Fox Factory (NASDAQ:FOXF) Price Target Cut to $24.00 by Analysts at Truist Financial

Fox Factory (NASDAQ:FOXF) had its target price trimmed by Truist Financial from $40.00 to $24.00 in a research note published on Monday morning,Benzinga reports. The firm currently has a buy rating on the stock.

A number of other research firms have also recently issued reports on FOXF. Robert W. Baird reduced their target price on shares of Fox Factory from $32.00 to $25.00 and set a “neutral” rating for the company in a research note on Friday, April 4th. Stifel Nicolaus decreased their price objective on shares of Fox Factory from $40.00 to $34.00 and set a “buy” rating for the company in a report on Thursday, April 10th. Finally, Jefferies Financial Group cut their target price on Fox Factory from $45.00 to $38.00 and set a “buy” rating on the stock in a report on Friday, February 28th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $35.00.

Fox Factory Trading Down 1.0 %

Fox Factory stock opened at $19.62 on Monday. The company has a quick ratio of 1.62, a current ratio of 3.21 and a debt-to-equity ratio of 0.62. Fox Factory has a 12 month low of $17.95 and a 12 month high of $54.86. The company’s fifty day simple moving average is $24.57 and its 200-day simple moving average is $29.92. The stock has a market cap of $818.39 million, a P/E ratio of 75.46, a P/E/G ratio of 1.45 and a beta of 1.56.

Fox Factory (NASDAQ:FOXF) last issued its earnings results on Thursday, February 27th. The company reported $0.31 earnings per share for the quarter, topping the consensus estimate of $0.29 by $0.02. Fox Factory had a return on equity of 5.23% and a net margin of 0.78%. The company had revenue of $352.84 million for the quarter, compared to analyst estimates of $321.31 million. As a group, sell-side analysts forecast that Fox Factory will post 1.31 EPS for the current fiscal year.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the company. The Manufacturers Life Insurance Company lifted its position in shares of Fox Factory by 6,413.1% during the 4th quarter. The Manufacturers Life Insurance Company now owns 1,352,242 shares of the company’s stock worth $40,932,000 after purchasing an additional 1,331,480 shares during the last quarter. RWWM Inc. grew its stake in shares of Fox Factory by 174.0% in the fourth quarter. RWWM Inc. now owns 1,997,531 shares of the company’s stock worth $60,465,000 after acquiring an additional 1,268,460 shares during the last quarter. Nantahala Capital Management LLC bought a new position in Fox Factory during the fourth quarter worth $19,252,000. William Blair Investment Management LLC boosted its holdings in Fox Factory by 17.1% in the 4th quarter. William Blair Investment Management LLC now owns 2,983,482 shares of the company’s stock valued at $90,310,000 after purchasing an additional 434,998 shares during the period. Finally, Millennium Management LLC grew its position in Fox Factory by 722.1% in the 4th quarter. Millennium Management LLC now owns 391,403 shares of the company’s stock worth $11,848,000 after purchasing an additional 343,793 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.