Fox Factory Holding Corp. (NASDAQ:FOXF) Receives $21.00 Consensus Price Target from Brokerages

Fox Factory Holding Corp. (NASDAQ:FOXF) has been assigned an average rating of “Moderate Buy” from the six brokerages that are currently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell rating, one has assigned a hold rating, one has assigned a buy rating and two have assigned a strong buy rating to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $21.00.

A number of equities research analysts have recently commented on FOXF shares. Bank of America cut Fox Factory from a “neutral” rating to an “underperform” rating and lowered their target price for the stock from $24.00 to $20.00 in a research note on Tuesday, June 30th. Zacks Research upgraded shares of Fox Factory from a “hold” rating to a “strong-buy” rating in a research report on Monday. Roth Capital restated a “neutral” rating and set a $20.00 price objective on shares of Fox Factory in a report on Friday, May 8th. Needham & Company LLC reiterated a “buy” rating on shares of Fox Factory in a research note on Wednesday, June 3rd. Finally, Fox Advisors set a $20.00 price objective on Fox Factory in a research note on Tuesday, June 30th.

Fox Factory Stock Performance

Shares of FOXF opened at $20.41 on Monday. The stock has a 50 day moving average price of $19.19 and a two-hundred day moving average price of $18.03. Fox Factory has a 52 week low of $13.08 and a 52 week high of $29.97. The firm has a market capitalization of $857.83 million, a P/E ratio of -2.86, a P/E/G ratio of 0.57 and a beta of 1.38. The company has a debt-to-equity ratio of 0.96, a quick ratio of 1.55 and a current ratio of 3.10.

Fox Factory (NASDAQ:FOXF) last released its quarterly earnings results on Thursday, August 6th. The company reported $0.37 EPS for the quarter, beating analysts’ consensus estimates of $0.18 by $0.19. The business had revenue of $358.12 million during the quarter, compared to analyst estimates of $352.94 million. Fox Factory had a positive return on equity of 5.57% and a negative net margin of 20.39%.Fox Factory’s quarterly revenue was down 4.5% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.40 EPS. Equities analysts forecast that Fox Factory will post 1.55 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Fox Factory

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Corient Private Wealth LP lifted its position in shares of Fox Factory by 11.1% during the second quarter. Corient Private Wealth LP now owns 119,632 shares of the company’s stock worth $2,027,000 after acquiring an additional 11,921 shares in the last quarter. California State Teachers Retirement System boosted its position in shares of Fox Factory by 2,113.9% during the 2nd quarter. California State Teachers Retirement System now owns 855,841 shares of the company’s stock valued at $14,502,000 after acquiring an additional 817,183 shares during the last quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its holdings in shares of Fox Factory by 6.8% during the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 68,487 shares of the company’s stock worth $1,161,000 after purchasing an additional 4,383 shares in the last quarter. Empowered Funds LLC purchased a new position in shares of Fox Factory during the second quarter worth about $7,390,000. Finally, Formula Growth Ltd. bought a new position in shares of Fox Factory in the second quarter worth approximately $4,108,000.

About Fox Factory

Fox Factory Holding Corp., headquartered in Duluth, Minnesota, designs, engineers and manufactures high-performance suspension systems, shock absorbers and related components for powersports, light-vehicle and mountain-bike applications. The company’s FOX brand offers a comprehensive portfolio of forks, shocks, coilovers and internal bypass dampers aimed at OEM and aftermarket customers seeking enhanced ride quality, control and durability across off-road vehicles, motorcycles and bicycles.

Founded in 1974 by Bob Fox in California, Fox Factory has expanded its technology base and market reach through strategic acquisitions such as Marzocchi Suspension, DVO Suspension and Walker Evans Racing.