Truist Financial Cuts Fox Factory (NASDAQ:FOXF) Price Target to $40.00

Fox Factory (NASDAQ:FOXF) had its target price reduced by Truist Financial from $42.00 to $40.00 in a research note issued to investors on Tuesday,Benzinga reports. Truist Financial currently has a buy rating on the stock.

A number of other brokerages also recently commented on FOXF. Robert W. Baird cut their price objective on shares of Fox Factory from $45.00 to $38.00 and set a “neutral” rating for the company in a research report on Friday, November 1st. Stifel Nicolaus upgraded shares of Fox Factory from a “hold” rating to a “buy” rating and set a $40.00 target price for the company in a report on Wednesday, December 11th. StockNews.com upgraded Fox Factory from a “sell” rating to a “hold” rating in a research report on Thursday, November 28th. Roth Mkm lowered their price objective on Fox Factory from $45.00 to $36.00 and set a “neutral” rating for the company in a research report on Friday, November 1st. Finally, Bank of America lowered 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 note on Thursday, September 12th. Five research analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $40.33.

Fox Factory Price Performance

Fox Factory stock opened at $28.86 on Tuesday. The stock has a market cap of $1.20 billion, a P/E ratio of 111.00, a price-to-earnings-growth ratio of 2.55 and a beta of 1.60. The company has a fifty day simple moving average of $31.69 and a 200-day simple moving average of $38.82. The company has a current ratio of 3.21, a quick ratio of 1.62 and a debt-to-equity ratio of 0.62. Fox Factory has a 12-month low of $28.28 and a 12-month high of $69.46.

Fox Factory (NASDAQ:FOXF) last posted its earnings results on Thursday, October 31st. The company reported $0.35 EPS for the quarter, missing analysts’ consensus estimates of $0.42 by ($0.07). The company had revenue of $359.10 million during the quarter, compared to analysts’ expectations of $366.86 million. Fox Factory had a net margin of 0.78% and a return on equity of 5.23%. The company’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period last year, the business earned $1.05 earnings per share. Equities analysts expect that Fox Factory will post 1.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Fox Factory

Institutional investors have recently added to or reduced their stakes in the company. GAMMA Investing LLC increased its position in shares of 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 acquiring an additional 277 shares during the last quarter. Signaturefd LLC increased its holdings in Fox Factory by 301.1% during the 3rd quarter. Signaturefd LLC now owns 726 shares of the company’s stock worth $30,000 after purchasing an additional 545 shares during the last quarter. nVerses Capital LLC acquired a new position in shares of Fox Factory in the 3rd quarter valued at approximately $42,000. KBC Group NV boosted its stake in shares of Fox Factory by 36.5% during the 3rd quarter. KBC Group NV now owns 1,377 shares of the company’s stock valued at $57,000 after buying an additional 368 shares during the last quarter. Finally, Benjamin F. Edwards & Company Inc. grew its position in shares of Fox Factory by 734.6% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,654 shares of the company’s stock worth $128,000 after buying an additional 2,336 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.