Crocs (NASDAQ:CROX) Shares Gap Up After Earnings Beat

Shares of Crocs, Inc. (NASDAQ:CROX) gapped up prior to trading on Tuesday following a stronger than expected earnings report. 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 (EPS) for the quarter, beating analysts’ consensus estimates of $2.22 by $0.80. Crocs had a return on equity of 61.97% and a net margin of 20.00%. The business had revenue of $938.60 million for the quarter, compared to analysts’ expectations of $884.29 million. During the same period in the previous year, the business posted $2.61 earnings per share. Crocs’s quarterly revenue was up 6.2% on a year-over-year basis.

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on CROX. Stifel Nicolaus upped their target price on shares of Crocs from $132.00 to $140.00 and gave the company a “buy” rating in a research note on Friday, February 16th. Raymond James upped their price target on Crocs from $120.00 to $145.00 and gave the company a “strong-buy” rating in a research report on Friday, February 16th. Wedbush reissued an “outperform” rating and set a $154.00 price objective on shares of Crocs in a report on Friday, May 3rd. Williams Trading reaffirmed a “hold” rating and issued a $125.00 target price (down previously from $135.00) on shares of Crocs in a report on Tuesday, April 16th. Finally, UBS Group increased their target price on shares of Crocs from $117.00 to $124.00 and gave the stock a “neutral” rating in a research report on Tuesday, April 23rd. Four research analysts have rated the stock with a hold rating, seven have given a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Crocs presently has a consensus rating of “Moderate Buy” and an average target price of $144.64.

Insiders Place Their Bets

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

Institutional Investors Weigh In On Crocs

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

Crocs Price Performance

The company has a current ratio of 1.30, a quick ratio of 0.75 and a debt-to-equity ratio of 1.13. The firm has a market cap of $8.28 billion, a price-to-earnings ratio of 10.65, a P/E/G ratio of 1.56 and a beta of 2.03. The company has a 50 day moving average of $129.57 and a 200 day moving average of $109.82.

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.