Redhawk Wealth Advisors Inc. Cuts Stake in Fabrinet $FN

Redhawk Wealth Advisors Inc. lessened its stake in Fabrinet (NYSE:FN) by 90.0% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 468 shares of the technology company’s stock after selling 4,200 shares during the quarter. Redhawk Wealth Advisors Inc.’s holdings in Fabrinet were worth $263,000 at the end of the most recent quarter.

Several other institutional investors also recently made changes to their positions in FN. Glenmede Trust Co. NA boosted its holdings in Fabrinet by 1.7% in the first quarter. Glenmede Trust Co. NA now owns 1,168 shares of the technology company’s stock valued at $609,000 after acquiring an additional 19 shares during the last quarter. REAP Financial Group LLC grew its position in Fabrinet by 15.7% during the fourth quarter. REAP Financial Group LLC now owns 192 shares of the technology company’s stock valued at $87,000 after acquiring an additional 26 shares during the period. Harbour Investments Inc. increased its stake in Fabrinet by 75.0% during the fourth quarter. Harbour Investments Inc. now owns 63 shares of the technology company’s stock worth $29,000 after acquiring an additional 27 shares during the last quarter. Allworth Financial LP increased its stake in Fabrinet by 7.4% during the fourth quarter. Allworth Financial LP now owns 405 shares of the technology company’s stock worth $184,000 after acquiring an additional 28 shares during the last quarter. Finally, Ashton Thomas Private Wealth LLC raised its holdings in shares of Fabrinet by 2.8% in the 4th quarter. Ashton Thomas Private Wealth LLC now owns 1,134 shares of the technology company’s stock worth $516,000 after purchasing an additional 31 shares during the period. 97.38% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Stock Up 9.2%

NYSE FN opened at $574.34 on Thursday. Fabrinet has a fifty-two week low of $272.49 and a fifty-two week high of $748.89. The business has a 50 day moving average price of $530.99 and a two-hundred day moving average price of $567.29. The stock has a market cap of $20.58 billion, a PE ratio of 49.34 and a beta of 1.23.

Analysts Set New Price Targets

Several equities research analysts have issued reports on FN shares. Barclays boosted their price objective on shares of Fabrinet from $548.00 to $702.00 and gave the stock an “overweight” rating in a research note on Tuesday, May 5th. Needham & Company LLC cut their target price on shares of Fabrinet from $800.00 to $650.00 and set a “buy” rating on the stock in a research note on Wednesday, July 22nd. JPMorgan Chase & Co. reduced their target price on shares of Fabrinet from $700.00 to $680.00 and set a “neutral” rating on the stock in a report on Tuesday, May 5th. Fox Advisors cut shares of Fabrinet from a “strong-buy” rating to an “equal weight” rating in a research report on Tuesday, May 5th. Finally, Northland Securities set a $800.00 price target on Fabrinet in a report on Monday, April 20th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $643.00.

Insider Buying and Selling at Fabrinet

In other news, Director Homa Bahrami sold 2,500 shares of the company’s stock in a transaction on Friday, May 22nd. The shares were sold at an average price of $711.91, for a total value of $1,779,775.00. Following the completion of the transaction, the director directly owned 16,233 shares in the company, valued at approximately $11,556,435.03. This represents a 13.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.24% of the company’s stock.

Fabrinet Profile

Fabrinet is a global provider of advanced optical packaging and precision optical, electro‐mechanical and electronic manufacturing services (CEM). The company specializes in complex manufacturing processes for original equipment manufacturers (OEMs) in communications, data center, industrial, instrumentation and medical markets. Key capabilities include high‐precision fiber alignment, micro‐assembly, testing and diagnostics, and integration of electro‐optic subassemblies.

Incorporated in 2000, Fabrinet operates under a corporate structure headquartered in Singapore with additional regional offices and design centers in the Americas, Europe and Asia.