Fabrinet (NYSE:FN) Short Interest Down 8.7% in January

Fabrinet (NYSE:FN) was the target of a large decrease in short interest in January. As of January 31st, there was short interest totalling 1,890,000 shares, a decrease of 8.7% from the January 15th total of 2,070,000 shares. Based on an average daily volume of 609,500 shares, the days-to-cover ratio is presently 3.1 days. Currently, 5.3% of the shares of the stock are sold short.

Hedge Funds Weigh In On Fabrinet

Institutional investors and hedge funds have recently made changes to their positions in the business. Barclays PLC grew its holdings in shares of Fabrinet by 304.6% during the 3rd quarter. Barclays PLC now owns 69,128 shares of the technology company’s stock valued at $16,345,000 after purchasing an additional 52,042 shares during the last quarter. Charles Schwab Investment Management Inc. grew its holdings in Fabrinet by 14.7% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 480,550 shares of the technology company’s stock worth $113,621,000 after acquiring an additional 61,491 shares during the last quarter. Dynamic Technology Lab Private Ltd bought a new stake in Fabrinet in the 3rd quarter worth $2,398,000. Pathstone Holdings LLC grew its holdings in Fabrinet by 40.7% in the 3rd quarter. Pathstone Holdings LLC now owns 8,219 shares of the technology company’s stock worth $1,943,000 after acquiring an additional 2,378 shares during the last quarter. Finally, Freedom Investment Management Inc. grew its holdings in Fabrinet by 106.2% in the 3rd quarter. Freedom Investment Management Inc. now owns 4,969 shares of the technology company’s stock worth $1,175,000 after acquiring an additional 2,559 shares during the last quarter. Institutional investors own 97.38% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Barclays lowered their target price on shares of Fabrinet from $292.00 to $245.00 and set an “equal weight” rating on the stock in a research note on Tuesday, February 4th. JPMorgan Chase & Co. lowered their target price on shares of Fabrinet from $275.00 to $265.00 and set a “neutral” rating on the stock in a research note on Tuesday, February 4th. B. Riley cut shares of Fabrinet from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $194.00 to $178.00 in a research note on Wednesday, November 20th. Rosenblatt Securities increased their target price on shares of Fabrinet from $280.00 to $285.00 and gave the stock a “buy” rating in a research note on Tuesday, February 4th. Finally, Fox Advisors assumed coverage on shares of Fabrinet in a research note on Tuesday. They issued an “overweight” rating and a $270.00 target price on the stock. One analyst has rated the stock with a sell rating, three have issued a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $246.63.

Fabrinet Stock Performance

Fabrinet stock opened at $240.37 on Wednesday. Fabrinet has a fifty-two week low of $159.69 and a fifty-two week high of $281.79. The firm’s fifty day moving average price is $226.93 and its 200-day moving average price is $233.63. The stock has a market cap of $8.72 billion, a P/E ratio of 26.89 and a beta of 0.92.

Fabrinet (NYSE:FN) last released its earnings results on Monday, February 3rd. The technology company reported $2.38 EPS for the quarter, missing the consensus estimate of $2.48 by ($0.10). Fabrinet had a net margin of 10.44% and a return on equity of 18.48%. On average, analysts predict that Fabrinet will post 9.4 earnings per share for the current year.

About Fabrinet

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.