Truist Financial Cuts Fox Factory (NASDAQ:FOXF) Price Target to $42.00

Fox Factory (NASDAQ:FOXF) had its price objective trimmed by Truist Financial from $54.00 to $42.00 in a report published on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

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

Fox Factory Stock 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. Fox Factory has a fifty-two week low of $31.19 and a fifty-two week high of $86.14. The stock 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. The firm’s fifty day simple moving average is $39.47 and its 200-day simple moving average is $43.26.

Fox Factory (NASDAQ:FOXF) last issued its quarterly earnings data on Thursday, October 31st. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). Fox Factory had a net margin of 0.78% and a return on equity of 5.22%. 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 company posted $1.05 earnings per share. Fox Factory’s revenue was up 8.4% on a year-over-year basis. Analysts expect that Fox Factory will post 1.56 earnings per share for the current fiscal year.

Insider Buying and Selling

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

Hedge Funds Weigh In On Fox Factory

Large investors have recently added to or reduced their stakes in the business. GAMMA Investing LLC lifted its position in Fox Factory by 86.0% during the third quarter. GAMMA Investing LLC now owns 599 shares of the company’s stock worth $25,000 after buying an additional 277 shares during the period. Signaturefd LLC increased its stake in Fox Factory by 301.1% during the third quarter. Signaturefd LLC now owns 726 shares of the company’s stock worth $30,000 after acquiring an additional 545 shares during the last quarter. nVerses Capital LLC acquired a new stake in Fox Factory during the third quarter worth about $42,000. Fifth Third Bancorp increased its stake in Fox Factory by 26.5% during the second quarter. Fifth Third Bancorp now owns 1,245 shares of the company’s stock worth $60,000 after acquiring an additional 261 shares during the last quarter. Finally, Covestor Ltd increased its stake in Fox Factory by 31.8% during the first quarter. Covestor Ltd now owns 1,518 shares of the company’s stock worth $79,000 after acquiring an additional 366 shares during 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.