Fox Factory (NASDAQ:FOXF) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Fox Factory (NASDAQ:FOXF) from a hold rating to a buy rating in a report published on Friday morning, Zacks.com reports. Zacks Investment Research currently has $87.00 price target on the stock.

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. “

Several other research firms also recently commented on FOXF. Bank of America reissued a neutral rating and issued a $86.00 price objective (up previously from $78.00) on shares of Fox Factory in a report on Thursday. BidaskClub downgraded Fox Factory from a buy rating to a hold rating in a report on Thursday. SunTrust Banks increased their price objective on Fox Factory to $70.00 and gave the company a hold rating in a report on Thursday, May 2nd. They noted that the move was a valuation call. Finally, Stifel Nicolaus increased their price objective on Fox Factory from $72.00 to $76.00 and gave the company a hold rating in a report on Thursday. Five research analysts have rated the stock with a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. The stock has a consensus rating of Buy and an average price target of $75.83.

Shares of NASDAQ FOXF traded down $1.65 during trading hours on Friday, hitting $75.65. The company had a trading volume of 201,408 shares, compared to its average volume of 165,001. The stock has a market capitalization of $2.89 billion, a PE ratio of 34.08, a P/E/G ratio of 1.88 and a beta of 1.30. The company has a debt-to-equity ratio of 0.19, a current ratio of 2.39 and a quick ratio of 1.29. Fox Factory has a 1-year low of $49.97 and a 1-year high of $86.91. The firm’s 50 day moving average price is $80.93.

Fox Factory (NASDAQ:FOXF) last released its quarterly earnings data on Wednesday, July 31st. The company reported $0.68 EPS for the quarter, beating the consensus estimate of $0.66 by $0.02. The company had revenue of $192.10 million during the quarter, compared to the consensus estimate of $187.96 million. Fox Factory had a return on equity of 30.92% and a net margin of 12.45%. The firm’s revenue for the quarter was up 22.5% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.56 EPS. Equities research analysts expect that Fox Factory will post 2.62 EPS for the current year.

In other Fox Factory news, CEO Larry L. Enterline sold 100,000 shares of the firm’s stock in a transaction on Thursday, May 23rd. The stock was sold at an average price of $67.41, for a total transaction of $6,741,000.00. Following the completion of the sale, the chief executive officer now owns 5,652 shares of the company’s stock, valued at approximately $381,001.32. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Christopher Tutton sold 2,000 shares of the firm’s stock in a transaction on Monday, May 6th. The shares were sold at an average price of $75.94, for a total value of $151,880.00. Following the sale, the insider now directly owns 30,445 shares of the company’s stock, valued at approximately $2,311,993.30. The disclosure for this sale can be found here. In the last three months, insiders sold 116,865 shares of company stock valued at $8,055,306. 2.30% of the stock is currently owned by insiders.

Institutional investors have recently made changes to their positions in the business. New York State Teachers Retirement System lifted its holdings in Fox Factory by 0.8% during the 1st quarter. New York State Teachers Retirement System now owns 58,258 shares of the company’s stock valued at $4,072,000 after purchasing an additional 481 shares during the last quarter. Norges Bank acquired a new stake in Fox Factory during the 4th quarter valued at $19,815,000. Squarepoint Ops LLC acquired a new stake in Fox Factory during the 4th quarter valued at $387,000. Toth Financial Advisory Corp acquired a new stake in Fox Factory during the 2nd quarter valued at $302,000. Finally, State of Alaska Department of Revenue lifted its holdings in Fox Factory by 1.5% during the 2nd quarter. State of Alaska Department of Revenue now owns 12,991 shares of the company’s stock valued at $1,071,000 after purchasing an additional 188 shares during the last quarter. 99.46% of the stock is owned by institutional investors and hedge funds.

About Fox Factory

Fox Factory Holding Corp. designs, engineers, manufactures, and markets ride dynamics products worldwide. The company offers front fork and rear suspension products for mountain bikes and road bikes; and powered vehicle products for side-by-side vehicles, on-road vehicles with off-road capabilities, off-road vehicles and trucks, all-terrain vehicles, snowmobiles, specialty vehicles and applications, and motorcycles.

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