Blueshift Asset Management LLC Takes Position in Fabrinet (NYSE:FN)

Blueshift Asset Management LLC bought a new position in shares of Fabrinet (NYSE:FN) during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 1,679 shares of the technology company’s stock, valued at approximately $397,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Opal Wealth Advisors LLC purchased a new stake in Fabrinet during the 2nd quarter worth about $28,000. Huntington National Bank lifted its stake in Fabrinet by 70.4% during the third quarter. Huntington National Bank now owns 138 shares of the technology company’s stock worth $33,000 after purchasing an additional 57 shares during the last quarter. Banque Cantonale Vaudoise acquired a new position in Fabrinet in the second quarter valued at approximately $35,000. Kimelman & Baird LLC purchased a new position in Fabrinet in the second quarter valued at approximately $49,000. Finally, NBC Securities Inc. raised its holdings in Fabrinet by 732.0% during the third quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock worth $49,000 after purchasing an additional 183 shares in the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Insider Activity

In other news, EVP Edward T. Archer sold 8,690 shares of the firm’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the sale, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at $1,835,426.58. This trade represents a 51.05 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 0.38% of the company’s stock.

Fabrinet Stock Down 4.1 %

FN opened at $225.85 on Friday. Fabrinet has a 52 week low of $159.30 and a 52 week high of $278.38. The business has a 50 day moving average price of $243.94 and a two-hundred day moving average price of $237.91. The company has a market cap of $8.19 billion, a PE ratio of 26.73 and a beta of 0.95.

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

Analysts Set New Price Targets

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

Fabrinet Company 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.