Fox Factory (NASDAQ:FOXF) Given New $42.00 Price Target at Truist Financial

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

Several other equities analysts have also recently weighed in on FOXF. Robert W. Baird decreased 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. Bank of America decreased their price objective on shares of Fox Factory from $53.00 to $43.00 and set a “neutral” rating for the company in a research report on Thursday, September 12th. Finally, 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 report on Friday, August 2nd. One analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the company. According to MarketBeat, Fox Factory presently has a consensus rating of “Hold” and a consensus price target of $41.50.

Fox Factory Stock Performance

Shares of Fox Factory stock opened at $34.02 on Friday. The company has a debt-to-equity ratio of 0.61, a current ratio of 3.13 and a quick ratio of 1.63. The firm has a market cap of $1.42 billion, a price-to-earnings ratio of 130.85, a price-to-earnings-growth ratio of 2.45 and a beta of 1.65. Fox Factory has a one year low of $31.19 and a one year high of $86.14. The stock’s 50-day moving average is $39.47 and its 200-day moving average is $43.26.

Fox Factory (NASDAQ:FOXF) last issued its quarterly 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 for the quarter, compared to the consensus estimate of $366.86 million. During the same period last year, the firm earned $1.05 earnings per share. The company’s quarterly revenue was up 8.4% compared to the same quarter last year. Equities analysts predict that Fox Factory will post 1.56 earnings per share for the current fiscal year.

Insider Transactions at Fox Factory

In other Fox Factory news, CEO Michael C. Dennison purchased 4,800 shares of the stock in a transaction that occurred on Tuesday, August 6th. The shares were acquired at an average cost of $41.44 per share, with a total value of $198,912.00. Following the completion of the transaction, the chief executive officer now owns 135,066 shares in the company, valued at $5,597,135.04. The trade was a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.30% of the company’s stock.

Institutional Investors Weigh In On Fox Factory

A number of large investors have recently added to or reduced their stakes in the stock. Sei Investments Co. lifted its position in shares of Fox Factory by 6.9% during the 1st quarter. Sei Investments Co. now owns 223,173 shares of the company’s stock valued at $11,621,000 after acquiring an additional 14,328 shares during the period. Wesbanco Bank Inc. acquired a new stake in Fox Factory during the second quarter worth about $626,000. SG Americas Securities LLC bought a new position in Fox Factory in the 1st quarter valued at about $612,000. Motley Fool Asset Management LLC raised its position in shares of Fox Factory by 172.8% in the 1st quarter. Motley Fool Asset Management LLC now owns 41,704 shares of the company’s stock valued at $2,172,000 after buying an additional 26,416 shares in the last quarter. Finally, Russell Investments Group Ltd. boosted its position in shares of Fox Factory by 67.6% during the 1st quarter. Russell Investments Group Ltd. now owns 59,981 shares of the company’s stock worth $3,123,000 after acquiring an additional 24,199 shares in the last quarter.

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.