Summit Trail Advisors LLC Purchases New Position in Fabrinet (NYSE:FN)

Summit Trail Advisors LLC purchased a new stake in Fabrinet (NYSE:FN) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm purchased 848 shares of the technology company’s stock, valued at approximately $208,000.

Several other large investors have also added to or reduced their stakes in the business. Evoke Wealth LLC purchased a new stake in Fabrinet in the 4th quarter valued at about $3,135,000. Cim LLC purchased a new stake in Fabrinet in the 4th quarter valued at about $1,194,000. Norden Group LLC increased its stake in Fabrinet by 1,775.2% in the 1st quarter. Norden Group LLC now owns 28,616 shares of the technology company’s stock valued at $5,409,000 after buying an additional 27,090 shares during the last quarter. Pitcairn Co. purchased a new stake in shares of Fabrinet during the 1st quarter worth approximately $544,000. Finally, Franklin Resources Inc. purchased a new stake in shares of Fabrinet during the 4th quarter worth approximately $1,421,000. Institutional investors own 97.38% of the company’s stock.

Insider Buying and Selling

In related news, EVP Edward T. Archer sold 8,690 shares of Fabrinet stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total value of $1,914,059.40. Following the transaction, the executive vice president now owns 8,333 shares in the company, valued at approximately $1,835,426.58. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In related news, CFO Csaba Sverha sold 9,288 shares of Fabrinet stock in a transaction on Friday, August 23rd. The shares were sold at an average price of $270.08, for a total value of $2,508,503.04. Following the transaction, the chief financial officer now owns 19,768 shares in the company, valued at approximately $5,338,941.44. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Edward T. Archer sold 8,690 shares of Fabrinet 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 completion of the transaction, the executive vice president now owns 8,333 shares in the company, valued at approximately $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 worth $11,645,062 in the last 90 days. 0.51% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on FN. Rosenblatt Securities raised their price target on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. raised their price objective on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Needham & Company LLC raised their price objective on shares of Fabrinet from $270.00 to $280.00 and gave the stock a “buy” rating in a report on Tuesday, August 20th. B. Riley raised their price objective on shares of Fabrinet from $171.00 to $196.00 and gave the stock a “neutral” rating in a report on Tuesday, August 20th. Finally, Jefferies Financial Group assumed coverage on shares of Fabrinet in a report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 price objective for the company. Five analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Fabrinet has a consensus rating of “Hold” and a consensus target price of $219.00.

Fabrinet Stock Performance

NYSE FN opened at $230.96 on Wednesday. Fabrinet has a 52-week low of $149.19 and a 52-week high of $278.38. The company has a market capitalization of $8.35 billion, a P/E ratio of 30.67 and a beta of 0.96. The company has a fifty day moving average of $228.13 and a 200-day moving average of $219.41.

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