Formula Growth Ltd. Buys New Position in Fox Factory Holding Corp. $FOXF

Formula Growth Ltd. purchased a new position in shares of Fox Factory Holding Corp. (NASDAQ:FOXF - Free Report) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 242,442 shares of the company's stock, valued at approximately $4,108,000. Fox Factory makes up approximately 1.4% of Formula Growth Ltd.'s holdings, making the stock its 13th biggest holding. Formula Growth Ltd. owned 0.58% of Fox Factory at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also bought and sold shares of FOXF. Engineers Gate Manager LP boosted its holdings in Fox Factory by 1.1% during the 4th quarter. Engineers Gate Manager LP now owns 73,895 shares of the company's stock worth $1,264,000 after acquiring an additional 770 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in shares of Fox Factory by 12.3% in the second quarter. Russell Investments Group Ltd. now owns 7,818 shares of the company's stock valued at $203,000 after purchasing an additional 858 shares during the last quarter. Resona Asset Management Co. Ltd. boosted its holdings in Fox Factory by 33.3% during the fourth quarter. Resona Asset Management Co. Ltd. now owns 4,142 shares of the company's stock worth $73,000 after purchasing an additional 1,035 shares during the last quarter. Creative Planning grew its position in Fox Factory by 11.6% in the 3rd quarter. Creative Planning now owns 9,971 shares of the company's stock worth $242,000 after purchasing an additional 1,040 shares in the last quarter. Finally, Farther Finance Advisors LLC increased its stake in Fox Factory by 108.3% in the 4th quarter. Farther Finance Advisors LLC now owns 2,075 shares of the company's stock valued at $36,000 after buying an additional 1,079 shares during the last quarter.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on FOXF shares. Fox Advisors set a $20.00 target price on Fox Factory in a research note on Tuesday, June 30th. Bank of America cut Fox Factory from a "neutral" rating to an "underperform" rating and cut their price objective for the stock from $24.00 to $20.00 in a research report on Tuesday, June 30th. Zacks Research upgraded Fox Factory from a "strong sell" rating to a "hold" rating in a research note on Wednesday, June 3rd. Weiss Ratings reiterated a "sell (e+)" rating on shares of Fox Factory in a research note on Friday, August 7th. Finally, Needham & Company LLC reiterated a "buy" rating on shares of Fox Factory in a research note on Wednesday, June 3rd. One research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus target price of $21.00.

Fox Factory Trading Up 0.2%

NASDAQ:FOXF opened at $21.10 on Friday. Fox Factory Holding Corp. has a 12 month low of $13.08 and a 12 month high of $29.97. The company has a current ratio of 3.10, a quick ratio of 1.55 and a debt-to-equity ratio of 0.96. The firm's 50 day moving average is $19.02 and its 200 day moving average is $18.00. The stock has a market capitalization of $886.83 million, a PE ratio of -2.96, a price-to-earnings-growth ratio of 0.60 and a beta of 1.35.

Fox Factory (NASDAQ:FOXF - Get Free Report) last announced its quarterly earnings data on Thursday, August 6th. The company reported $0.37 earnings per share for the quarter, beating the consensus estimate of $0.18 by $0.19. Fox Factory had a positive return on equity of 5.57% and a negative net margin of 20.39%.The business had revenue of $358.12 million during the quarter, compared to analyst estimates of $352.94 million. During the same period in the prior year, the company earned $0.40 earnings per share. Fox Factory's revenue was down 4.5% compared to the same quarter last year. Sell-side analysts expect that Fox Factory Holding Corp. will post 1.55 earnings per share for the current year.

Fox Factory Profile

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.

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