35,000 Shares in Fabrinet $FN Purchased by Scalar Gauge Management LLC

Scalar Gauge Management LLC purchased a new position in Fabrinet (NYSE:FN) during the third quarter, HoldingsChannel reports. The fund purchased 35,000 shares of the technology company’s stock, valued at approximately $12,762,000. Fabrinet accounts for approximately 6.5% of Scalar Gauge Management LLC’s portfolio, making the stock its 4th biggest holding.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in the business. Root Financial Partners LLC purchased a new stake in Fabrinet during the 3rd quarter valued at approximately $34,000. Elevation Point Wealth Partners LLC bought a new position in shares of Fabrinet during the second quarter worth $35,000. First Horizon Advisors Inc. grew its stake in Fabrinet by 124.2% during the second quarter. First Horizon Advisors Inc. now owns 139 shares of the technology company’s stock valued at $41,000 after acquiring an additional 77 shares in the last quarter. Cullen Frost Bankers Inc. increased its holdings in Fabrinet by 118.5% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 142 shares of the technology company’s stock valued at $42,000 after acquiring an additional 77 shares during the last quarter. Finally, REAP Financial Group LLC lifted its stake in Fabrinet by 171.9% in the 2nd quarter. REAP Financial Group LLC now owns 155 shares of the technology company’s stock worth $46,000 after purchasing an additional 98 shares in the last quarter. 97.38% of the stock is currently owned by institutional investors.

Fabrinet Stock Performance

NYSE FN opened at $473.87 on Tuesday. The business’s 50 day moving average price is $464.07 and its 200-day moving average price is $399.18. Fabrinet has a fifty-two week low of $148.55 and a fifty-two week high of $531.22. The company has a market cap of $16.98 billion, a P/E ratio of 48.80 and a beta of 1.04.

Insider Activity

In related news, Director Homa Bahrami sold 3,500 shares of the company’s stock in a transaction dated Monday, December 1st. The shares were sold at an average price of $453.75, for a total transaction of $1,588,125.00. Following the transaction, the director directly owned 18,316 shares in the company, valued at approximately $8,310,885. This represents a 16.04% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Thomas F. Kelly sold 2,200 shares of the stock in a transaction dated Thursday, December 4th. The stock was sold at an average price of $464.14, for a total transaction of $1,021,108.00. Following the completion of the sale, the director directly owned 18,789 shares in the company, valued at $8,720,726.46. This trade represents a 10.48% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 28,151 shares of company stock valued at $12,643,707. 0.24% of the stock is currently owned by company insiders.

Analyst Ratings Changes

FN has been the subject of a number of research analyst reports. Needham & Company LLC raised their price objective on Fabrinet from $440.00 to $540.00 and gave the company a “buy” rating in a research report on Tuesday, November 4th. Northland Securities set a $600.00 price target on Fabrinet in a research note on Monday, December 22nd. Susquehanna lifted their price objective on Fabrinet from $550.00 to $570.00 and gave the stock a “positive” rating in a research note on Thursday. Barclays upgraded Fabrinet from an “equal weight” rating to an “overweight” rating and increased their target price for the company from $499.00 to $537.00 in a research report on Wednesday, January 14th. Finally, JPMorgan Chase & Co. raised their target price on shares of Fabrinet from $430.00 to $530.00 and gave the company an “overweight” rating in a report on Tuesday, November 4th. Seven analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $477.13.

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.