Fabrinet $FN Stock Purchased by Torray Investment Partners LLC

Torray Investment Partners LLC increased its stake in Fabrinet (NYSE:FN) by 23.1% during the 3rd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 7,376 shares of the technology company’s stock after buying an additional 1,382 shares during the period. Torray Investment Partners LLC’s holdings in Fabrinet were worth $3,129,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in FN. Paradigm Capital Management Inc. NY purchased a new position in Fabrinet during the second quarter valued at $298,183,000. Janus Henderson Group PLC boosted its holdings in Fabrinet by 15.9% in the first quarter. Janus Henderson Group PLC now owns 291,659 shares of the technology company’s stock worth $152,071,000 after acquiring an additional 40,090 shares in the last quarter. Principal Financial Group Inc. grew its stake in shares of Fabrinet by 15.0% in the first quarter. Principal Financial Group Inc. now owns 216,049 shares of the technology company’s stock worth $112,674,000 after acquiring an additional 28,166 shares during the last quarter. Allspring Global Investments Holdings LLC grew its stake in shares of Fabrinet by 108.1% in the first quarter. Allspring Global Investments Holdings LLC now owns 165,146 shares of the technology company’s stock worth $88,350,000 after acquiring an additional 85,780 shares during the last quarter. Finally, Wedge Capital Management L L P NC grew its stake in shares of Fabrinet by 11.5% in the second quarter. Wedge Capital Management L L P NC now owns 128,795 shares of the technology company’s stock worth $72,393,000 after acquiring an additional 13,245 shares during the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on FN shares. JPMorgan Chase & Co. raised their price target on Fabrinet from $465.00 to $470.00 and gave the company a “neutral” rating in a report on Tuesday. Rosenblatt Securities dropped their price target on shares of Fabrinet from $750.00 to $600.00 and set a “buy” rating on the stock in a research note on Tuesday. Barclays upped their price target on shares of Fabrinet from $702.00 to $739.00 and gave the stock an “overweight” rating in a research note on Tuesday, August 18th. B. Riley Financial cut their price objective on shares of Fabrinet from $431.00 to $385.00 and set a “neutral” rating on the stock in a research report on Friday, October 30th. Finally, Needham & Company LLC restated a “buy” rating and set a $500.00 price objective on shares of Fabrinet in a research note on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and three have given a Hold rating to the company. According to MarketBeat, Fabrinet presently has an average rating of “Moderate Buy” and an average price target of $579.25.

Insider Buying and Selling

In other Fabrinet news, EVP Edward Archer sold 2,500 shares of Fabrinet stock in a transaction that occurred on Thursday, September 3rd. The shares were sold at an average price of $385.91, for a total value of $964,775.00. Following the completion of the sale, the executive vice president owned 7,007 shares of the company’s stock, valued at approximately $2,704,071.37. The trade was a 26.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.22% of the company’s stock.

Fabrinet Stock Up 15.2%

Shares of NYSE FN opened at $362.48 on Wednesday. The firm’s 50-day moving average price is $400.90 and its 200-day moving average price is $520.87. Fabrinet has a 52-week low of $305.63 and a 52-week high of $748.89. The company has a market cap of $12.99 billion, a PE ratio of 21.63 and a beta of 1.35.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, November 2nd. The technology company reported $4.34 earnings per share for the quarter, beating the consensus estimate of $4.21 by $0.13. The firm had revenue of $1.47 billion during the quarter, compared to analysts’ expectations of $1.42 billion. Fabrinet had a net margin of 9.35% and a return on equity of 22.81%. The firm’s quarterly revenue was up 50.7% on a year-over-year basis. During the same period in the previous year, the company earned $2.92 earnings per share. As a group, equities research analysts anticipate that Fabrinet will post 17.57 EPS for the current fiscal year.

Key Stories Impacting Fabrinet

Here are the key news stories impacting Fabrinet this week:

• Positive Sentiment: Results beat expectations: Fiscal Q1 revenue rose 51% year over year to $1.47 billion, ahead of estimates, while EPS of $4.34 also topped consensus. The company said revenue exceeded its guidance range. Fabrinet Stock Jumps on Q1 Earnings Double Beat, Strong Guidance
• Positive Sentiment: Guidance came in above forecasts: Fabrinet forecast fiscal Q2 revenue of $1.6 billion–$1.7 billion and EPS of $4.77–$4.92, exceeding analyst estimates for both measures. Why is this data center components supplier stock gaining 8% in premarket today?
• Positive Sentiment: Data-center demand and expansion support the outlook: Data-center revenue reportedly surged 78%, with AI-related demand contributing to growth. Fabrinet is expanding manufacturing capacity, including starting Building 11, and announced buyback news. FN Q1 Earnings Beat Estimates, Data Center Demand Aids Revenues
• Neutral Sentiment: Analyst views were mixed: Needham reaffirmed its Buy rating and $500 target, while JPMorgan raised its target to $470 but kept a Neutral rating. Rosenblatt cut its target to $600 but maintained Buy. Fabrinet Lost 32% in a Month. Barclays Sees 58% Upside From Here
• Negative Sentiment: Costs and taxes remain a watch point: An earnings analysis noted that cash demands from rapid growth and a new global minimum tax restrained GAAP earnings growth relative to sales growth. Fabrinet’s 51% Growth Comes at a Cash Cost: Rapid Earnings Reaction

About Fabrinet

Fabrinet (NYSE: FN) is a provider of outsourced manufacturing services for complex optical, electronic and electromechanical products. The company works with original equipment manufacturers and other technology companies to design, manufacture, assemble, test and distribute products used in optical communications, industrial lasers, automotive applications, medical devices and other advanced technology markets.

Its capabilities include precision optical packaging, optical and electronic assembly, printed circuit board assembly, electromechanical manufacturing, engineering support, supply-chain management and testing.