GAMMA Investing LLC Buys 174,657 Shares of Fabrinet (NYSE:FN)

GAMMA Investing LLC raised its stake in Fabrinet (NYSE:FN) by 18,800.5% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 175,586 shares of the technology company’s stock after purchasing an additional 174,657 shares during the quarter. GAMMA Investing LLC owned 0.48% of Fabrinet worth $34,680,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the stock. Versant Capital Management Inc lifted its position in Fabrinet by 353.7% in the first quarter. Versant Capital Management Inc now owns 186 shares of the technology company’s stock valued at $37,000 after purchasing an additional 145 shares during the last quarter. First Hawaiian Bank bought a new stake in Fabrinet in the first quarter valued at approximately $1,133,000. Wealth Enhancement Advisory Services LLC lifted its position in Fabrinet by 10.0% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 4,402 shares of the technology company’s stock valued at $968,000 after purchasing an additional 399 shares during the last quarter. Cim LLC lifted its position in Fabrinet by 1.4% in the fourth quarter. Cim LLC now owns 6,013 shares of the technology company’s stock valued at $1,322,000 after purchasing an additional 82 shares during the last quarter. Finally, Menard Financial Group LLC lifted its position in Fabrinet by 34.1% in the fourth quarter. Menard Financial Group LLC now owns 1,707 shares of the technology company’s stock valued at $375,000 after purchasing an additional 434 shares during the last quarter. Institutional investors own 97.38% of the company’s stock.

Insider Transactions at Fabrinet

In other news, Director Rollance E. Olson sold 2,500 shares of the stock in a transaction on Tuesday, May 13th. The stock was sold at an average price of $223.98, for a total value of $559,950.00. Following the sale, the director now directly owns 23,201 shares of the company’s stock, valued at approximately $5,196,559.98. This represents a 9.73% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.38% of the company’s stock.

Analyst Ratings Changes

FN has been the topic of several research analyst reports. B. Riley raised Fabrinet from a “sell” rating to a “neutral” rating and reduced their target price for the company from $178.00 to $176.00 in a research note on Friday, April 4th. Rosenblatt Securities boosted their target price on Fabrinet from $230.00 to $250.00 and gave the company a “buy” rating in a research note on Tuesday, May 6th. Fox Advisors initiated coverage on Fabrinet in a research note on Tuesday, February 18th. They set an “overweight” rating and a $270.00 target price on the stock. JPMorgan Chase & Co. boosted their target price on Fabrinet from $220.00 to $235.00 and gave the company a “neutral” rating in a research note on Tuesday, May 6th. Finally, Barclays set a $234.00 target price on Fabrinet and gave the company an “equal weight” rating in a research note on Tuesday, May 6th. Four analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $239.29.

Fabrinet Stock Up 2.7%

Shares of FN stock opened at $239.73 on Wednesday. The stock has a market cap of $8.59 billion, a price-to-earnings ratio of 26.82 and a beta of 0.95. The business’s fifty day moving average is $206.03 and its 200 day moving average is $217.54. Fabrinet has a twelve month low of $148.55 and a twelve month high of $281.79.

Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share for the quarter, topping the consensus estimate of $2.47 by $0.05. The company had revenue of $871.80 million for the quarter, compared to analysts’ expectations of $857.12 million. Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. The firm’s revenue for the quarter was up 19.2% on a year-over-year basis. During the same period in the prior year, the firm earned $2.39 earnings per share. Equities research analysts expect that Fabrinet will post 9.4 earnings per share for the current fiscal year.

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.