Fabrinet (NYSE:FN) Short Interest Update

Fabrinet (NYSE:FN) was the target of a large growth in short interest during the month of September. As of September 15th, there was short interest totalling 1,730,000 shares, a growth of 22.7% from the August 31st total of 1,410,000 shares. Based on an average daily trading volume, of 551,300 shares, the days-to-cover ratio is presently 3.1 days. Approximately 4.8% of the company’s stock are sold short.

Fabrinet Price Performance

NYSE FN traded down $2.60 during mid-day trading on Monday, hitting $237.17. The company’s stock had a trading volume of 47,010 shares, compared to its average volume of 486,622. Fabrinet has a 52-week low of $149.19 and a 52-week high of $278.38. The stock’s fifty day simple moving average is $227.68 and its two-hundred day simple moving average is $220.11. The firm has a market capitalization of $8.57 billion, a P/E ratio of 31.84 and a beta of 0.96.

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

Insider Transactions at Fabrinet

In related news, CFO Csaba Sverha sold 100 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $270.00, for a total value of $27,000.00. Following the completion of the sale, the chief financial officer now owns 19,347 shares in the company, valued at approximately $5,223,690. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other news, CFO Csaba Sverha sold 100 shares of the company’s stock in a transaction on Monday, August 26th. The shares were sold at an average price of $270.00, for a total transaction of $27,000.00. Following the transaction, the chief financial officer now directly owns 19,347 shares of the company’s stock, valued at approximately $5,223,690. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Edward T. Archer sold 8,690 shares of the company’s stock in a transaction on Thursday, September 5th. The stock was 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 $1,835,426.58. The disclosure for this sale can be found here. In the last quarter, insiders sold 44,728 shares of company stock worth $11,645,062. 0.51% of the stock is currently owned by insiders.

Institutional Trading of Fabrinet

Large investors have recently bought and sold shares of the company. Opal Wealth Advisors LLC acquired a new stake in shares of Fabrinet during the second quarter worth approximately $28,000. Banque Cantonale Vaudoise bought a new position in Fabrinet during the second quarter worth $35,000. Parallel Advisors LLC lifted its stake in Fabrinet by 59.7% during the fourth quarter. Parallel Advisors LLC now owns 206 shares of the technology company’s stock worth $39,000 after purchasing an additional 77 shares during the last quarter. Kimelman & Baird LLC bought a new stake in Fabrinet in the second quarter valued at $49,000. Finally, GAMMA Investing LLC lifted its stake in Fabrinet by 60.6% in the first quarter. GAMMA Investing LLC now owns 289 shares of the technology company’s stock valued at $55,000 after buying an additional 109 shares during the last quarter. Institutional investors and hedge funds own 97.38% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on FN shares. B. Riley increased their price objective 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 target price on shares of Fabrinet from $270.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. JPMorgan Chase & Co. upped their target price on shares of Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a report on Tuesday, August 20th. Jefferies Financial Group began coverage on shares of Fabrinet in a report on Wednesday, June 26th. They issued a “hold” rating and a $230.00 target price on the stock. Finally, Rosenblatt Securities upped their target price on shares of Fabrinet from $260.00 to $280.00 and gave the company a “buy” rating in a report on Tuesday, August 20th. Five investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Fabrinet currently has a consensus rating of “Hold” and a consensus target price of $219.00.

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.