Amundi Purchases 5,299 Shares of Fabrinet $FN

Key Points

• Amundi significantly increased its Fabrinet position by 301.1% in the first quarter, purchasing 5,299 additional shares and bringing its holdings to 7,059 shares valued at $3.68 million. Institutional investors collectively own 97.38% of the company.
• Fabrinet reported strong quarterly results, with EPS of $3.72 exceeding estimates and revenue rising 39.3% year over year to $1.21 billion. Analysts maintain a “Moderate Buy” consensus, with an average price target of $643, despite some recent downgrades and target reductions.
• Fabrinet shares opened at $545.98, versus a 52-week range of $272.49 to $748.89. Director Homa Bahrami sold 2,500 shares for approximately $1.78 million, while corporate insiders own just 0.24% of the stock.

Amundi lifted its position in shares of Fabrinet (NYSE:FN - Free Report) by 301.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 7,059 shares of the technology company's stock after buying an additional 5,299 shares during the quarter. Amundi's holdings in Fabrinet were worth $3,681,000 at the end of the most recent reporting period.

A number of other hedge funds have also bought and sold shares of FN. Core Wealth Advisors LLC bought a new stake in Fabrinet in the fourth quarter worth approximately $25,000. Harbour Investments Inc. lifted its stake in Fabrinet by 75.0% in the fourth quarter. Harbour Investments Inc. now owns 63 shares of the technology company's stock valued at $29,000 after buying an additional 27 shares during the period. Cassaday & Co Wealth Management LLC bought a new position in shares of Fabrinet during the 1st quarter worth approximately $31,000. Creative Financial Designs Inc. ADV acquired a new stake in shares of Fabrinet during the 4th quarter worth approximately $32,000. Finally, Quarry LP grew its position in shares of Fabrinet by 300.0% during the 4th quarter. Quarry LP now owns 72 shares of the technology company's stock worth $33,000 after buying an additional 54 shares during the period. Institutional investors own 97.38% of the company's stock.

Analyst Upgrades and Downgrades

FN has been the subject of several research analyst reports. Rosenblatt Securities lifted their price target on shares of Fabrinet from $715.00 to $750.00 and gave the company a "buy" rating in a research note on Tuesday, May 5th. Weiss Ratings downgraded Fabrinet from a "buy (b)" rating to a "buy (b-)" rating in a research note on Tuesday, June 30th. Wall Street Zen lowered Fabrinet from a "buy" rating to a "hold" rating in a research report on Monday, July 20th. Needham & Company LLC dropped their price target on Fabrinet from $800.00 to $650.00 and set a "buy" rating on the stock in a research note on Wednesday, July 22nd. Finally, Fox Advisors lowered Fabrinet from a "strong-buy" rating to an "equal weight" rating in a report on Tuesday, May 5th. Six analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company's stock. According to MarketBeat.com, Fabrinet currently has an average rating of "Moderate Buy" and an average target price of $643.00.

Fabrinet Stock Performance

Shares of NYSE FN opened at $545.98 on Friday. The stock has a market cap of $19.56 billion, a price-to-earnings ratio of 46.91 and a beta of 1.23. Fabrinet has a fifty-two week low of $272.49 and a fifty-two week high of $748.89. The firm's 50-day simple moving average is $541.25 and its 200 day simple moving average is $565.48.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings data on Monday, May 4th. The technology company reported $3.72 EPS for the quarter, topping the consensus estimate of $3.58 by $0.14. The firm had revenue of $1.21 billion during the quarter, compared to the consensus estimate of $1.19 billion. Fabrinet had a return on equity of 19.83% and a net margin of 9.94%.The company's quarterly revenue was up 39.3% compared to the same quarter last year. During the same period in the prior year, the business posted $2.52 earnings per share. On average, sell-side analysts predict that Fabrinet will post 12.97 EPS for the current year.

Insider Activity at Fabrinet

In other news, Director Homa Bahrami sold 2,500 shares of the stock in a transaction dated Friday, May 22nd. The shares were sold at an average price of $711.91, for a total value of $1,779,775.00. Following the completion of the sale, the director owned 16,233 shares in the company, valued at $11,556,435.03. This represents a 13.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.24% of the stock is currently owned by corporate insiders.

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.

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