Atom Investors LP Acquires Shares of 13,203 Fabrinet (NYSE:FN)

Atom Investors LP bought a new position in shares of Fabrinet (NYSE:FN) in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 13,203 shares of the technology company’s stock, valued at approximately $3,122,000.

Several other hedge funds have also modified their holdings of the business. nVerses Capital LLC purchased a new position in Fabrinet in the third quarter worth $567,000. Charles Schwab Investment Management Inc. increased its holdings in shares of Fabrinet by 14.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock valued at $113,621,000 after purchasing an additional 61,491 shares in the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in shares of Fabrinet in the 3rd quarter valued at about $2,398,000. LMR Partners LLP lifted its stake in shares of Fabrinet by 68.4% in the third quarter. LMR Partners LLP now owns 39,493 shares of the technology company’s stock valued at $9,338,000 after purchasing an additional 16,037 shares during the period. Finally, Pathstone Holdings LLC boosted its holdings in Fabrinet by 40.7% during the third quarter. Pathstone Holdings LLC now owns 8,219 shares of the technology company’s stock worth $1,943,000 after buying an additional 2,378 shares in the last quarter. 97.38% of the stock is owned by institutional investors and hedge funds.

Fabrinet Price Performance

Shares of FN stock opened at $234.58 on Monday. The firm’s 50-day simple moving average is $244.01 and its 200-day simple moving average is $238.06. Fabrinet has a 1-year low of $159.30 and a 1-year high of $278.38. The firm has a market cap of $8.51 billion, a P/E ratio of 27.76 and a beta of 0.95.

Fabrinet (NYSE:FN) last posted its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share 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 company had revenue of $804.20 million for the quarter, compared to the consensus estimate of $771.24 million. During the same quarter last year, the firm posted $1.78 earnings per share. Fabrinet’s revenue was up 17.3% on a year-over-year basis. Analysts expect that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Insider Buying and Selling at Fabrinet

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

Analysts Set New Price Targets

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

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.