Fabrinet (NYSE:FN) Short Interest Update

Fabrinet (NYSE:FN) was the target of a significant increase in short interest in November. As of November 15th, there was short interest totalling 1,870,000 shares, an increase of 30.8% from the October 31st total of 1,430,000 shares. Based on an average daily trading volume, of 639,000 shares, the days-to-cover ratio is currently 2.9 days. Currently, 5.2% of the shares of the stock are sold short.

Analyst Ratings Changes

Several research analysts recently issued reports on FN shares. JPMorgan Chase & Co. upped their target price on shares of Fabrinet from $240.00 to $285.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 20th. B. Riley cut Fabrinet from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $194.00 to $178.00 in a report on Wednesday, November 20th. Needham & Company LLC began coverage on Fabrinet in a report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price objective on the stock. Barclays started coverage on Fabrinet in a research report on Thursday, November 14th. They issued an “equal weight” rating and a $292.00 target price for the company. Finally, Rosenblatt Securities increased their price target on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. One research analyst has rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $252.14.

Fabrinet Price Performance

FN opened at $234.58 on Monday. The stock’s 50 day simple moving average is $244.01 and its 200 day simple moving average is $238.06. The firm has a market cap of $8.51 billion, a price-to-earnings ratio of 27.76 and a beta of 0.95. Fabrinet has a 1 year low of $159.30 and a 1 year high of $278.38.

Fabrinet (NYSE:FN) last issued its earnings results on Monday, November 4th. The technology company reported $2.39 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.38 by $0.01. Fabrinet had a net margin of 10.28% and a return on equity of 18.08%. The firm had revenue of $804.20 million for the quarter, compared to analysts’ expectations of $771.24 million. During the same quarter last year, the business earned $1.78 earnings per share. The business’s revenue was up 17.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Fabrinet will post 9.1 EPS for the current year.

Insider Buying and Selling

In other news, EVP Edward T. Archer sold 8,690 shares of the stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $220.26, for a total value of $1,914,059.40. Following the transaction, the executive vice president now owns 8,333 shares of the company’s stock, valued at $1,835,426.58. This represents a 51.05 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 0.38% of the stock is owned by company insiders.

Hedge Funds Weigh In On Fabrinet

A number of hedge funds have recently modified their holdings of FN. Driehaus Capital Management LLC boosted its holdings in Fabrinet by 183.5% in the second quarter. Driehaus Capital Management LLC now owns 277,978 shares of the technology company’s stock valued at $68,046,000 after acquiring an additional 179,943 shares in the last quarter. Whale Rock Capital Management LLC increased its position in shares of Fabrinet by 25.8% during the third quarter. Whale Rock Capital Management LLC now owns 855,767 shares of the technology company’s stock valued at $202,338,000 after buying an additional 175,684 shares during the period. Clearbridge Investments LLC bought a new position in Fabrinet in the second quarter worth about $27,911,000. World Investment Advisors LLC purchased a new stake in Fabrinet in the third quarter worth about $20,187,000. Finally, DekaBank Deutsche Girozentrale boosted its position in Fabrinet by 3,831.4% during the 3rd quarter. DekaBank Deutsche Girozentrale now owns 82,088 shares of the technology company’s stock valued at $19,465,000 after acquiring an additional 80,000 shares in the last quarter. Hedge funds and other institutional investors own 97.38% of the company’s stock.

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.