Choreo LLC Invests $603,000 in Fabrinet $FN

Choreo LLC acquired a new position in shares of Fabrinet (NYSE:FN) in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 2,045 shares of the technology company’s stock, valued at approximately $603,000.

Several other hedge funds have also recently added to or reduced their stakes in FN. Coldstream Capital Management Inc. boosted its holdings in Fabrinet by 3.2% during the second quarter. Coldstream Capital Management Inc. now owns 998 shares of the technology company’s stock worth $294,000 after buying an additional 31 shares during the last quarter. IFP Advisors Inc raised its position in shares of Fabrinet by 10.9% in the 2nd quarter. IFP Advisors Inc now owns 347 shares of the technology company’s stock valued at $103,000 after acquiring an additional 34 shares during the period. SBI Securities Co. Ltd. boosted its stake in Fabrinet by 21.7% during the 2nd quarter. SBI Securities Co. Ltd. now owns 219 shares of the technology company’s stock worth $65,000 after acquiring an additional 39 shares during the last quarter. Bessemer Group Inc. grew its holdings in Fabrinet by 33.6% during the second quarter. Bessemer Group Inc. now owns 171 shares of the technology company’s stock valued at $50,000 after purchasing an additional 43 shares during the period. Finally, CreativeOne Wealth LLC increased its stake in Fabrinet by 4.9% in the first quarter. CreativeOne Wealth LLC now owns 1,148 shares of the technology company’s stock valued at $227,000 after purchasing an additional 54 shares in the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Fabrinet Price Performance

Shares of Fabrinet stock opened at $448.74 on Tuesday. The firm has a market cap of $16.08 billion, a price-to-earnings ratio of 46.21 and a beta of 1.05. The stock’s 50-day moving average is $410.81 and its 200-day moving average is $338.13. Fabrinet has a one year low of $148.55 and a one year high of $498.00.

Insider Transactions at Fabrinet

In other news, EVP Edward T. Archer sold 3,333 shares of Fabrinet stock in a transaction that occurred on Thursday, September 4th. The shares were sold at an average price of $354.48, for a total value of $1,181,481.84. Following the sale, the executive vice president directly owned 6,644 shares in the company, valued at $2,355,165.12. This trade represents a 33.41% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, COO Harpal Gill sold 14,203 shares of the business’s stock in a transaction on Thursday, September 4th. The stock was sold at an average price of $355.15, for a total transaction of $5,044,195.45. Following the completion of the sale, the chief operating officer directly owned 13,983 shares in the company, valued at approximately $4,966,062.45. This represents a 50.39% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last quarter, insiders have sold 43,487 shares of company stock worth $17,848,277. 0.24% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on FN shares. JPMorgan Chase & Co. lifted their price target on shares of Fabrinet from $430.00 to $530.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 4th. Weiss Ratings reiterated a “buy (b)” rating on shares of Fabrinet in a report on Wednesday, November 26th. Barclays increased their price target on Fabrinet from $329.00 to $499.00 and gave the stock an “equal weight” rating in a report on Wednesday, November 5th. Zacks Research upgraded Fabrinet from a “hold” rating to a “strong-buy” rating in a report on Thursday, October 23rd. Finally, Needham & Company LLC boosted their price objective on Fabrinet from $440.00 to $540.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. One research analyst has rated the stock with a Strong Buy rating, five have assigned a Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $451.29.

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.