Fabrinet (NYSE:FN) Short Interest Update

Fabrinet (NYSE:FN) saw a large decrease in short interest in the month of November. As of November 30th, there was short interest totalling 1,760,000 shares, a decrease of 5.9% from the November 15th total of 1,870,000 shares. Based on an average daily volume of 624,000 shares, the days-to-cover ratio is presently 2.8 days. Approximately 4.9% of the shares of the company are sold short.

Wall Street Analyst Weigh In

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

Fabrinet Stock Performance

Shares of Fabrinet stock traded down $5.08 during midday trading on Tuesday, hitting $232.55. The company had a trading volume of 160,824 shares, compared to its average volume of 494,537. The company has a 50 day moving average of $244.92 and a 200 day moving average of $238.08. The stock has a market capitalization of $8.43 billion, a P/E ratio of 28.14 and a beta of 0.92. Fabrinet has a 52-week low of $159.69 and a 52-week high of $278.38.

Fabrinet (NYSE:FN) last released its quarterly earnings data on Monday, November 4th. The technology company reported $2.39 EPS for the quarter, topping the consensus estimate of $2.38 by $0.01. Fabrinet had a return on equity of 18.08% and a net margin of 10.28%. The company had revenue of $804.20 million during the quarter, compared to the consensus estimate of $771.24 million. During the same period last year, the company earned $1.78 EPS. Fabrinet’s revenue for the quarter was up 17.3% on a year-over-year basis. Equities research analysts forecast that Fabrinet will post 9.1 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Wellington Management Group LLP boosted its stake in shares of Fabrinet by 1.7% during the 3rd quarter. Wellington Management Group LLP now owns 1,169,162 shares of the technology company’s stock worth $276,437,000 after purchasing an additional 19,677 shares during the period. Geode Capital Management LLC lifted its stake in Fabrinet by 7.6% in the third quarter. Geode Capital Management LLC now owns 986,813 shares of the technology company’s stock worth $233,359,000 after purchasing an additional 69,554 shares during the last quarter. Whale Rock Capital Management LLC boosted 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. Charles Schwab Investment Management Inc. grew its stake in shares of Fabrinet by 14.7% during the third quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock valued at $113,621,000 after buying an additional 61,491 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its holdings in shares of Fabrinet by 4.1% in the second quarter. Bank of New York Mellon Corp now owns 314,665 shares of the technology company’s stock worth $77,027,000 after buying an additional 12,409 shares during the period. 97.38% of the stock is currently owned by 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.