Blueshift Asset Management LLC Invests $397,000 in Fabrinet (NYSE:FN)

Blueshift Asset Management LLC acquired a new stake in Fabrinet (NYSE:FN) in the 3rd quarter, Holdings Channel reports. The firm acquired 1,679 shares of the technology company’s stock, valued at approximately $397,000.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. nVerses Capital LLC acquired a new stake in shares of Fabrinet in the third quarter valued at approximately $567,000. DekaBank Deutsche Girozentrale lifted its stake in Fabrinet by 27.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 79,088 shares of the technology company’s stock valued at $15,036,000 after buying an additional 17,000 shares in the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Fabrinet by 14.7% during 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 buying an additional 61,491 shares during the last quarter. LMR Partners LLP increased its position in Fabrinet by 68.4% during the third quarter. LMR Partners LLP now owns 39,493 shares of the technology company’s stock worth $9,338,000 after buying an additional 16,037 shares in the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new position in shares of Fabrinet in the third quarter worth $2,398,000. 97.38% of the stock is owned by institutional investors and hedge funds.

Fabrinet Stock Down 4.1 %

NYSE:FN opened at $225.85 on Friday. Fabrinet has a fifty-two week low of $159.30 and a fifty-two week high of $278.38. The firm’s 50 day moving average is $243.94 and its two-hundred day moving average is $237.91. The company has a market cap of $8.19 billion, a P/E ratio of 26.73 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 (EPS) for the quarter, beating analysts’ consensus estimates 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 firm’s quarterly revenue was up 17.3% compared to the same quarter last year. During the same quarter in the previous year, the business earned $1.78 earnings per share. Research analysts forecast that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Insider Buying and Selling

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. Corporate insiders own 0.38% of the company’s stock.

Wall Street Analyst Weigh In

A number of analysts recently commented on FN shares. JPMorgan Chase & Co. lifted their price objective on Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Needham & Company LLC started coverage on shares of Fabrinet in a report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price target for the company. Rosenblatt Securities upped their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. B. Riley cut shares of Fabrinet from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. Finally, Barclays started coverage on Fabrinet in a research note on Thursday, November 14th. They set an “equal weight” rating and a $292.00 price target on the stock. 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 stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price 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.