Fox Factory (NASDAQ:FOXF) Downgraded to “Hold” at ValuEngine

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ValuEngine lowered shares of Fox Factory (NASDAQ:FOXF) from a buy rating to a hold rating in a report issued on Thursday morning, ValuEngine reports.

Several other research firms also recently issued reports on FOXF. BidaskClub downgraded shares of Fox Factory from a sell rating to a strong sell rating in a report on Saturday, September 7th. Stifel Nicolaus increased their price objective on shares of Fox Factory from $72.00 to $76.00 and gave the company a hold rating in a research note on Thursday, August 1st. Zacks Investment Research upgraded shares of Fox Factory from a hold rating to a buy rating and set a $87.00 price objective for the company in a research note on Friday, August 2nd. Finally, Bank of America restated a neutral rating and issued a $86.00 price objective (up previously from $78.00) on shares of Fox Factory in a research note on Thursday, August 1st. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. The stock presently has a consensus rating of Hold and an average target price of $77.40.

FOXF stock opened at $63.90 on Thursday. Fox Factory has a 52-week low of $49.97 and a 52-week high of $86.91. The company’s 50 day simple moving average is $72.06 and its 200-day simple moving average is $73.95. The company has a debt-to-equity ratio of 0.21, a current ratio of 2.73 and a quick ratio of 1.45. The firm has a market capitalization of $2.44 billion, a P/E ratio of 28.78, a P/E/G ratio of 1.55 and a beta of 1.35.

Fox Factory (NASDAQ:FOXF) last released its quarterly earnings results on Wednesday, July 31st. The company reported $0.68 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.66 by $0.02. The business had revenue of $192.10 million for the quarter, compared to analyst estimates of $187.96 million. Fox Factory had a net margin of 12.45% and a return on equity of 29.77%. The firm’s revenue was up 22.5% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.56 earnings per share. Sell-side analysts predict that Fox Factory will post 2.62 EPS for the current fiscal year.

In other Fox Factory news, insider Christopher Tutton sold 461 shares of Fox Factory stock in a transaction that occurred on Tuesday, August 13th. The stock was sold at an average price of $75.01, for a total value of $34,579.61. Following the transaction, the insider now directly owns 22,604 shares of the company’s stock, valued at approximately $1,695,526.04. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CFO Zvi Glasman sold 7,000 shares of Fox Factory stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $67.94, for a total value of $475,580.00. Following the completion of the transaction, the chief financial officer now directly owns 20,284 shares in the company, valued at $1,378,094.96. The disclosure for this sale can be found here. Insiders have sold a total of 107,451 shares of company stock valued at $7,438,369 in the last quarter. 2.30% of the stock is owned by corporate insiders.

A number of institutional investors have recently made changes to their positions in the business. Atria Investments LLC increased its position in Fox Factory by 25.4% during the second quarter. Atria Investments LLC now owns 34,610 shares of the company’s stock valued at $2,565,000 after acquiring an additional 7,018 shares during the last quarter. Mackenzie Financial Corp purchased a new stake in Fox Factory during the 2nd quarter worth approximately $322,000. BlackRock Inc. boosted its holdings in shares of Fox Factory by 1.2% during the 2nd quarter. BlackRock Inc. now owns 5,491,681 shares of the company’s stock worth $453,120,000 after purchasing an additional 63,979 shares during the last quarter. Vestmark Advisory Solutions Inc. acquired a new position in shares of Fox Factory during the 2nd quarter worth approximately $240,000. Finally, Amundi Pioneer Asset Management Inc. acquired a new position in shares of Fox Factory during the 2nd quarter worth approximately $1,650,000.

Fox Factory Company Profile

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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