Short Interest in Fabrinet (NYSE:FN) Drops By 8.7%

Fabrinet (NYSE:FNGet Free Report) was the recipient of a large decline in short interest in the month of March. As of March 15th, there was short interest totalling 1,370,000 shares, a decline of 8.7% from the February 29th total of 1,500,000 shares. Based on an average trading volume of 433,500 shares, the short-interest ratio is currently 3.2 days. Approximately 3.8% of the shares of the company are sold short.

Fabrinet Price Performance

NYSE:FN traded down $3.26 during trading hours on Tuesday, reaching $185.57. 593,142 shares of the company traded hands, compared to its average volume of 453,381. The firm’s 50-day moving average is $202.81 and its 200-day moving average is $183.78. The stock has a market cap of $6.74 billion, a P/E ratio of 26.82 and a beta of 1.04. Fabrinet has a 1-year low of $90.19 and a 1-year high of $229.02.

Fabrinet (NYSE:FNGet Free Report) last posted its quarterly earnings data on Monday, February 5th. The technology company reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.84 by $0.05. Fabrinet had a return on equity of 17.27% and a net margin of 9.35%. The business had revenue of $712.69 million for the quarter, compared to analysts’ expectations of $699.76 million. As a group, research analysts predict that Fabrinet will post 7.64 earnings per share for the current year.

Analyst Ratings Changes

Several equities analysts recently weighed in on the company. JPMorgan Chase & Co. downgraded Fabrinet from an “overweight” rating to a “neutral” rating and raised their price objective for the company from $185.00 to $210.00 in a research note on Monday, January 8th. Rosenblatt Securities reaffirmed a “buy” rating and issued a $230.00 price objective on shares of Fabrinet in a research note on Tuesday, February 6th. Needham & Company LLC dropped their price objective on Fabrinet from $230.00 to $220.00 and set a “buy” rating for the company in a research note on Friday, March 22nd. Finally, Northland Securities raised Fabrinet from a “market perform” rating to an “outperform” rating and raised their price objective for the company from $200.00 to $220.00 in a research note on Thursday, March 21st. Three equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $159.29.

View Our Latest Analysis on Fabrinet

Insider Activity at Fabrinet

In other news, Director Rollance E. Olson sold 10,000 shares of the stock in a transaction that occurred on Monday, February 12th. The stock was sold at an average price of $205.52, for a total transaction of $2,055,200.00. Following the completion of the transaction, the director now directly owns 25,981 shares of the company’s stock, valued at approximately $5,339,615.12. The sale was disclosed in a document filed with the SEC, which is accessible through this link. 0.51% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Fabrinet

Several hedge funds have recently made changes to their positions in FN. Congress Asset Management Co. MA acquired a new position in Fabrinet in the fourth quarter valued at $99,045,000. Goldman Sachs Group Inc. raised its position in Fabrinet by 6.5% in the fourth quarter. Goldman Sachs Group Inc. now owns 121,812 shares of the technology company’s stock valued at $23,184,000 after purchasing an additional 7,432 shares during the period. Virtu Financial LLC purchased a new position in Fabrinet in the fourth quarter valued at about $1,727,000. Cim LLC purchased a new position in Fabrinet in the fourth quarter valued at about $1,194,000. Finally, Price T Rowe Associates Inc. MD raised its position in Fabrinet by 1.8% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 559,793 shares of the technology company’s stock valued at $106,546,000 after purchasing an additional 10,162 shares during the period. Institutional investors and hedge funds own 97.38% of the company’s stock.

About Fabrinet

(Get Free Report)

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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