Fox Factory (NASDAQ:FOXF) Downgraded by ValuEngine

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

FOXF has been the topic of several other reports. Zacks Investment Research raised shares of Fox Factory from a hold rating to a buy rating and set a $87.00 target price on the stock in a research note on Friday, August 2nd. Stifel Nicolaus increased their target price on shares of Fox Factory from $72.00 to $76.00 and gave the stock a hold rating in a research note on Thursday, August 1st. Bank of America reissued a neutral rating and set a $86.00 target price (up from $78.00) on shares of Fox Factory in a research note on Thursday, August 1st. Finally, BidaskClub downgraded shares of Fox Factory from a sell rating to a strong sell rating in a research report on Saturday, September 7th. One equities research analyst has rated the stock with a sell rating, four have assigned a hold rating and two have given a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $77.40.

FOXF stock opened at $63.30 on Thursday. The company’s 50-day simple moving average is $71.70 and its 200-day simple moving average is $73.94. The company has a quick ratio of 1.45, a current ratio of 2.73 and a debt-to-equity ratio of 0.21. Fox Factory has a 52-week low of $49.97 and a 52-week high of $86.91. The firm has a market cap of $2.44 billion, a P/E ratio of 28.51, a PEG ratio of 1.46 and a beta of 1.35.

Fox Factory (NASDAQ:FOXF) last posted its earnings results on Wednesday, July 31st. The company reported $0.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.66 by $0.02. Fox Factory had a net margin of 12.45% and a return on equity of 29.77%. The business had revenue of $192.10 million for the quarter, compared to analyst estimates of $187.96 million. During the same period in the prior year, the company posted $0.56 EPS. The company’s revenue for the quarter was up 22.5% on a year-over-year basis. On average, analysts anticipate that Fox Factory will post 2.62 earnings per share for the current fiscal year.

In related news, insider Christopher Tutton sold 461 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $75.01, for a total transaction of $34,579.61. Following the completion of the transaction, the insider now owns 22,604 shares in the company, valued at approximately $1,695,526.04. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Zvi Glasman sold 7,000 shares of the company’s stock in a transaction dated Friday, September 13th. The stock was sold at an average price of $67.94, for a total transaction of $475,580.00. Following the transaction, the chief financial officer now owns 20,284 shares of the company’s stock, valued at approximately $1,378,094.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 107,451 shares of company stock valued at $7,438,369. Insiders own 2.30% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. New York State Teachers Retirement System raised its position in shares of 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 worth $4,072,000 after purchasing an additional 481 shares during the last quarter. Pinebridge Investments L.P. raised its position in shares of Fox Factory by 203.0% during the 2nd quarter. Pinebridge Investments L.P. now owns 28,738 shares of the company’s stock worth $2,371,000 after purchasing an additional 19,255 shares during the last quarter. Toth Financial Advisory Corp acquired a new stake in Fox Factory in the 2nd quarter valued at about $302,000. Envestnet Asset Management Inc. raised its holdings in Fox Factory by 4.1% in the 2nd quarter. Envestnet Asset Management Inc. now owns 36,248 shares of the company’s stock valued at $2,991,000 after acquiring an additional 1,440 shares during the last quarter. Finally, Calamos Advisors LLC acquired a new stake in Fox Factory in the 2nd quarter valued at about $5,952,000.

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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