Fabrinet (NYSE:FN) Sees Significant Increase in Short Interest

Fabrinet (NYSE:FN) was the recipient of a large growth in short interest in the month of November. As of November 15th, there was short interest totalling 1,870,000 shares, a growth of 30.8% from the October 31st total of 1,430,000 shares. Based on an average daily volume of 639,000 shares, the short-interest ratio is currently 2.9 days. Currently, 5.2% of the company’s shares are sold short.

Insider Transactions at Fabrinet

In other news, EVP Edward T. Archer sold 8,690 shares of Fabrinet stock in a transaction dated Thursday, September 5th. The stock was sold at an average price of $220.26, for a total value of $1,914,059.40. Following the completion of the transaction, the executive vice president now directly owns 8,333 shares of the company’s stock, valued at approximately $1,835,426.58. This trade represents a 51.05 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.38% of the company’s stock.

Institutional Investors Weigh In On Fabrinet

A number of institutional investors and hedge funds have recently bought and sold shares of FN. Legacy Wealth Asset Management LLC boosted its position in Fabrinet by 3.2% during the third quarter. Legacy Wealth Asset Management LLC now owns 1,375 shares of the technology company’s stock worth $325,000 after purchasing an additional 43 shares during the period. Wolff Wiese Magana LLC lifted its stake in shares of Fabrinet by 2.7% during the 3rd quarter. Wolff Wiese Magana LLC now owns 1,765 shares of the technology company’s stock valued at $417,000 after buying an additional 47 shares in the last quarter. Cynosure Group LLC boosted its holdings in Fabrinet by 3.4% in the 3rd quarter. Cynosure Group LLC now owns 1,560 shares of the technology company’s stock worth $369,000 after buying an additional 51 shares during the period. Trust Point Inc. boosted its holdings in Fabrinet by 4.7% in the 3rd quarter. Trust Point Inc. now owns 1,272 shares of the technology company’s stock worth $301,000 after buying an additional 57 shares during the period. Finally, Huntington National Bank raised its holdings in Fabrinet by 70.4% during the 3rd quarter. Huntington National Bank now owns 138 shares of the technology company’s stock valued at $33,000 after acquiring an additional 57 shares during the period. 97.38% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages have weighed in on FN. B. Riley downgraded Fabrinet from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. Barclays initiated coverage on shares of Fabrinet in a research report on Thursday, November 14th. They set an “equal weight” rating and a $292.00 target price on the stock. Needham & Company LLC initiated coverage on shares of Fabrinet in a report on Tuesday, November 5th. They issued a “buy” rating and a $280.00 price target for the company. JPMorgan Chase & Co. lifted their price target on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Finally, Rosenblatt Securities increased their price objective on shares of Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, Fabrinet presently has an average rating of “Hold” and a consensus price target of $252.14.

Fabrinet Price Performance

NYSE:FN opened at $234.58 on Monday. Fabrinet has a one year low of $159.30 and a one year high of $278.38. The company has a market cap of $8.51 billion, a PE ratio of 27.76 and a beta of 0.95. The firm has a 50-day moving average of $244.01 and a 200-day moving average of $238.06.

Fabrinet (NYSE:FN) last issued its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, topping analysts’ consensus estimates of $2.38 by $0.01. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The firm had revenue of $804.20 million during the quarter, compared to analyst estimates of $771.24 million. During the same period in the previous year, the company posted $1.78 EPS. The company’s revenue for the quarter was up 17.3% on a year-over-year basis. On average, equities research analysts expect that Fabrinet will post 9.1 earnings per share for the current fiscal year.

About Fabrinet

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.