Oppenheimer & Co. Inc. Makes New $414,000 Investment in Fabrinet (NYSE:FN)

Oppenheimer & Co. Inc. acquired a new position in shares of Fabrinet (NYSE:FN) in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 3,489 shares of the technology company’s stock, valued at approximately $414,000.

Other hedge funds have also recently bought and sold shares of the company. Belpointe Asset Management LLC acquired a new position in Fabrinet during the fourth quarter worth $236,000. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Fabrinet in the fourth quarter valued at $202,000. MQS Management LLC acquired a new stake in shares of Fabrinet in the first quarter valued at $326,000. Jump Financial LLC acquired a new stake in Fabrinet in the first quarter worth about $3,621,000. Finally, Federated Hermes Inc. increased its position in Fabrinet by 1,859.9% in the first quarter. Federated Hermes Inc. now owns 11,838 shares of the technology company’s stock worth $1,406,000 after purchasing an additional 11,234 shares during the period. 97.38% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Needham & Company LLC raised their target price on Fabrinet from $150.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, August 22nd. Northland Securities raised their target price on Fabrinet from $135.00 to $150.00 and gave the stock an “outperform” rating in a report on Tuesday, August 22nd. StockNews.com assumed coverage on Fabrinet in a report on Thursday, August 17th. They set a “hold” rating on the stock. HC Wainwright restated a “buy” rating and set a $28.00 target price on shares of Fabrinet in a report on Tuesday, August 22nd. Finally, Lake Street Capital raised their target price on Fabrinet from $130.00 to $165.00 and gave the stock a “buy” rating in a report on Tuesday, August 22nd. Three analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat, Fabrinet has a consensus rating of “Moderate Buy” and an average price target of $118.88.

Insider Activity at Fabrinet

In related news, CFO Csaba Sverha sold 20,000 shares of Fabrinet stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $160.90, for a total value of $3,218,000.00. Following the sale, the chief financial officer now owns 14,073 shares of the company’s stock, valued at approximately $2,264,345.70. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In other Fabrinet news, CFO Csaba Sverha sold 20,000 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $160.90, for a total transaction of $3,218,000.00. Following the transaction, the chief financial officer now owns 14,073 shares of the company’s stock, valued at approximately $2,264,345.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Seamus Grady sold 27,000 shares of the business’s stock in a transaction that occurred on Thursday, August 24th. The stock was sold at an average price of $159.92, for a total value of $4,317,840.00. Following the transaction, the chief executive officer now directly owns 45,471 shares in the company, valued at approximately $7,271,722.32. The disclosure for this sale can be found here. 0.50% of the stock is owned by insiders.

Fabrinet Price Performance

NYSE:FN opened at $157.34 on Wednesday. The business’s 50-day simple moving average is $129.36 and its 200-day simple moving average is $116.74. Fabrinet has a fifty-two week low of $90.19 and a fifty-two week high of $163.88. The stock has a market capitalization of $5.69 billion, a PE ratio of 23.41 and a beta of 1.14.

Fabrinet (NYSE:FN) last announced its earnings results on Monday, August 21st. The technology company reported $1.86 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.80 by $0.06. Fabrinet had a return on equity of 18.23% and a net margin of 9.37%. The business had revenue of $655.87 million for the quarter, compared to analyst estimates of $641.42 million. During the same quarter last year, the firm earned $1.51 EPS. Fabrinet’s revenue for the quarter was up 11.6% compared to the same quarter last year. On average, research analysts expect that Fabrinet will post 7.17 earnings per share for the current 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.