Fox Factory (NASDAQ:FOXF) Given New $54.00 Price Target at Truist Financial

Fox Factory (NASDAQ:FOXF) had its target price trimmed by Truist Financial from $55.00 to $54.00 in a research note released on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the stock.

Several other research firms have also commented on FOXF. Stifel Nicolaus reduced their price target on shares of Fox Factory from $56.00 to $45.00 and set a hold rating for the company in a research report on Wednesday, April 24th. Roth Mkm reduced their target price on shares of Fox Factory from $55.00 to $45.00 and set a neutral rating for the company in a report on Friday, May 3rd. Robert W. Baird reduced their target price on shares of Fox Factory from $55.00 to $48.00 and set a neutral rating for the company in a report on Friday, May 3rd. B. Riley reduced their target price on shares of Fox Factory from $50.00 to $45.00 and set a neutral rating for the company in a report on Friday, May 3rd. Finally, Bank of America reduced their target price on shares of Fox Factory from $55.00 to $48.00 and set a neutral rating for the company in a report on Monday, May 6th. One investment analyst has rated the stock with a sell rating, five have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of Hold and an average target price of $47.00.

Fox Factory Stock Performance

Shares of NASDAQ FOXF traded down $8.05 during midday trading on Friday, hitting $41.48. 1,501,707 shares of the company’s stock traded hands, compared to its average volume of 478,198. Fox Factory has a 1 year low of $37.98 and a 1 year high of $117.68. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of 23.17, a price-to-earnings-growth ratio of 2.10 and a beta of 1.66. The company has a debt-to-equity ratio of 0.63, a quick ratio of 1.85 and a current ratio of 3.43. The firm has a fifty day moving average of $47.85 and a 200 day moving average of $50.69.

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

Insider Transactions at Fox Factory

In other news, CEO Michael C. Dennison purchased 11,250 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were purchased at an average price of $44.30 per share, for a total transaction of $498,375.00. Following the completion of the purchase, the chief executive officer now owns 130,266 shares in the company, valued at approximately $5,770,783.80. The purchase was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Michael C. Dennison purchased 11,250 shares of the business’s stock in a transaction dated Monday, June 10th. The shares were purchased at an average price of $44.30 per share, for a total transaction of $498,375.00. Following the completion of the purchase, the chief executive officer now owns 130,266 shares in the company, valued at approximately $5,770,783.80. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, 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 value of $88,820.00. Following the transaction, 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.

Hedge Funds Weigh In On Fox Factory

Several institutional investors and hedge funds have recently added to or reduced their stakes in FOXF. GAMMA Investing LLC purchased a new position in Fox Factory in the fourth quarter valued at about $29,000. Quest Partners LLC purchased a new position in Fox Factory in the fourth quarter valued at about $31,000. CWM LLC grew its stake in Fox Factory by 54.1% in the fourth quarter. CWM LLC now owns 624 shares of the company’s stock valued at $42,000 after purchasing an additional 219 shares during the last quarter. YHB Investment Advisors Inc. purchased a new position in Fox Factory in the first quarter valued at about $42,000. Finally, TFO Wealth Partners LLC grew its stake in Fox Factory by 14,180.0% in the fourth quarter. TFO Wealth Partners LLC now owns 714 shares of the company’s stock valued at $48,000 after purchasing an additional 709 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.