Crocs (NASDAQ:CROX) Shares Gap Up Following Strong Earnings

Crocs, Inc. (NASDAQ:CROX) shares gapped up prior to trading on Tuesday after the company announced better than expected quarterly earnings. The stock had previously closed at $126.63, but opened at $133.12. Crocs shares last traded at $142.47, with a volume of 917,707 shares traded.

The textile maker reported $3.02 earnings per share for the quarter, beating analysts’ consensus estimates of $2.25 by $0.77. The firm had revenue of $938.60 million during the quarter, compared to analysts’ expectations of $884.29 million. Crocs had a net margin of 20.00% and a return on equity of 61.97%. Crocs’s quarterly revenue was up 6.2% compared to the same quarter last year. During the same period in the previous year, the company earned $2.61 earnings per share.

Analyst Upgrades and Downgrades

A number of research firms recently issued reports on CROX. Williams Trading restated a “hold” rating and set a $125.00 price target (down previously from $135.00) on shares of Crocs in a research note on Tuesday, April 16th. Bank of America raised their target price on shares of Crocs from $140.00 to $150.00 and gave the stock a “buy” rating in a research report on Wednesday, March 20th. Monness Crespi & Hardt upped their price target on shares of Crocs from $140.00 to $170.00 and gave the company a “buy” rating in a research report on Wednesday. Barclays lifted their price objective on shares of Crocs from $167.00 to $169.00 and gave the company an “overweight” rating in a research note on Wednesday. Finally, KeyCorp increased their target price on shares of Crocs from $130.00 to $149.00 and gave the stock an “overweight” rating in a research note on Thursday, March 21st. Four investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $150.42.

Insider Activity at Crocs

In other Crocs news, Director John B. Replogle bought 1,972 shares of the company’s stock in a transaction on Thursday, March 14th. The shares were bought at an average price of $126.75 per share, for a total transaction of $249,951.00. Following the transaction, the director now owns 3,153 shares of the company’s stock, valued at approximately $399,642.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other news, President Michelle Poole sold 5,074 shares of the stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $124.98, for a total value of $634,148.52. Following the completion of the transaction, the president now owns 52,966 shares in the company, valued at approximately $6,619,690.68. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director John B. Replogle acquired 1,972 shares of Crocs stock in a transaction that occurred on Thursday, March 14th. The stock was bought at an average price of $126.75 per share, with a total value of $249,951.00. Following the purchase, the director now directly owns 3,153 shares of the company’s stock, valued at $399,642.75. The disclosure for this purchase can be found here. Insiders sold a total of 39,867 shares of company stock worth $4,786,276 over the last 90 days. Company insiders own 2.72% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the stock. Raymond James & Associates increased its stake in Crocs by 235.8% in the 4th quarter. Raymond James & Associates now owns 58,514 shares of the textile maker’s stock valued at $5,466,000 after purchasing an additional 41,091 shares in the last quarter. Tealwood Asset Management Inc. acquired a new position in shares of Crocs during the 4th quarter worth $865,000. Teachers Retirement System of The State of Kentucky boosted its position in shares of Crocs by 27.4% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 38,609 shares of the textile maker’s stock worth $3,407,000 after buying an additional 8,297 shares in the last quarter. WealthPlan Investment Management LLC acquired a new stake in Crocs in the 3rd quarter valued at about $575,000. Finally, Townsend & Associates Inc increased its holdings in Crocs by 100.2% during the 3rd quarter. Townsend & Associates Inc now owns 53,659 shares of the textile maker’s stock valued at $4,614,000 after acquiring an additional 26,860 shares in the last quarter. 93.44% of the stock is owned by hedge funds and other institutional investors.

Crocs Trading Down 0.8 %

The company has a market cap of $8.22 billion, a price-to-earnings ratio of 10.57, a PEG ratio of 1.56 and a beta of 2.03. The company has a debt-to-equity ratio of 1.13, a current ratio of 1.30 and a quick ratio of 0.75. The business’s 50-day simple moving average is $129.81 and its 200-day simple moving average is $110.00.

About Crocs

Crocs, Inc, together with its subsidiaries, designs, develops, manufactures, markets, distributes, and sells casual lifestyle footwear and accessories for men, women, and children under Crocs and HEYDUDE Brand in the United States and internationally. The company offers various footwear products, including clogs, sandals, slides, flips, wedges, platforms, socks, boots, charms, flip flops, sneakers, and slippers.