Fox Factory (NASDAQ:FOXF) Price Target Lowered to $54.00 at Truist Financial

Fox Factory (NASDAQ:FOXF) had its price objective reduced by equities research analysts at Truist Financial from $55.00 to $54.00 in a report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Truist Financial’s price objective indicates a potential upside of 30.18% from the company’s previous close.

A number of other equities analysts have also issued reports on the stock. Robert W. Baird dropped their target price on shares of Fox Factory from $55.00 to $48.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Roth Mkm dropped their target price on shares of Fox Factory from $55.00 to $45.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. B. Riley dropped their target price on shares of Fox Factory from $50.00 to $45.00 and set a “neutral” rating on the stock in a research report on Friday, May 3rd. Stifel Nicolaus dropped their target price on shares of Fox Factory from $56.00 to $45.00 and set a “hold” rating on the stock in a research report on Wednesday, April 24th. Finally, Bank of America decreased their price target on shares of Fox Factory from $55.00 to $48.00 and set a “neutral” rating on the stock in a research note on Monday, May 6th. One analyst has rated the stock with a sell rating, five have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus price target of $47.00.

Fox Factory Stock Performance

Shares of NASDAQ:FOXF traded down $8.05 during trading on Friday, reaching $41.48. The stock had a trading volume of 1,501,707 shares, compared to its average volume of 478,198. Fox Factory has a 52 week low of $37.98 and a 52 week high of $117.68. The firm has a market capitalization of $1.73 billion, a price-to-earnings ratio of 23.17, a P/E/G ratio of 2.10 and a beta of 1.66. The company has a quick ratio of 1.85, a current ratio of 3.43 and a debt-to-equity ratio of 0.63. The stock has a fifty day simple moving average of $47.79 and a two-hundred day simple moving average of $50.52.

Fox Factory (NASDAQ:FOXF) last released its quarterly earnings results on Thursday, August 1st. The company reported $0.38 EPS for the quarter, beating analysts’ consensus estimates of $0.34 by $0.04. Fox Factory had a net margin of 3.07% and a return on equity of 7.62%. The company had revenue of $348.49 million for the quarter, compared to analyst estimates of $346.22 million. During the same quarter last year, the firm posted $1.21 earnings per share. The company’s quarterly revenue was down 13.0% compared to the same quarter last year. As a group, analysts anticipate that Fox Factory will post 2.4 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Fox Factory news, insider Thomas L. Fletcher sold 2,000 shares of Fox Factory stock in a transaction on Monday, June 10th. The shares were sold at an average price of $44.41, for a total transaction of $88,820.00. Following the sale, the insider now owns 11,311 shares in the company, valued at $502,321.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO Michael C. Dennison bought 11,250 shares of Fox Factory stock in a transaction dated Monday, June 10th. The shares were bought at an average price of $44.30 per share, for a total transaction of $498,375.00. Following the purchase, the chief executive officer now owns 130,266 shares of the company’s stock, valued at $5,770,783.80. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Thomas L. Fletcher sold 2,000 shares of the business’s stock in a transaction on Monday, June 10th. The shares were sold at an average price of $44.41, for a total transaction of $88,820.00. Following the completion of the sale, the insider now owns 11,311 shares in the company, valued at approximately $502,321.51. The disclosure for this sale can be found here. Corporate insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Fox Factory

Several institutional investors and hedge funds have recently made changes to their positions in FOXF. Pacer Advisors Inc. boosted its stake in shares of Fox Factory by 81.5% in the 4th quarter. Pacer Advisors Inc. now owns 6,368 shares of the company’s stock valued at $430,000 after purchasing an additional 2,859 shares in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Fox Factory by 4.3% during the 4th quarter. Mirae Asset Global Investments Co. Ltd. now owns 19,510 shares of the company’s stock worth $1,317,000 after buying an additional 806 shares in the last quarter. Conestoga Capital Advisors LLC lifted its position in Fox Factory by 0.3% during the 4th quarter. Conestoga Capital Advisors LLC now owns 1,134,439 shares of the company’s stock worth $76,552,000 after buying an additional 3,935 shares in the last quarter. WCM Investment Management LLC lifted its position in Fox Factory by 7.7% during the 4th quarter. WCM Investment Management LLC now owns 192,313 shares of the company’s stock worth $13,137,000 after buying an additional 13,683 shares in the last quarter. Finally, Louisiana State Employees Retirement System acquired a new position in Fox Factory during the 4th quarter worth about $803,000.

Fox Factory Company Profile

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.