Bank of America Lowers Fox Factory (NASDAQ:FOXF) Price Target to $48.00

Fox Factory (NASDAQ:FOXF) had its price objective dropped by stock analysts at Bank of America from $55.00 to $48.00 in a research report issued to clients and investors on Monday, Benzinga reports. The brokerage currently has a “neutral” rating on the stock. Bank of America‘s price target would indicate a potential upside of 10.29% from the stock’s previous close.

A number of other brokerages have also issued reports on FOXF. Roth Mkm dropped their target price on Fox Factory from $55.00 to $45.00 and set a “neutral” rating on the stock in a research report on Friday. B. Riley reduced their price objective on Fox Factory from $50.00 to $45.00 and set a “neutral” rating for the company in a research report on Friday. Robert W. Baird reduced their price objective on Fox Factory from $55.00 to $48.00 and set a “neutral” rating for the company in a research report on Friday. Truist Financial reduced their price objective on Fox Factory from $60.00 to $50.00 and set a “buy” rating for the company in a research report on Friday. Finally, Stifel Nicolaus cut their target price on Fox Factory from $56.00 to $45.00 and set a “hold” rating for the company in a research report on Wednesday, April 24th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, Fox Factory currently has a consensus rating of “Hold” and a consensus target price of $46.83.

Fox Factory Trading Up 10.4 %

Shares of FOXF stock opened at $43.52 on Monday. The stock has a market cap of $1.83 billion, a price-to-earnings ratio of 24.31, a price-to-earnings-growth ratio of 3.66 and a beta of 1.68. The company has a quick ratio of 1.85, a current ratio of 3.43 and a debt-to-equity ratio of 0.63. Fox Factory has a fifty-two week low of $37.98 and a fifty-two week high of $117.68. The firm’s 50 day moving average price is $46.45 and its two-hundred day moving average price is $59.31.

Fox Factory (NASDAQ:FOXF) last announced its quarterly earnings results on Thursday, May 2nd. The company reported $0.29 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.10. The firm had revenue of $333.50 million for the quarter, compared to analysts’ expectations of $327.58 million. Fox Factory had a net margin of 5.41% and a return on equity of 10.56%. Fox Factory’s revenue was down 16.6% compared to the same quarter last year. During the same period in the previous year, the company posted $1.20 earnings per share. On average, analysts anticipate that Fox Factory will post 2.42 EPS for the current year.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of FOXF. Bank of New York Mellon Corp increased its holdings in shares of Fox Factory by 1.1% in the third quarter. Bank of New York Mellon Corp now owns 440,251 shares of the company’s stock valued at $43,620,000 after buying an additional 4,607 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its holdings in shares of Fox Factory by 26.6% in the third quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 7,065 shares of the company’s stock valued at $700,000 after buying an additional 1,485 shares in the last quarter. Strs Ohio increased its holdings in shares of Fox Factory by 10.5% in the third quarter. Strs Ohio now owns 4,200 shares of the company’s stock valued at $416,000 after buying an additional 400 shares in the last quarter. Advisor Partners II LLC acquired a new stake in Fox Factory during the 3rd quarter valued at $224,000. Finally, Park Avenue Securities LLC acquired a new stake in Fox Factory during the 3rd quarter valued at $302,000.

Fox Factory Company Profile

Fox Factory Holding Corp. designs, engineers, manufactures, and markets performance-defining products and system worldwide. The company offers powered vehicle products for side-by-side vehicles, on-road vehicles with and without off-road capabilities, off-road vehicles and trucks, all-terrain vehicles, snowmobiles, and specialty vehicles and applications, such as military, motorcycles, and commercial trucks; lift kits and components with shock products and aftermarket accessory packages for trucks; and mid-end and high-end front fork and rear suspension products.