Choreo LLC Invests $489,000 in Fabrinet (NYSE:FN)

Choreo LLC acquired a new position in shares of Fabrinet (NYSE:FN) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund acquired 2,012 shares of the technology company’s stock, valued at approximately $489,000.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. Opal Wealth Advisors LLC acquired a new position in Fabrinet during the second quarter valued at $28,000. Banque Cantonale Vaudoise acquired a new position in Fabrinet during the second quarter valued at $35,000. Parallel Advisors LLC lifted its position in Fabrinet by 59.7% during the fourth quarter. Parallel Advisors LLC now owns 206 shares of the technology company’s stock valued at $39,000 after purchasing an additional 77 shares during the period. GAMMA Investing LLC lifted its position in Fabrinet by 60.6% during the first quarter. GAMMA Investing LLC now owns 289 shares of the technology company’s stock valued at $55,000 after purchasing an additional 109 shares during the period. Finally, UMB Bank n.a. acquired a new position in Fabrinet during the first quarter valued at $57,000. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Fabrinet Trading Up 3.7 %

NYSE:FN opened at $230.04 on Monday. The company has a market capitalization of $8.32 billion, a P/E ratio of 30.55 and a beta of 0.96. Fabrinet has a twelve month low of $148.30 and a twelve month high of $278.38. The firm has a 50-day moving average price of $230.70 and a two-hundred day moving average price of $218.87.

Fabrinet (NYSE:FN) last released its earnings results on Monday, August 19th. The technology company reported $2.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.06 by $0.35. Fabrinet had a net margin of 10.27% and a return on equity of 18.10%. The firm had revenue of $753.26 million during the quarter, compared to the consensus estimate of $732.63 million. During the same period in the previous year, the firm earned $1.68 earnings per share. Fabrinet’s revenue was up 14.8% compared to the same quarter last year. On average, equities research analysts predict that Fabrinet will post 9.11 earnings per share for the current year.

Insider Buying and Selling at Fabrinet

In other Fabrinet news, CFO Csaba Sverha sold 9,288 shares of Fabrinet stock in a transaction that occurred on Friday, August 23rd. The shares were sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the transaction, the chief financial officer now directly owns 19,768 shares of the company’s stock, valued at $5,338,941.44. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, CFO Csaba Sverha sold 9,288 shares of the business’s stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.08, for a total transaction of $2,508,503.04. Following the transaction, the chief financial officer now directly owns 19,768 shares of the company’s stock, valued at $5,338,941.44. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Edward T. Archer sold 8,690 shares of the business’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 directly owns 8,333 shares in the company, valued at $1,835,426.58. The disclosure for this sale can be found here. Insiders have sold a total of 44,728 shares of company stock valued at $11,645,062 over the last ninety days. Corporate insiders own 0.51% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Needham & Company LLC upped their price objective on shares of Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Jefferies Financial Group assumed coverage on shares of Fabrinet in a research report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 price objective for the company. Rosenblatt Securities upped their price objective 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. JPMorgan Chase & Co. boosted their target price on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Finally, B. Riley boosted their target price on shares of Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $219.00.

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.