Moody Aldrich Partners LLC has significantly reduced its stake in Fabrinet (NYSE: FN), selling 7,977 shares during the third quarter. This transaction, disclosed through a recent Form 13F filing with the Securities and Exchange Commission (SEC), represents a 54.3% decrease in the firm’s ownership of the technology company. Following the sale, Moody Aldrich held 6,707 shares valued at approximately $2,446,000.
Several other institutional investors have also adjusted their positions in Fabrinet. Notably, Maseco LLP purchased a new stake valued at about $25,000 in the second quarter. Similarly, Elevation Point Wealth Partners LLC acquired shares worth around $35,000, while First Horizon Advisors Inc. increased its holdings by 124.2%, now owning 139 shares valued at $41,000. Additionally, Cullen Frost Bankers Inc. and REAP Financial Group LLC also expanded their investments, growing their stakes by 118.5% and 171.9%, respectively.
As it stands, institutional investors and hedge funds collectively own an impressive 97.38% of Fabrinet’s stock.
Insider Transactions and Stock Performance
In related news, Fabrinet’s CEO, Seamus Grady, sold 22,451 shares on November 26 at an average price of $446.95, amounting to a total transaction value of $10,034,474.45. Following this sale, Grady’s ownership decreased by 48.78%, leaving him with 23,573 shares valued at around $10,535,952.35. Additionally, Homa Bahrami, a director at the company, sold 3,500 shares on December 1, receiving approximately $1,588,125 from the transaction. Post-sale, Bahrami retained 18,316 shares valued at roughly $8,310,885, marking a 16.04% decline in her position.
In the past 90 days, insiders have sold a total of 28,151 shares worth approximately $12,643,707. Corporate insiders now hold a mere 0.24% of Fabrinet’s stock.
Recently, Fabrinet’s stock experienced a 1.6% decline, prompting analysts to reassess their ratings.
Analyst Ratings and Market Outlook
Several analysts have upgraded their ratings on Fabrinet shares. JPMorgan Chase & Co. raised its price target from $430.00 to $530.00, assigning an “overweight” rating in a research note dated November 4. Northland Securities has set a target price of $600.00, while Rosenblatt Securities increased its target from $425.00 to $550.00, maintaining a “buy” rating. Zacks Research upgraded the stock from “hold” to “strong buy,” and Weiss Ratings also reaffirmed a “buy” rating.
Currently, Fabrinet holds a consensus rating of “Moderate Buy” with an average price target of $469.88, according to data from MarketBeat.
Fabrinet, headquartered in Singapore, specializes in advanced optical packaging and precision manufacturing services for various sectors, including communications, data centers, and medical markets. Incorporated in 2000, the company is recognized for its high-precision fiber alignment and integration of electro-optic subassemblies, catering to original equipment manufacturers (OEMs).
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