Fabrinet (NYSE:FN) Short Interest Up 30.8% in November

Fabrinet (NYSE:FN) saw 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. Approximately 5.2% of the company’s shares are short sold. Based on an average daily trading volume, of 639,000 shares, the short-interest ratio is presently 2.9 days.

Fabrinet Price Performance

NYSE:FN traded up $8.73 during midday trading on Friday, reaching $234.58. 498,788 shares of the company traded hands, compared to its average volume of 500,135. The firm has a market capitalization of $8.51 billion, a price-to-earnings ratio of 27.76 and a beta of 0.95. The company has a fifty day moving average price of $244.01 and a 200 day moving average price of $238.05. Fabrinet has a twelve month low of $159.30 and a twelve month high of $278.38.

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

Insider Transactions at Fabrinet

In related news, EVP Edward T. Archer sold 8,690 shares of the firm’s stock in a transaction that occurred 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 in the company, valued at approximately $1,835,426.58. This trade represents a 51.05 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.38% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in FN. nVerses Capital LLC bought a new position in Fabrinet during the third quarter valued at about $567,000. DekaBank Deutsche Girozentrale boosted its position 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 in the last quarter. Charles Schwab Investment Management Inc. boosted its position in shares of Fabrinet by 14.7% during the 3rd quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock valued at $113,621,000 after purchasing an additional 61,491 shares in the last quarter. Dynamic Technology Lab Private Ltd acquired a new position in shares of Fabrinet in the 3rd quarter worth approximately $2,398,000. Finally, LMR Partners LLP lifted its stake in Fabrinet by 68.4% during the third quarter. LMR Partners LLP now owns 39,493 shares of the technology company’s stock valued at $9,338,000 after purchasing an additional 16,037 shares during the last quarter. 97.38% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

FN has been the topic of a number of recent research reports. Rosenblatt Securities boosted their target price 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. B. Riley lowered shares of 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. Barclays started coverage on Fabrinet in a research note on Thursday, November 14th. They set an “equal weight” rating and a $292.00 target price for the company. JPMorgan Chase & Co. increased their price target on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Finally, Needham & Company LLC started coverage on Fabrinet in a report on Tuesday, November 5th. They set a “buy” rating and a $280.00 price objective on the stock. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $252.14.

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.