Fox Factory Holding Corp. (NASDAQ:FOXF – Get Rating) – Analysts at Jefferies Financial Group increased their Q2 2023 EPS estimates for shares of Fox Factory in a report issued on Monday, August 15th. Jefferies Financial Group analyst R. Konik now anticipates that the company will post earnings of $1.64 per share for the quarter, up from their previous estimate of $1.59. Jefferies Financial Group has a “Buy” rating and a $110.00 price objective on the stock. The consensus estimate for Fox Factory’s current full-year earnings is $5.20 per share. Jefferies Financial Group also issued estimates for Fox Factory’s FY2023 earnings at $5.70 EPS.
Fox Factory (NASDAQ:FOXF – Get Rating) last released its earnings results on Thursday, August 4th. The company reported $1.38 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.22 by $0.16. Fox Factory had a return on equity of 22.70% and a net margin of 12.42%. The business had revenue of $406.71 million for the quarter, compared to the consensus estimate of $399.13 million. During the same quarter in the previous year, the business earned $1.20 earnings per share. Fox Factory’s quarterly revenue was up 23.9% on a year-over-year basis.
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Separately, Stifel Nicolaus upgraded shares of Fox Factory from a “hold” rating to a “buy” rating and increased their price target for the company from $88.00 to $115.00 in a research note on Friday, August 5th.
Fox Factory Trading Down 0.5 %
Shares of Fox Factory stock opened at $110.88 on Tuesday. Fox Factory has a 12-month low of $69.28 and a 12-month high of $190.29. 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 business’s 50 day moving average is $88.74 and its 200-day moving average is $95.61. The stock has a market cap of $4.69 billion, a P/E ratio of 25.73, a P/E/G ratio of 1.06 and a beta of 1.72.
Insider Activity
In related news, insider Christopher Tutton sold 8,055 shares of the stock in a transaction on Tuesday, August 9th. The stock was sold at an average price of $103.21, for a total value of $831,356.55. Following the sale, the insider now owns 11,712 shares in the company, valued at approximately $1,208,795.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, insider Christopher Tutton sold 8,055 shares of Fox Factory stock in a transaction dated Tuesday, August 9th. The shares were sold at an average price of $103.21, for a total transaction of $831,356.55. Following the completion of the sale, the insider now owns 11,712 shares of the company’s stock, valued at approximately $1,208,795.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Dudley W. Mendenhall sold 2,000 shares of the 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 transaction, the director now directly owns 10,110 shares in the company, valued at $1,055,787.30. The disclosure for this sale can be found here. Insiders own 0.17% of the company’s stock.
Institutional Trading of Fox Factory
Several hedge funds have recently added to or reduced their stakes in FOXF. Vanguard Group Inc. lifted its holdings in shares of Fox Factory by 1.3% during the first quarter. Vanguard Group Inc. now owns 4,035,929 shares of the company’s stock worth $395,319,000 after buying an additional 50,702 shares in the last quarter. William Blair Investment Management LLC raised its stake in Fox Factory by 8.1% in the 1st quarter. William Blair Investment Management LLC now owns 1,697,451 shares of the company’s stock worth $166,265,000 after purchasing an additional 126,960 shares in the last quarter. Conestoga Capital Advisors LLC boosted its holdings in Fox Factory by 8.9% in the 2nd quarter. Conestoga Capital Advisors LLC now owns 1,663,556 shares of the company’s stock valued at $133,983,000 after purchasing an additional 136,085 shares during the period. Clearbridge Investments LLC grew its position in shares of Fox Factory by 0.3% during the 1st quarter. Clearbridge Investments LLC now owns 1,600,160 shares of the company’s stock worth $156,736,000 after purchasing an additional 4,061 shares in the last quarter. Finally, State Street Corp increased its holdings in shares of Fox Factory by 0.3% during the second quarter. State Street Corp now owns 1,298,217 shares of the company’s stock worth $104,558,000 after purchasing an additional 4,219 shares during the period. 99.49% of the stock is owned by institutional investors and hedge funds.
About Fox Factory
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.
Further Reading
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