Fox Factory (NASDAQ:FOXF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The firm presently has a $44.00 target price on the stock. Zacks Investment Research‘s target price indicates a potential upside of 12.68% from the company’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. “
A number of other brokerages have also weighed in on FOXF. SunTrust Banks reiterated a “hold” rating and issued a $36.00 price target on shares of Fox Factory in a report on Friday, October 20th. William Blair lowered shares of Fox Factory from an “outperform” rating to a “market perform” rating in a report on Friday, October 13th. ValuEngine lowered shares of Fox Factory from a “buy” rating to a “hold” rating in a report on Monday, October 2nd. Robert W. Baird reiterated a “hold” rating and issued a $40.00 price target on shares of Fox Factory in a report on Thursday, September 28th. Finally, Bank of America lifted their price target on shares of Fox Factory from $42.00 to $45.00 and gave the company a “neutral” rating in a report on Tuesday, October 24th. Eight research analysts have rated the stock with a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $39.29.
Fox Factory (NASDAQ:FOXF) last announced its quarterly earnings results on Wednesday, November 1st. The company reported $0.46 earnings per share for the quarter, beating the Zacks’ consensus estimate of $0.44 by $0.02. The company had revenue of $127.40 million for the quarter, compared to analyst estimates of $123.02 million. Fox Factory had a net margin of 10.76% and a return on equity of 28.25%. Fox Factory’s revenue for the quarter was up 16.9% on a year-over-year basis. During the same quarter last year, the business earned $0.44 EPS. analysts predict that Fox Factory will post 1.53 EPS for the current fiscal year.
In other news, SVP William H. Katherman sold 18,580 shares of the firm’s stock in a transaction on Tuesday, October 3rd. The shares were sold at an average price of $42.01, for a total value of $780,545.80. The sale was disclosed in a filing with the SEC, which is accessible through this link. Company insiders own 21.40% of the company’s stock.
Hedge funds have recently modified their holdings of the company. Ameritas Investment Partners Inc. raised its stake in shares of Fox Factory by 76.4% in the 2nd quarter. Ameritas Investment Partners Inc. now owns 3,076 shares of the company’s stock valued at $110,000 after acquiring an additional 1,332 shares during the period. SG Americas Securities LLC purchased a new stake in Fox Factory during the 2nd quarter worth $111,000. LS Investment Advisors LLC increased its stake in Fox Factory by 7.5% during the 2nd quarter. LS Investment Advisors LLC now owns 3,990 shares of the company’s stock worth $142,000 after buying an additional 279 shares during the period. Paradigm Asset Management Co. LLC purchased a new stake in Fox Factory during the 2nd quarter worth $160,000. Finally, Pinebridge Investments L.P. increased its stake in Fox Factory by 20.5% during the 2nd quarter. Pinebridge Investments L.P. now owns 4,564 shares of the company’s stock worth $163,000 after buying an additional 778 shares during the period. 98.07% of the stock is currently owned by institutional investors and hedge funds.
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Fox Factory Company Profile
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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