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

Crocs, Inc. (NASDAQ:CROX) gapped up prior to trading on Tuesday following a better than expected earnings announcement. 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 changing hands.

The textile maker reported $3.02 EPS for the quarter, beating the consensus estimate of $2.22 by $0.80. Crocs had a net margin of 20.00% and a return on equity of 61.97%. The business had revenue of $938.60 million during the quarter, compared to analyst estimates of $884.29 million. During the same quarter last year, the business earned $2.61 earnings per share. Crocs’s quarterly revenue was up 6.2% compared to the same quarter last year.

Analyst Ratings Changes

Several research firms recently commented on CROX. Wedbush reaffirmed an “outperform” rating and issued a $154.00 price target on shares of Crocs in a research note on Friday. Stifel Nicolaus raised their price target on shares of Crocs from $132.00 to $140.00 and gave the stock a “buy” rating in a research note on Friday, February 16th. Raymond James raised their target price on shares of Crocs from $120.00 to $145.00 and gave the company a “strong-buy” rating in a research report on Friday, February 16th. OTR Global raised shares of Crocs from a “mixed” rating to a “positive” rating in a research report on Thursday, April 11th. Finally, KeyCorp raised their target price on shares of Crocs from $130.00 to $149.00 and gave the company an “overweight” rating in a research report on Thursday, March 21st. Four investment analysts have rated the stock with a hold rating, seven have assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $144.64.

Insider Buying and Selling

In related news, EVP Daniel P. Hart sold 10,000 shares of the business’s stock in a transaction on Friday, February 23rd. The shares were sold at an average price of $118.48, for a total value of $1,184,800.00. Following the completion of the sale, the executive vice president now owns 219,293 shares of the company’s stock, valued at approximately $25,981,834.64. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, Director Ian Bickley sold 3,215 shares of Crocs stock in a transaction that occurred on Friday, February 23rd. The shares were sold at an average price of $118.57, for a total value of $381,202.55. Following the completion of the sale, the director now owns 28,600 shares in the company, valued at approximately $3,391,102. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Daniel P. Hart sold 10,000 shares of the firm’s stock in a transaction on Friday, February 23rd. The stock was sold at an average price of $118.48, for a total value of $1,184,800.00. Following the transaction, the executive vice president now owns 219,293 shares of the company’s stock, valued at $25,981,834.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 39,867 shares of company stock valued at $4,786,276. 2.72% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Crocs

Several institutional investors have recently bought and sold shares of CROX. Raymond James & Associates raised its holdings in Crocs by 235.8% during the fourth quarter. Raymond James & Associates now owns 58,514 shares of the textile maker’s stock worth $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 in the 4th quarter valued at approximately $865,000. Teachers Retirement System of The State of Kentucky grew 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 buying an additional 8,297 shares in the last quarter. WealthPlan Investment Management LLC acquired a new stake in Crocs in the third quarter valued at $575,000. Finally, Townsend & Associates Inc boosted its stake 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 during the last quarter. 93.44% of the stock is owned by institutional investors and hedge funds.

Crocs Stock Performance

The company has a market capitalization of $8.29 billion, a price-to-earnings ratio of 11.12, a price-to-earnings-growth ratio of 1.56 and a beta of 2.03. The company’s fifty day simple moving average is $129.26 and its two-hundred day simple moving average is $109.47. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.75 and a current ratio of 1.30.

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.