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

Fabrinet (NYSE:FN) was the target of a significant growth in short interest during 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. Based on an average trading volume of 577,700 shares, the days-to-cover ratio is presently 2.5 days. Approximately 4.1% of the company’s shares are short sold.

Analyst Ratings Changes

FN has been the topic of several research analyst reports. JPMorgan Chase & Co. upped their price objective on Fabrinet from $240.00 to $285.00 and gave the company a “neutral” rating in a research note on Tuesday, August 20th. B. Riley raised their target price on Fabrinet from $171.00 to $196.00 and gave the stock a “neutral” rating in a research note on Tuesday, August 20th. Needham & Company LLC raised their price objective on shares of Fabrinet from $270.00 to $280.00 and gave the company a “buy” rating in a research report on Tuesday, August 20th. Finally, Rosenblatt Securities boosted their target price on Fabrinet from $260.00 to $280.00 and gave the stock a “buy” rating in a research report on Tuesday, August 20th. Four analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to MarketBeat.com, Fabrinet has an average rating of “Hold” and a consensus target price of $219.00.

Insider Buying and Selling at Fabrinet

In other news, CFO Csaba Sverha sold 100 shares of the business’s stock in a transaction dated Monday, August 26th. The stock was sold at an average price of $270.00, for a total value of $27,000.00. Following the transaction, the chief financial officer now directly owns 19,347 shares of the company’s stock, valued at $5,223,690. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Csaba Sverha sold 100 shares of the 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 $5,223,690. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, 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 completion of the sale, the chief executive officer now directly owns 37,643 shares of the company’s stock, valued at $10,163,610. 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 quarter, insiders have sold 44,728 shares of company stock valued at $11,645,062. 0.38% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fabrinet

A number of hedge funds and other institutional investors have recently bought and sold shares of FN. Opal Wealth Advisors LLC bought a new position in shares of Fabrinet during the second quarter valued at $28,000. Banque Cantonale Vaudoise bought a new stake in shares of Fabrinet during the 2nd quarter valued at $35,000. Kimelman & Baird LLC bought a new position in Fabrinet in the 2nd quarter worth $49,000. NBC Securities Inc. increased its stake in Fabrinet by 732.0% in the 3rd quarter. NBC Securities Inc. now owns 208 shares of the technology company’s stock worth $49,000 after buying an additional 183 shares in the last quarter. Finally, UMB Bank n.a. raised its holdings in Fabrinet by 252.9% during the third quarter. UMB Bank n.a. now owns 240 shares of the technology company’s stock valued at $57,000 after acquiring an additional 172 shares during the period. Hedge funds and other institutional investors own 97.38% of the company’s stock.

Fabrinet Trading Up 1.3 %

FN stock traded up $3.05 during midday trading on Friday, hitting $244.02. The company had a trading volume of 330,262 shares, compared to its average volume of 477,627. The stock has a market cap of $8.85 billion, a price-to-earnings 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. The stock’s 50 day moving average price is $239.56 and its 200 day moving average price is $229.37.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, August 19th. The technology company reported $2.41 earnings per share 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 quarter last year, the business posted $1.68 EPS. The business’s revenue was up 14.8% on a year-over-year basis. Analysts predict that Fabrinet will post 9.11 earnings per share for the current year.

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.