Truist Financial Raises Fox Factory (NASDAQ:FOXF) Price Target to $55.00

Fox Factory (NASDAQ:FOXF) had its price target hoisted by Truist Financial from $50.00 to $55.00 in a research report sent to investors on Thursday, Benzinga reports. The firm currently has a buy rating on the stock.

FOXF has been the topic of a number of other reports. Robert W. Baird reduced their price target on Fox Factory from $55.00 to $48.00 and set a neutral rating on the stock in a research report on Friday, May 3rd. Bank of America decreased their price target on Fox Factory from $55.00 to $48.00 and set a neutral rating for the company in a research note on Monday, May 6th. B. Riley dropped their price target on Fox Factory from $50.00 to $45.00 and set a neutral rating on the stock in a research note on Friday, May 3rd. StockNews.com cut shares of Fox Factory from a hold rating to a sell rating in a research note on Monday, February 26th. Finally, Stifel Nicolaus cut their price target on shares of Fox Factory from $56.00 to $45.00 and set a hold rating on the stock in a research note on Wednesday, April 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $47.67.

Fox Factory Trading Down 2.3 %

Shares of NASDAQ FOXF opened at $46.34 on Thursday. The business has a fifty day moving average price of $44.18 and a 200 day moving average price of $54.53. Fox Factory has a 1-year low of $37.98 and a 1-year high of $117.68. The company has a debt-to-equity ratio of 0.63, a current ratio of 3.43 and a quick ratio of 1.85. The stock has a market capitalization of $1.93 billion, a P/E ratio of 25.89, a price-to-earnings-growth ratio of 2.01 and a beta of 1.71.

Fox Factory (NASDAQ:FOXF) last released its quarterly earnings results on Thursday, May 2nd. The company reported $0.29 EPS for the quarter, beating the consensus estimate of $0.19 by $0.10. The business had revenue of $333.50 million during the quarter, compared to analyst estimates of $327.58 million. Fox Factory had a net margin of 5.41% and a return on equity of 10.56%. The company’s quarterly revenue was down 16.6% on a year-over-year basis. During the same period in the prior year, the firm posted $1.20 earnings per share. Equities research analysts expect that Fox Factory will post 2.4 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, insider Thomas L. Fletcher sold 2,000 shares of the firm’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 transaction, the insider now owns 11,311 shares of the company’s stock, valued at $502,321.51. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Fox Factory news, insider Thomas L. Fletcher sold 2,000 shares of Fox Factory stock in a transaction dated Monday, June 10th. The stock was sold at an average price of $44.41, for a total transaction of $88,820.00. Following the completion of the transaction, the insider now owns 11,311 shares in the company, valued at approximately $502,321.51. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Michael C. Dennison bought 11,250 shares of the stock in a transaction dated Monday, June 10th. The stock was 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 directly owns 130,266 shares of the company’s stock, valued at $5,770,783.80. The disclosure for this purchase can be found here. 0.30% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. increased its stake in shares of Fox Factory by 4.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 421,003 shares of the company’s stock valued at $28,409,000 after purchasing an additional 16,542 shares in the last quarter. Kayne Anderson Rudnick Investment Management LLC raised its stake in shares of Fox Factory by 0.9% during the 3rd quarter. Kayne Anderson Rudnick Investment Management LLC now owns 3,676,115 shares of the company’s stock worth $364,229,000 after buying an additional 33,703 shares during the period. CVA Family Office LLC purchased a new position in shares of Fox Factory during the 4th quarter valued at approximately $55,000. VELA Investment Management LLC grew its stake in Fox Factory by 56.6% in the 4th quarter. VELA Investment Management LLC now owns 18,302 shares of the company’s stock valued at $1,235,000 after acquiring an additional 6,613 shares during the period. Finally, Brookstone Capital Management increased its holdings in Fox Factory by 29.6% in the 4th quarter. Brookstone Capital Management now owns 6,437 shares of the company’s stock worth $434,000 after acquiring an additional 1,472 shares in the last quarter.

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.