $280.00 price objective for the company. Rosenblatt Securities lifted their price objective on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Barclays assumed coverage on shares of Fabrinet in a report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 target price on the stock. Finally, B. Riley downgraded shares of Fabrinet from a “neutral” rating to a “sell” rating and cut their price target for the company from $194.00 to $178.00 in a report on Wednesday, November 20th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $252.14.

Insider Activity at Fabrinet

In other news, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the transaction, the executive vice president now owns 8,333 shares of the company’s stock, valued at $1,835,426.58. This represents a 51.05 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.38% of the stock is currently owned by company insiders.

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.