Scalar Gauge Management LLC Makes New $12.76 Million Investment in Fabrinet $FN

Scalar Gauge Management LLC purchased a new stake in shares of Fabrinet (NYSE:FN) during the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 35,000 shares of the technology company’s stock, valued at approximately $12,762,000. Fabrinet makes up approximately 6.5% of Scalar Gauge Management LLC’s investment portfolio, making the stock its 4th biggest position. Scalar Gauge Management LLC owned 0.10% of Fabrinet as of its most recent filing with the Securities & Exchange Commission.

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

Analyst Upgrades and Downgrades

FN has been the subject of a number of research analyst reports. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Fabrinet in a research report on Monday, December 29th. Barclays upgraded Fabrinet from an “equal weight” rating to an “overweight” rating and raised their price target for the stock from $499.00 to $537.00 in a research note on Wednesday, January 14th. Northland Securities set a $600.00 target price on Fabrinet in a report on Monday, December 22nd. Needham & Company LLC raised their target price on Fabrinet from $440.00 to $540.00 and gave the stock a “buy” rating in a research report on Tuesday, November 4th. Finally, Susquehanna boosted their price target on Fabrinet from $550.00 to $570.00 and gave the company a “positive” rating in a research note on Thursday. Seven research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $477.13.

Fabrinet Stock Performance

NYSE:FN opened at $473.87 on Tuesday. The stock has a 50-day simple moving average of $464.07 and a two-hundred day simple moving average of $399.18. The firm has a market capitalization of $16.98 billion, a PE ratio of 48.80 and a beta of 1.04. Fabrinet has a 52-week low of $148.55 and a 52-week high of $531.22.

Insider Buying and Selling

In other news, Director Thomas F. Kelly sold 2,200 shares of the stock in a transaction on Thursday, December 4th. The shares were sold at an average price of $464.14, for a total value of $1,021,108.00. Following the completion of the sale, the director directly owned 18,789 shares of the company’s stock, valued at $8,720,726.46. This represents a 10.48% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Seamus Grady sold 22,451 shares of Fabrinet stock in a transaction on Wednesday, November 26th. The shares were sold at an average price of $446.95, for a total transaction of $10,034,474.45. Following the transaction, the chief executive officer owned 23,573 shares in the company, valued at approximately $10,535,952.35. This trade represents a 48.78% decrease in their position. The SEC filing for this sale provides additional information. In the last ninety days, insiders sold 28,151 shares of company stock valued at $12,643,707. 0.24% of the stock is owned by corporate insiders.

About Fabrinet

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.