5 Best Tech Stocks to Buy According to Peter Algert’s Algert Global

In this article, we will be taking a look at the 5 Best Tech Stocks to Buy According to Peter Algert’s Algert Global. To read our analysis of Algert Global’s profile, investment strategy, risk/reward, and 13F holdings, you can go to the 10 Best Tech Stocks to Buy According to Peter Algert’s Algert Global.

5. Fabrinet (NYSE:FN)

Algert Global’s Stake Value: $5,211,000

Percentage of Algert Global’s 13F Portfolio: 0.39%

Number of Hedge Fund Holders: 19

Fabrinet (NYSE:FN) is an advanced optical packaging and precision optical, electro-mechanical and electronic manufacturing services provider with a focus on complex products such as optical communication components, modules and sub-systems, industrial lasers, automotive components, medical devices, and sensors. Its manufacturing facilities are located in Thailand, China, United Kingdom, UK, Israel, and Cayman Islands.

Algert Global owns 64,253 shares of Fabrinet (NYSE:FN), making up 0.39% of the investment manger’s 13F portfolio. Its stake increased by 56% in Q2 2022, compared to the previous quarter.

In August, Fabrinet (NYSE:FN) released its financial results for the three months ended June 24, 2022. Its revenue increased by 15% y-o-y to $588 million, while its net income increased by 33% y-o-y to $56 million, for the quarter. It reported a normalized EPS of $1.68 for the quarter, beating the consensus by $0.14.

Following the earnings release, Needham analyst Alex Henderson raised the firm’s price target on Fabrinet (NYSE:FN) shares to $135 from $130 and maintained a ‘Buy’ rating on the shares.

As of Q2 2022, 19 hedge funds held shares in Fabrinet (NYSE:FN), valued at $178 million. Alyeska Investment Group was the largest shareholder on record with ownership of 458,039 shares valued at $37 million.

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