Fox Factory (NASDAQ:FOXF) Price Target Raised to $36.00

Key Points

• Stifel Nicolaus has raised its price target for Fox Factory (NASDAQ: FOXF) from $34.00 to $36.00, indicating a potential upside of 26.68% from the stock's previous close.
• Despite missing earnings estimates with $0.40 EPS compared to the expected $0.43, Fox Factory reported a 7.6% increase in year-over-year revenue, totaling $374.86 million for the quarter.
• Five analysts rate Fox Factory as a hold while three give it a buy rating, with a current consensus price target of $34.86.

Fox Factory (NASDAQ:FOXF - Free Report) had its price target lifted by Stifel Nicolaus from $34.00 to $36.00 in a research report released on Friday morning,Benzinga reports. Stifel Nicolaus currently has a buy rating on the stock.

A number of other analysts have also recently weighed in on FOXF. B. Riley upped their price target on Fox Factory from $26.00 to $32.00 and gave the company a "neutral" rating in a research report on Friday. Truist Financial upped their price target on Fox Factory from $28.00 to $34.00 and gave the company a "buy" rating in a research report on Wednesday, May 14th. Five equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat, Fox Factory currently has a consensus rating of "Hold" and an average target price of $34.86.

Fox Factory Stock Performance

Shares of FOXF stock traded down $2.03 during mid-day trading on Friday, reaching $28.07. The stock had a trading volume of 1,565,414 shares, compared to its average volume of 729,403. The company has a quick ratio of 1.36, a current ratio of 3.18 and a debt-to-equity ratio of 0.73. The firm has a market cap of $1.17 billion, a PE ratio of -4.64 and a beta of 1.50. Fox Factory has a one year low of $17.95 and a one year high of $44.27. The firm's 50 day simple moving average is $27.41 and its 200 day simple moving average is $25.32.

Fox Factory (NASDAQ:FOXF - Get Free Report) last announced its quarterly earnings results on Thursday, August 7th. The company reported $0.40 earnings per share for the quarter, missing analysts' consensus estimates of $0.43 by ($0.03). Fox Factory had a negative net margin of 17.50% and a positive return on equity of 4.85%. The company had revenue of $374.86 million during the quarter, compared to the consensus estimate of $349.01 million. During the same quarter last year, the company earned $0.38 earnings per share. The business's revenue was up 7.6% on a year-over-year basis. On average, analysts forecast that Fox Factory will post 1.31 EPS for the current year.

Hedge Funds Weigh In On Fox Factory

Several institutional investors have recently bought and sold shares of FOXF. American Century Companies Inc. raised its position in Fox Factory by 48.5% in the 4th quarter. American Century Companies Inc. now owns 29,156 shares of the company's stock valued at $883,000 after purchasing an additional 9,522 shares during the last quarter. Trexquant Investment LP bought a new position in Fox Factory in the 4th quarter valued at $1,114,000. Resona Asset Management Co. Ltd. bought a new position in Fox Factory in the 4th quarter valued at $255,000. Invesco Ltd. raised its position in Fox Factory by 39.2% in the 4th quarter. Invesco Ltd. now owns 174,525 shares of the company's stock valued at $5,283,000 after purchasing an additional 49,139 shares during the last quarter. Finally, Raymond James Financial Inc. bought a new position in Fox Factory in the 4th quarter valued at $2,543,000.

About Fox Factory

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.