Short Interest in Fabrinet (NYSE:FN) Rises By 7.3%

Fabrinet (NYSE:FN) was the target of a significant increase in short interest during the month of October. As of October 15th, there was short interest totalling 1,470,000 shares, an increase of 7.3% from the September 30th total of 1,370,000 shares. Based on an average daily volume of 577,700 shares, the days-to-cover ratio is presently 2.5 days. Approximately 4.1% of the company’s stock are short sold.

Fabrinet Stock Performance

Fabrinet stock traded up $7.85 during midday trading on Friday, reaching $248.82. 237,099 shares of the stock were exchanged, compared to its average volume of 477,187. The company’s fifty day moving average is $239.56 and its 200-day moving average is $229.37. The firm has a market cap of $9.02 billion, a PE ratio of 29.75 and a beta of 0.95. Fabrinet has a 52 week low of $152.80 and a 52 week high of $278.38.

Fabrinet (NYSE:FN) last issued its quarterly earnings results on Monday, August 19th. The technology company reported $2.41 EPS for the quarter, topping analysts’ consensus estimates of $2.06 by $0.35. The firm had revenue of $753.26 million for the quarter, compared to analyst estimates of $732.63 million. Fabrinet had a net margin of 10.27% and a return on equity of 18.10%. The business’s revenue for the quarter was up 14.8% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $1.68 EPS. On average, sell-side analysts anticipate that Fabrinet will post 9.11 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently commented on FN. B. Riley upped their price target on shares of Fabrinet from $171.00 to $196.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. Needham & Company LLC upped their price target on shares of Fabrinet from $270.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. JPMorgan Chase & Co. upped 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 upped their price target on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Four equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Fabrinet presently has an average rating of “Hold” and a consensus target price of $219.00.

Insider Buying and Selling

In related news, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the transaction, the executive vice president now directly owns 8,333 shares in the company, valued at approximately $1,835,426.58. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Fabrinet news, CEO Seamus Grady sold 26,650 shares of the business’s stock in a transaction dated Friday, August 23rd. The shares were sold at an average price of $270.00, for a total value of $7,195,500.00. Following the transaction, the chief executive officer now directly owns 37,643 shares in the company, valued at $10,163,610. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Edward T. Archer sold 8,690 shares of the business’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $220.26, for a total transaction of $1,914,059.40. Following the completion of the transaction, the executive vice president now owns 8,333 shares in the company, valued at approximately $1,835,426.58. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 44,728 shares of company stock worth $11,645,062. 0.38% of the stock is owned by insiders.

Hedge Funds Weigh In On Fabrinet

A number of institutional investors have recently made changes to their positions in the stock. nVerses Capital LLC bought a new position in shares of Fabrinet during the 3rd quarter valued at $567,000. Norden Group LLC grew its holdings in shares of Fabrinet by 1,775.2% during the 1st quarter. Norden Group LLC now owns 28,616 shares of the technology company’s stock valued at $5,409,000 after purchasing an additional 27,090 shares during the last quarter. Pitcairn Co. bought a new position in shares of Fabrinet during the 1st quarter valued at $544,000. Seven Eight Capital LP bought a new position in shares of Fabrinet during the 1st quarter valued at $1,588,000. Finally, DekaBank Deutsche Girozentrale grew its holdings in shares of Fabrinet by 27.4% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 79,088 shares of the technology company’s stock valued at $15,036,000 after purchasing an additional 17,000 shares during the last quarter. Institutional investors own 97.38% of the company’s stock.

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.