Assetmark Inc. Acquires 356 Shares of Fabrinet (NYSE:FN)

Assetmark Inc. lifted its stake in Fabrinet (NYSE:FN) by 468.4% during the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 432 shares of the technology company’s stock after purchasing an additional 356 shares during the period. Assetmark Inc.’s holdings in Fabrinet were worth $102,000 at the end of the most recent quarter.

Other hedge funds have also recently made changes to their positions in the company. Olympiad Research LP grew its stake in Fabrinet by 89.5% in the third quarter. Olympiad Research LP now owns 2,047 shares of the technology company’s stock worth $484,000 after purchasing an additional 967 shares in the last quarter. Principal Financial Group Inc. lifted its holdings in shares of Fabrinet by 18.5% in the 3rd quarter. Principal Financial Group Inc. now owns 227,300 shares of the technology company’s stock worth $53,743,000 after buying an additional 35,504 shares during the period. Amalgamated Bank lifted its holdings in shares of Fabrinet by 50.3% in the 3rd quarter. Amalgamated Bank now owns 16,591 shares of the technology company’s stock worth $3,923,000 after buying an additional 5,554 shares during the period. Moloney Securities Asset Management LLC grew its position in shares of Fabrinet by 49.5% during the 3rd quarter. Moloney Securities Asset Management LLC now owns 1,644 shares of the technology company’s stock worth $389,000 after buying an additional 544 shares in the last quarter. Finally, QRG Capital Management Inc. increased its stake in shares of Fabrinet by 3.8% during the third quarter. QRG Capital Management Inc. now owns 3,607 shares of the technology company’s stock valued at $853,000 after buying an additional 133 shares during the period. 97.38% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Fabrinet

In related news, CFO Csaba Sverha sold 9,288 shares of the company’s stock in a transaction on Friday, August 23rd. The stock was 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 directly owns 19,768 shares of the company’s stock, valued at $5,338,941.44. This represents a 31.97 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Seamus Grady sold 26,650 shares of Fabrinet stock in a transaction dated Friday, August 23rd. The stock was sold at an average price of $270.00, for a total value of $7,195,500.00. Following the sale, the chief executive officer now directly owns 37,643 shares of the company’s stock, valued at approximately $10,163,610. This represents a 41.45 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 44,728 shares of company stock worth $11,645,062. 0.38% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of research firms recently weighed in on FN. Barclays began coverage on shares of Fabrinet in a research note on Thursday. They issued an “equal weight” rating and a $292.00 price objective for the company. JPMorgan Chase & Co. upped their price target on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. Needham & Company LLC initiated coverage on shares of Fabrinet in a research note on Tuesday, November 5th. They set a “buy” rating and a $280.00 price objective on the stock. B. Riley reduced their price objective on shares of Fabrinet from $196.00 to $194.00 and set a “neutral” rating for the company in a research note on Tuesday, November 5th. Finally, Rosenblatt Securities increased their target price on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $254.43.

Fabrinet Stock Down 6.8 %

NYSE FN opened at $234.85 on Monday. Fabrinet has a 52 week low of $159.30 and a 52 week high of $278.38. The company has a 50 day moving average price of $242.35 and a 200 day moving average price of $236.02. The firm has a market cap of $8.52 billion, a PE ratio of 27.79 and a beta of 0.95.

Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.38 by $0.01. The business had revenue of $804.20 million for the quarter, compared to the consensus estimate of $771.24 million. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The business’s quarterly revenue was up 17.3% on a year-over-year basis. During the same period in the prior year, the firm posted $1.78 earnings per share. On average, equities research analysts anticipate that Fabrinet will post 9.1 earnings per share for the current fiscal year.

Fabrinet 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.