Fabrinet (NYSE:FN) Short Interest Up 18.2% in May

Fabrinet (NYSE:FN - Get Free Report) was the recipient of a significant growth in short interest in May. As of May 15th, there was short interest totalling 1,820,000 shares, a growth of 18.2% from the April 30th total of 1,540,000 shares. Based on an average daily trading volume, of 846,900 shares, the short-interest ratio is presently 2.1 days. Approximately 5.1% of the shares of the company are short sold.

Analysts Set New Price Targets

A number of research analysts recently issued reports on FN shares. Barclays set a $234.00 price target on Fabrinet and gave the company an "equal weight" rating in a report on Tuesday, May 6th. JPMorgan Chase & Co. lifted their price target on Fabrinet from $220.00 to $235.00 and gave the company a "neutral" rating in a report on Tuesday, May 6th. Rosenblatt Securities lifted their price target on Fabrinet from $230.00 to $250.00 and gave the company a "buy" rating in a report on Tuesday, May 6th. B. Riley raised Fabrinet from a "sell" rating to a "neutral" rating and cut their price target for the company from $178.00 to $176.00 in a report on Friday, April 4th. Finally, Needham & Company LLC reaffirmed a "buy" rating and issued a $280.00 price target on shares of Fabrinet in a report on Tuesday, May 6th. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $239.29.

Fabrinet Stock Down 0.8%

Shares of FN traded down $2.03 on Thursday, hitting $237.25. The company's stock had a trading volume of 528,312 shares, compared to its average volume of 631,917. The firm's fifty day moving average price is $206.91 and its 200-day moving average price is $217.69. Fabrinet has a fifty-two week low of $148.55 and a fifty-two week high of $281.79. The firm has a market capitalization of $8.50 billion, a price-to-earnings ratio of 26.54 and a beta of 0.95.

Fabrinet (NYSE:FN - Get Free Report) last issued its quarterly earnings data on Monday, May 5th. The technology company reported $2.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.47 by $0.05. Fabrinet had a return on equity of 18.48% and a net margin of 10.44%. The business had revenue of $871.80 million during the quarter, compared to analyst estimates of $857.12 million. During the same period in the previous year, the firm earned $2.39 EPS. Fabrinet's quarterly revenue was up 19.2% compared to the same quarter last year. As a group, equities analysts predict that Fabrinet will post 9.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Rollance E. Olson sold 2,500 shares of the business's stock in a transaction on Tuesday, May 13th. The shares were sold at an average price of $223.98, for a total value of $559,950.00. Following the sale, the director now owns 23,201 shares in the company, valued at approximately $5,196,559.98. The trade was a 9.73% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, COO Harpal Gill sold 18,675 shares of the business's stock in a transaction on Wednesday, June 4th. The shares were sold at an average price of $240.00, for a total transaction of $4,482,000.00. Following the completion of the sale, the chief operating officer now owns 18,068 shares in the company, valued at $4,336,320. This represents a 50.83% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.38% of the company's stock.

Hedge Funds Weigh In On Fabrinet

A number of large investors have recently bought and sold shares of FN. Norges Bank acquired a new position in Fabrinet during the 4th quarter worth approximately $95,084,000. Capital Research Global Investors boosted its position in Fabrinet by 675.2% during the 4th quarter. Capital Research Global Investors now owns 417,020 shares of the technology company's stock worth $91,694,000 after acquiring an additional 363,228 shares during the last quarter. Wasatch Advisors LP boosted its position in Fabrinet by 47.0% during the 4th quarter. Wasatch Advisors LP now owns 1,132,636 shares of the technology company's stock worth $249,044,000 after acquiring an additional 362,064 shares during the last quarter. Nuveen LLC acquired a new position in Fabrinet during the 1st quarter worth approximately $64,274,000. Finally, FMR LLC boosted its position in Fabrinet by 13.1% during the 4th quarter. FMR LLC now owns 2,213,887 shares of the technology company's stock worth $486,789,000 after acquiring an additional 257,164 shares during the last quarter. Institutional investors and hedge funds 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.

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