Versor Investments LP Decreases Stock Holdings in Fabrinet (NYSE:FN)

Posted by on Aug 8th, 2023

Versor Investments LP trimmed its position in Fabrinet (NYSE:FN – Free Report) by 17.3% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,878 shares of the technology company’s stock after selling 600 shares during the quarter. Versor Investments LP’s holdings in Fabrinet were worth $342,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently made changes to their positions in FN. Belpointe Asset Management LLC purchased a new position in Fabrinet during the 4th quarter valued at $236,000. Bank of Montreal Can increased its position in Fabrinet by 20.3% during the 4th quarter. Bank of Montreal Can now owns 5,758 shares of the technology company’s stock valued at $753,000 after purchasing an additional 972 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new position in Fabrinet during the 4th quarter valued at $202,000. MQS Management LLC purchased a new position in Fabrinet during the 1st quarter valued at $326,000. Finally, Jump Financial LLC purchased a new position in Fabrinet during the 1st quarter valued at $3,621,000. 98.93% of the stock is owned by hedge funds and other institutional investors.

Fabrinet Price Performance

Shares of Fabrinet stock opened at $126.83 on Tuesday. The stock has a market cap of $4.60 billion, a price-to-earnings ratio of 19.28 and a beta of 1.14. The firm’s 50-day moving average is $124.63 and its 200 day moving average is $116.34. Fabrinet has a 1 year low of $90.19 and a 1 year high of $140.18.

Fabrinet (NYSE:FN – Get Free Report) last announced its quarterly earnings results on Monday, May 8th. The technology company reported $1.76 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.71 by $0.05. The company had revenue of $665.28 million for the quarter, compared to analysts’ expectations of $650.88 million. Fabrinet had a net margin of 9.44% and a return on equity of 18.55%. On average, equities analysts expect that Fabrinet will post 6.85 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

A number of research analysts have issued reports on FN shares. Lake Street Capital started coverage on shares of Fabrinet in a research report on Friday, April 21st. They set a “buy” rating and a $130.00 price objective on the stock. Northland Securities reduced their target price on shares of Fabrinet from $155.00 to $135.00 in a research report on Tuesday, May 9th. JPMorgan Chase & Co. reduced their target price on shares of Fabrinet from $161.00 to $130.00 and set an “overweight” rating on the stock in a research report on Wednesday, April 19th. Needham & Company LLC upped their target price on shares of Fabrinet from $120.00 to $150.00 in a research report on Monday, June 12th. Finally, StockNews.com began coverage on shares of Fabrinet in a research report on Thursday, May 18th. They issued a “hold” rating on the stock. Three research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to data from MarketBeat.com, Fabrinet presently has an average rating of “Moderate Buy” and a consensus target price of $122.57.

Check Out Our Latest Stock Analysis on Fabrinet

Insider Buying and Selling

In other Fabrinet news, Director Homa Bahrami sold 1,400 shares of the company’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $98.05, for a total transaction of $137,270.00. Following the transaction, the director now owns 32,739 shares in the company, valued at approximately $3,210,058.95. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.50% of the stock is currently owned by company insiders.

About Fabrinet

(Free Report)

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.

Featured Stories

Want to see what other hedge funds are holding FN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Fabrinet (NYSE:FN – Free Report).

Institutional Ownership by Quarter for Fabrinet (NYSE:FN)

Receive News & Ratings for Fabrinet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Fabrinet and related companies with MarketBeat.com's FREE daily email newsletter.