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

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

Analyst Upgrades and Downgrades

Several analysts have issued reports on FN shares. B. Riley boosted their target price on 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 boosted their target price on 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. boosted their target price on 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 boosted their target price on Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research note on Tuesday, August 20th. Four investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, Fabrinet currently has a consensus rating of “Hold” and an average price target of $219.00.

Fabrinet Stock Performance

Shares of NYSE FN opened at $240.97 on Friday. Fabrinet has a fifty-two week low of $149.19 and a fifty-two week high of $278.38. The stock has a fifty day moving average of $239.56 and a 200-day moving average of $229.37. The stock has a market cap of $8.74 billion, a PE ratio of 29.75 and a beta of 0.95.

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

Insider Buying and Selling

In related news, CFO Csaba Sverha sold 100 shares of Fabrinet stock in a transaction on Monday, August 26th. The stock was sold at an average price of $270.00, for a total transaction of $27,000.00. Following the sale, the chief financial officer now directly owns 19,347 shares in the company, valued at approximately $5,223,690. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Csaba Sverha sold 100 shares of Fabrinet stock in a transaction on Monday, August 26th. The stock was sold at an average price of $270.00, for a total transaction of $27,000.00. Following the sale, the chief financial officer now directly owns 19,347 shares in the company, valued at approximately $5,223,690. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Seamus Grady sold 26,650 shares of Fabrinet stock in a transaction on Friday, August 23rd. The stock was sold at an average price of $270.00, for a total value of $7,195,500.00. Following the sale, the chief executive officer now owns 37,643 shares in the company, valued at $10,163,610. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 44,728 shares of company stock worth $11,645,062. 0.38% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fabrinet

Hedge funds and other institutional investors have recently modified their holdings of the company. nVerses Capital LLC purchased a new position in shares of Fabrinet in the 3rd quarter worth about $567,000. Norden Group LLC lifted its stake in shares of Fabrinet by 1,775.2% in the 1st quarter. Norden Group LLC now owns 28,616 shares of the technology company’s stock valued at $5,409,000 after acquiring an additional 27,090 shares during the last quarter. Pitcairn Co. bought a new stake in shares of Fabrinet in the 1st quarter valued at about $544,000. Seven Eight Capital LP bought a new stake in shares of Fabrinet in the 1st quarter valued at about $1,588,000. Finally, DekaBank Deutsche Girozentrale lifted its stake in shares of Fabrinet by 27.4% in the 1st quarter. DekaBank Deutsche Girozentrale now owns 79,088 shares of the technology company’s stock valued at $15,036,000 after acquiring an additional 17,000 shares during the last quarter. 97.38% of the stock is currently owned by hedge funds and other institutional investors.

Fabrinet Company Profile

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.