Truist Financial Has Lowered Expectations for Fox Factory (NASDAQ:FOXF) Stock Price

Fox Factory (NASDAQ:FOXF) had its target price cut by investment analysts at Truist Financial from $54.00 to $42.00 in a report issued on Friday, Benzinga reports. The firm presently has a “buy” rating on the stock. Truist Financial’s price target would suggest a potential upside of 23.46% from the stock’s previous close.

A number of other research firms have also recently issued reports on FOXF. Bank of America cut their price target on Fox Factory from $53.00 to $43.00 and set a “neutral” rating for the company in a report on Thursday, September 12th. Robert W. Baird dropped their target price on shares of Fox Factory from $45.00 to $38.00 and set a “neutral” rating for the company in a research note on Friday. Finally, B. Riley decreased their price target on shares of Fox Factory from $50.00 to $45.00 and set a “neutral” rating on the stock in a research note on Friday, August 2nd. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $41.50.

Fox Factory Price Performance

NASDAQ:FOXF opened at $34.02 on Friday. The company has a quick ratio of 1.63, a current ratio of 3.13 and a debt-to-equity ratio of 0.61. The firm has a market cap of $1.42 billion, a PE ratio of 130.85, a price-to-earnings-growth ratio of 2.45 and a beta of 1.65. Fox Factory has a 12 month low of $31.19 and a 12 month high of $86.14. The company’s 50-day moving average price is $39.47 and its two-hundred day moving average price is $43.26.

Fox Factory (NASDAQ:FOXF) last announced its earnings results on Thursday, October 31st. The company reported $0.35 EPS for the quarter, missing the consensus estimate of $0.42 by ($0.07). Fox Factory had a return on equity of 5.22% and a net margin of 0.78%. The business had revenue of $359.10 million during the quarter, compared to analyst estimates of $366.86 million. During the same period in the previous year, the firm earned $1.05 earnings per share. The firm’s revenue was up 8.4% compared to the same quarter last year. On average, equities analysts anticipate that Fox Factory will post 1.56 EPS for the current fiscal year.

Insider Transactions at Fox Factory

In other Fox Factory news, CEO Michael C. Dennison acquired 4,800 shares of the business’s stock in a transaction that occurred on Tuesday, August 6th. The shares were acquired at an average cost of $41.44 per share, for a total transaction of $198,912.00. Following the completion of the acquisition, the chief executive officer now directly owns 135,066 shares of the company’s stock, valued at approximately $5,597,135.04. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.30% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Fox Factory

Several hedge funds have recently added to or reduced their stakes in FOXF. Malaga Cove Capital LLC increased its stake in shares of Fox Factory by 28.5% in the 3rd quarter. Malaga Cove Capital LLC now owns 12,050 shares of the company’s stock valued at $500,000 after acquiring an additional 2,671 shares during the last quarter. D.B. Root & Company LLC increased its stake in Fox Factory by 24.7% in the third quarter. D.B. Root & Company LLC now owns 6,060 shares of the company’s stock valued at $251,000 after purchasing an additional 1,199 shares in the last quarter. US Bancorp DE raised its holdings in Fox Factory by 2.6% in the third quarter. US Bancorp DE now owns 42,844 shares of the company’s stock worth $1,778,000 after purchasing an additional 1,099 shares during the period. Assenagon Asset Management S.A. boosted its position in shares of Fox Factory by 2.7% during the third quarter. Assenagon Asset Management S.A. now owns 35,571 shares of the company’s stock worth $1,476,000 after purchasing an additional 941 shares in the last quarter. Finally, Signaturefd LLC grew its holdings in shares of Fox Factory by 301.1% in the 3rd quarter. Signaturefd LLC now owns 726 shares of the company’s stock valued at $30,000 after buying an additional 545 shares during the period.

About Fox Factory

Fox Factory Holding Corp. designs, engineers, manufactures, and markets performance-defining products and system worldwide. The company offers powered vehicle products for side-by-side vehicles, on-road vehicles with and without off-road capabilities, off-road vehicles and trucks, all-terrain vehicles, snowmobiles, and specialty vehicles and applications, such as military, motorcycles, and commercial trucks; lift kits and components with shock products and aftermarket accessory packages for trucks; and mid-end and high-end front fork and rear suspension products.