Zacks Investment Research Upgrades Fox Factory (FOXF) to Buy

Fox Factory (NASDAQ:FOXF) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Wednesday. The brokerage presently has a $42.00 price objective on the stock. Zacks Investment Research‘s price target would indicate a potential upside of 6.46% from the company’s previous close.

According to Zacks, “Fox Factory Holding Corp. is a designer, manufacturer and marketer of suspension products used primarily on mountain bikes, side-by-side vehicles, on-road vehicles, off-road vehicles, all-terrain vehicles, snowmobiles, specialty vehicles and applications and motorcycles. Fox Factory Holding Corp. is headquartered in California. “

A number of other analysts have also issued reports on FOXF. Bank of America lifted their price objective on shares of Fox Factory from $39.00 to $42.00 and gave the company a “neutral” rating in a research note on Thursday, September 21st. Robert W. Baird reiterated a “hold” rating and set a $40.00 price objective on shares of Fox Factory in a research note on Thursday, September 28th. ValuEngine lowered shares of Fox Factory from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. William Blair lowered shares of Fox Factory from an “outperform” rating to a “market perform” rating in a research note on Friday, October 13th. Finally, SunTrust Banks restated a “hold” rating and issued a $36.00 price target on shares of Fox Factory in a research note on Friday, October 20th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $39.00.

Fox Factory (NASDAQ FOXF) traded up $0.60 on Wednesday, hitting $39.45. 160,144 shares of the stock were exchanged, compared to its average volume of 220,919. The stock has a market capitalization of $1,481.03, a price-to-earnings ratio of 30.58, a P/E/G ratio of 1.55 and a beta of 0.62. Fox Factory has a 12 month low of $25.25 and a 12 month high of $46.80. The company has a debt-to-equity ratio of 0.26, a current ratio of 2.48 and a quick ratio of 1.41.

Fox Factory (NASDAQ:FOXF) last posted its quarterly earnings data on Wednesday, November 1st. The company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.44 by $0.02. The company had revenue of $127.40 million for the quarter, compared to analyst estimates of $123.02 million. Fox Factory had a net margin of 10.76% and a return on equity of 28.25%. The business’s quarterly revenue was up 16.9% on a year-over-year basis. During the same quarter last year, the firm posted $0.44 earnings per share. analysts forecast that Fox Factory will post 1.53 earnings per share for the current year.

In related news, CEO Larry L. Enterline sold 75,000 shares of Fox Factory stock in a transaction on Friday, December 15th. The shares were sold at an average price of $38.08, for a total value of $2,856,000.00. Following the completion of the sale, the chief executive officer now owns 124,934 shares in the company, valued at $4,757,486.72. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CFO Zvi Glasman sold 10,000 shares of Fox Factory stock in a transaction on Tuesday, December 12th. The stock was sold at an average price of $39.37, for a total transaction of $393,700.00. Following the completion of the sale, the chief financial officer now owns 160,331 shares of the company’s stock, valued at approximately $6,312,231.47. The disclosure for this sale can be found here. In the last 90 days, insiders sold 100,000 shares of company stock valued at $3,845,500. Insiders own 21.40% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in FOXF. Neuberger Berman Group LLC boosted its holdings in Fox Factory by 187.3% in the third quarter. Neuberger Berman Group LLC now owns 1,144,537 shares of the company’s stock worth $49,330,000 after purchasing an additional 746,191 shares during the period. Kayne Anderson Rudnick Investment Management LLC boosted its holdings in Fox Factory by 11.6% in the third quarter. Kayne Anderson Rudnick Investment Management LLC now owns 6,613,788 shares of the company’s stock worth $285,055,000 after purchasing an additional 686,881 shares during the period. Mawer Investment Management Ltd. acquired a new position in Fox Factory in the third quarter worth $24,843,000. BlackRock Inc. boosted its holdings in Fox Factory by 15.2% in the second quarter. BlackRock Inc. now owns 4,059,323 shares of the company’s stock worth $144,512,000 after purchasing an additional 536,712 shares during the period. Finally, KAMES CAPITAL plc boosted its holdings in Fox Factory by 80.2% in the fourth quarter. KAMES CAPITAL plc now owns 845,467 shares of the company’s stock worth $32,804,000 after purchasing an additional 376,364 shares during the period. 97.78% of the stock is owned by hedge funds and other institutional investors.

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About Fox Factory

Fox Factory Holding Corp. is engaged in the manufacturing, sale and service of ride dynamics products. The Company’s products fall into two categories: bikes, and powered vehicles, including side-by-sides, on-road vehicles with off-road capabilities, off-road vehicles and trucks, all-terrain vehicles (ATVs), snowmobiles, specialty vehicles and applications, and motorcycles.

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