Avantax Advisory Services Inc. Acquires 486 Shares of Fabrinet (NYSE:FN)

Avantax Advisory Services Inc. raised its holdings in Fabrinet (NYSE:FN) by 23.8% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 2,530 shares of the technology company’s stock after buying an additional 486 shares during the period. Avantax Advisory Services Inc.’s holdings in Fabrinet were worth $500,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Wayfinding Financial LLC acquired a new position in shares of Fabrinet during the 1st quarter worth approximately $30,000. Berbice Capital Management LLC bought a new position in Fabrinet during the first quarter worth $30,000. Private Trust Co. NA increased its holdings in shares of Fabrinet by 44.3% in the first quarter. Private Trust Co. NA now owns 166 shares of the technology company’s stock valued at $33,000 after purchasing an additional 51 shares during the last quarter. SBI Securities Co. Ltd. increased its holdings in shares of Fabrinet by 93.5% in the first quarter. SBI Securities Co. Ltd. now owns 180 shares of the technology company’s stock valued at $36,000 after purchasing an additional 87 shares during the last quarter. Finally, Versant Capital Management Inc raised its position in shares of 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 period. 97.38% of the stock is owned by institutional investors.

Fabrinet Price Performance

Shares of NYSE FN opened at $327.84 on Wednesday. The company has a 50-day moving average price of $280.72 and a 200-day moving average price of $234.73. The stock has a market capitalization of $11.75 billion, a P/E ratio of 36.51 and a beta of 1.02. Fabrinet has a 1 year low of $148.55 and a 1 year high of $333.79.

Fabrinet (NYSE:FN) last posted its earnings results on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.47 by $0.05. The firm had revenue of $871.80 million during the quarter, compared to analyst estimates of $857.12 million. Fabrinet had a net margin of 10.00% and a return on equity of 17.99%. The business’s revenue was up 19.2% compared to the same quarter last year. During the same quarter in the prior year, the business posted $2.39 EPS. As a group, equities research analysts anticipate that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Insider Activity

In related news, Director Rollance E. Olson sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total transaction of $559,950.00. Following the sale, the director owned 23,201 shares of the company’s stock, valued at approximately $5,196,559.98. This represents a 9.73% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, COO Harpal Gill sold 18,675 shares of the business’s stock in a transaction dated Wednesday, June 4th. The stock was sold at an average price of $240.00, for a total value of $4,482,000.00. Following the transaction, the chief operating officer owned 18,068 shares of the company’s stock, valued at approximately $4,336,320. The trade was a 50.83% decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.38% of the company’s stock.

Analyst Upgrades and Downgrades

Several research firms have recently commented on FN. Rosenblatt Securities upped their target price on Fabrinet from $250.00 to $290.00 and gave the company a “buy” rating in a research report on Thursday, June 12th. Barclays set a $234.00 price objective on Fabrinet and gave the company an “equal weight” rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. lifted their target price on Fabrinet from $235.00 to $318.00 and gave the stock a “neutral” rating in a report on Thursday, July 17th. Needham & Company LLC reissued a “buy” rating and issued a $280.00 target price on shares of Fabrinet in a research report on Tuesday, May 6th. Finally, Wolfe Research began coverage on shares of Fabrinet in a research report on Tuesday, July 8th. They set a “peer perform” rating on the stock. Four equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, Fabrinet currently has an average rating of “Hold” and a consensus target price of $261.33.

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.