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

Fox Factory (NASDAQ:FOXF) had its target price dropped by equities researchers at Truist Financial from $55.00 to $54.00 in a research note issued on Friday, Benzinga reports. The firm currently has a “buy” rating on the stock. Truist Financial’s target price points to a potential upside of 9.02% from the company’s previous close.

Other equities analysts have also issued research reports about the company. Robert W. Baird decreased their target price on Fox Factory from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Friday, May 3rd. B. Riley lowered their price target on shares of Fox Factory from $50.00 to $45.00 and set a “neutral” rating on the stock in a report on Friday, May 3rd. Roth Mkm decreased their price objective 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. Bank of America cut 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. Finally, Stifel Nicolaus lowered their price objective on Fox Factory from $56.00 to $45.00 and set a “hold” rating on the stock in a research report on Wednesday, April 24th. One investment 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. Based on data from MarketBeat, Fox Factory has an average rating of “Hold” and a consensus target price of $47.50.

Fox Factory Stock Down 7.2 %

Shares of Fox Factory stock opened at $49.53 on Friday. The firm has a market cap of $2.06 billion, a price-to-earnings ratio of 27.67, a PEG ratio of 2.27 and a beta of 1.66. The company has a debt-to-equity ratio of 0.63, a current ratio of 3.43 and a quick ratio of 1.85. Fox Factory has a 1 year low of $37.98 and a 1 year high of $117.68. The company has a 50-day moving average of $47.74 and a 200 day moving average of $50.70.

Fox Factory (NASDAQ:FOXF) last issued its quarterly earnings results on Thursday, August 1st. The company reported $0.38 EPS for the quarter, topping analysts’ consensus estimates of $0.34 by $0.04. The firm had revenue of $348.49 million for the quarter, compared to analysts’ expectations of $346.22 million. Fox Factory had a return on equity of 10.56% and a net margin of 5.41%. The business’s revenue for the quarter was down 13.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.21 EPS. As a group, sell-side analysts anticipate that Fox Factory will post 2.4 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the company. Principal Financial Group Inc. lifted its stake in Fox Factory by 26.0% during the 2nd quarter. Principal Financial Group Inc. now owns 221,203 shares of the company’s stock valued at $10,660,000 after acquiring an additional 45,576 shares during the period. Mitsubishi UFJ Asset Management UK Ltd. acquired a new stake in Fox Factory during the 2nd quarter worth about $145,000. Louisiana State Employees Retirement System raised its stake in shares of Fox Factory by 71.3% during the 2nd quarter. Louisiana State Employees Retirement System now owns 20,900 shares of the company’s stock valued at $1,007,000 after buying an additional 8,700 shares during the last quarter. Fifth Third Bancorp increased its stake in shares of Fox Factory by 26.5% in the 2nd quarter. Fifth Third Bancorp now owns 1,245 shares of the company’s stock valued at $60,000 after purchasing an additional 261 shares in the last quarter. Finally, Nisa Investment Advisors LLC raised its holdings in Fox Factory by 37.7% in the 2nd quarter. Nisa Investment Advisors LLC now owns 2,318 shares of the company’s stock valued at $112,000 after acquiring an additional 635 shares during 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.