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Fox Factory (NASDAQ:FOXF) Issues Q3 2022 Earnings Guidance

Fox Factory (NASDAQ:FOXFGet Rating) updated its third quarter 2022 earnings guidance on Thursday. The company provided EPS guidance of $1.15-$1.35 for the period, compared to the consensus EPS estimate of $1.37. The company issued revenue guidance of $385.00 million-$405.00 million, compared to the consensus revenue estimate of $383.13 million. Fox Factory also updated its FY 2022 guidance to $5.00-$5.30 EPS.

Wall Street Analysts Forecast Growth

FOXF has been the topic of several analyst reports. Stifel Nicolaus upgraded shares of Fox Factory from a hold rating to a buy rating and increased their price target for the stock from $88.00 to $115.00 in a research report on Friday, August 5th. Jefferies Financial Group lowered their target price on shares of Fox Factory from $140.00 to $110.00 and set a buy rating for the company in a research note on Friday, June 24th.

Fox Factory Price Performance

Fox Factory stock opened at $111.45 on Friday. Fox Factory has a 52 week low of $69.28 and a 52 week high of $190.29. The business has a 50-day simple moving average of $88.23 and a 200 day simple moving average of $95.90. The company has a quick ratio of 2.10, a current ratio of 3.38 and a debt-to-equity ratio of 0.41. The stock has a market cap of $4.71 billion, a price-to-earnings ratio of 25.86, a PEG ratio of 1.06 and a beta of 1.72.

Fox Factory (NASDAQ:FOXFGet Rating) last released its quarterly earnings results on Thursday, August 4th. The company reported $1.38 earnings per share for the quarter, beating the consensus estimate of $1.22 by $0.16. The business had revenue of $406.71 million for the quarter, compared to analysts’ expectations of $399.13 million. Fox Factory had a net margin of 12.42% and a return on equity of 22.70%. The firm’s revenue for the quarter was up 23.9% compared to the same quarter last year. During the same quarter in the previous year, the business posted $1.20 earnings per share. On average, research analysts forecast that Fox Factory will post 5.2 earnings per share for the current fiscal year.

Insider Transactions at Fox Factory

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In other news, Director Dudley W. Mendenhall sold 2,000 shares of the firm’s stock in a transaction on Tuesday, August 9th. The shares were sold at an average price of $104.43, for a total transaction of $208,860.00. Following the sale, the director now directly owns 10,110 shares in the company, valued at approximately $1,055,787.30. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Fox Factory news, insider Christopher Tutton sold 8,055 shares of the business’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $103.21, for a total value of $831,356.55. Following the completion of the sale, the insider now directly owns 11,712 shares of the company’s stock, valued at approximately $1,208,795.52. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Dudley W. Mendenhall sold 2,000 shares of the business’s stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $104.43, for a total transaction of $208,860.00. Following the completion of the sale, the director now directly owns 10,110 shares of the company’s stock, valued at $1,055,787.30. The disclosure for this sale can be found here. Corporate insiders own 0.24% of the company’s stock.

Institutional Trading of Fox Factory

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital World Investors boosted its position in shares of Fox Factory by 431.9% in the 1st quarter. Capital World Investors now owns 329,000 shares of the company’s stock worth $32,226,000 after purchasing an additional 267,147 shares in the last quarter. Renaissance Technologies LLC acquired a new stake in Fox Factory during the 1st quarter worth about $17,905,000. Vanguard Group Inc. lifted its position in Fox Factory by 1.3% during the 1st quarter. Vanguard Group Inc. now owns 4,035,929 shares of the company’s stock worth $395,319,000 after acquiring an additional 50,702 shares during the period. State Street Corp lifted its position in Fox Factory by 2.0% during the 1st quarter. State Street Corp now owns 1,293,998 shares of the company’s stock worth $126,747,000 after acquiring an additional 25,589 shares during the period. Finally, Royal Bank of Canada raised its stake in shares of Fox Factory by 5.4% during the 1st quarter. Royal Bank of Canada now owns 365,242 shares of the company’s stock valued at $35,776,000 after buying an additional 18,613 shares during the last quarter. Institutional investors own 99.49% of the company’s stock.

About Fox Factory

(Get Rating)

Fox Factory Holding Corp. designs, engineers, manufactures, and markets ride dynamics products worldwide. The company offers mid-end and high-end front fork and rear suspension products for mountain bikes, road bikes, and e-bikes; and 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.

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Earnings History and Estimates for Fox Factory (NASDAQ:FOXF)

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