Fox Factory Holding Corp. (FOXF) Upgraded to Buy by Zacks Investment Research
Fox Factory Holding Corp. (NASDAQ:FOXF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Monday. The brokerage currently has a $50.00 price objective on the stock. Zacks Investment Research‘s price target points to a potential upside of 16.14% from the stock’s current price.
According to Zacks, “Fox Factory Holding Corp. is a designer, manufacturer and marketer of suspension products used primarily on mountain bikes, side-by-side vehicles, on-road vehicles, off-road vehicles, all-terrain vehicles, snowmobiles, specialty vehicles and applications and motorcycles. Fox Factory Holding Corp. is headquartered in California. “
Other equities analysts also recently issued reports about the stock. Bank of America Corporation downgraded shares of Fox Factory Holding Corp. from a “buy” rating to a “neutral” rating and set a $38.00 price objective on the stock. in a report on Wednesday, July 12th. They noted that the move was a valuation call. DA Davidson reissued a “hold” rating and issued a $34.00 price target on shares of Fox Factory Holding Corp. in a report on Friday, June 30th. Robert W. Baird reissued a “hold” rating and issued a $40.00 price target on shares of Fox Factory Holding Corp. in a report on Thursday, September 28th. William Blair downgraded shares of Fox Factory Holding Corp. from an “outperform” rating to a “market perform” rating in a report on Friday, October 13th. Finally, Stifel Nicolaus reissued a “hold” rating and issued a $38.00 price target (up from $32.00) on shares of Fox Factory Holding Corp. in a report on Wednesday, August 9th. Eight investment analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Fox Factory Holding Corp. presently has an average rating of “Hold” and an average target price of $38.86.
Fox Factory Holding Corp. (NASDAQ:FOXF) traded down 2.60% during mid-day trading on Monday, reaching $43.05. 430,069 shares of the company’s stock traded hands. Fox Factory Holding Corp. has a 12 month low of $19.65 and a 12 month high of $46.80. The stock has a market cap of $1.61 billion, a P/E ratio of 34.44 and a beta of 0.70. The company has a 50 day moving average price of $42.09 and a 200-day moving average price of $36.21.
Fox Factory Holding Corp. (NASDAQ:FOXF) last posted its quarterly earnings data on Thursday, August 3rd. The company reported $0.39 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.36 by $0.03. The firm had revenue of $120.80 million for the quarter, compared to the consensus estimate of $117.16 million. Fox Factory Holding Corp. had a net margin of 10.67% and a return on equity of 29.60%. The business’s revenue for the quarter was up 18.1% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.32 EPS. On average, analysts anticipate that Fox Factory Holding Corp. will post $1.50 EPS for the current year.
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In related news, insider Thomas Michael Wittenschlaeger sold 2,000 shares of the business’s stock in a transaction dated Tuesday, August 8th. The shares were sold at an average price of $39.22, for a total value of $78,440.00. Following the transaction, the insider now directly owns 61,162 shares of the company’s stock, valued at approximately $2,398,773.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP William H. Katherman sold 18,580 shares of the business’s stock in a transaction dated Tuesday, October 3rd. The stock was sold at an average price of $42.01, for a total transaction of $780,545.80. The disclosure for this sale can be found here. Insiders sold a total of 70,739 shares of company stock worth $2,766,288 over the last three months. 21.40% of the stock is owned by insiders.
Several large investors have recently modified their holdings of the stock. Nationwide Fund Advisors boosted its holdings in shares of Fox Factory Holding Corp. by 45.3% in the 3rd quarter. Nationwide Fund Advisors now owns 235,803 shares of the company’s stock worth $10,163,000 after buying an additional 73,569 shares during the last quarter. Fox Run Management L.L.C. purchased a new position in shares of Fox Factory Holding Corp. in the 3rd quarter worth about $828,000. Navellier & Associates Inc purchased a new position in shares of Fox Factory Holding Corp. in the 2nd quarter worth about $718,000. Piedmont Investment Advisors LLC purchased a new position in shares of Fox Factory Holding Corp. in the 2nd quarter worth about $267,000. Finally, Ameritas Investment Partners Inc. boosted its holdings in shares of Fox Factory Holding Corp. by 76.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,076 shares of the company’s stock worth $110,000 after buying an additional 1,332 shares during the last quarter. 97.03% of the stock is currently owned by institutional investors.
About Fox Factory Holding Corp.
Fox Factory Holding Corp. is engaged in the manufacturing, sale and service of ride dynamics products. The Company’s products fall into two categories: bikes, and powered vehicles, including side-by-sides, on-road vehicles with off-road capabilities, off-road vehicles and trucks, all-terrain vehicles (ATVs), snowmobiles, specialty vehicles and applications, and motorcycles.
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