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

Crocs, Inc. (NASDAQ:CROX) gapped up before the market opened 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 changing hands.

The textile maker reported $3.02 EPS for the quarter, beating the consensus estimate of $2.25 by $0.77. The firm had revenue of $938.60 million for 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% on a year-over-year basis. During the same quarter last year, the company earned $2.61 EPS.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. B. Riley lifted their price target on Crocs from $95.00 to $122.00 and gave the company a “neutral” rating in a research report on Wednesday, April 10th. Raymond James boosted their price target on shares of Crocs from $120.00 to $145.00 and gave the stock a “strong-buy” rating in a research report on Friday, February 16th. Barclays raised their price objective on shares of Crocs from $167.00 to $169.00 and gave the company an “overweight” rating in a research report on Wednesday. Piper Sandler increased their target price on shares of Crocs from $135.00 to $140.00 and gave the company an “overweight” rating in a research note on Friday, February 16th. Finally, Stifel Nicolaus lifted their price target on shares of Crocs from $140.00 to $158.00 and gave the stock a “buy” rating in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating, eight have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $150.42.

Insider Buying and Selling at Crocs

In other news, President Michelle Poole sold 4,793 shares of the firm’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $119.15, for a total value of $571,085.95. Following the completion of the sale, the president now owns 64,912 shares of the company’s stock, valued at $7,734,264.80. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. In other news, President Michelle Poole sold 4,793 shares of the stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $119.15, for a total value of $571,085.95. Following the completion of the sale, the president now directly owns 64,912 shares of the company’s stock, valued at $7,734,264.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Ian Bickley sold 16,785 shares of the business’s stock in a transaction that occurred on Friday, February 16th. The shares were sold at an average price of $120.05, for a total transaction of $2,015,039.25. Following the transaction, the director now directly owns 31,815 shares in the company, valued at $3,819,390.75. The disclosure for this sale can be found here. Insiders have sold a total of 39,867 shares of company stock valued at $4,786,276 in the last three months. 2.72% of the stock is currently owned by company insiders.

Institutional Trading of Crocs

Several hedge funds and other institutional investors have recently modified their holdings of the company. V Square Quantitative Management LLC purchased a new stake in shares of Crocs during the 1st quarter worth about $25,000. Rise Advisors LLC bought a new position in Crocs during the first quarter valued at approximately $25,000. Byrne Asset Management LLC lifted its stake in Crocs by 60.0% in the fourth quarter. Byrne Asset Management LLC now owns 320 shares of the textile maker’s stock valued at $30,000 after acquiring an additional 120 shares during the last quarter. Blue Trust Inc. grew its position in Crocs by 185.0% in the fourth quarter. Blue Trust Inc. now owns 342 shares of the textile maker’s stock worth $32,000 after acquiring an additional 222 shares in the last quarter. Finally, Quest Partners LLC bought a new position in shares of Crocs during the 4th quarter valued at $53,000. 93.44% of the stock is currently owned by hedge funds and other institutional investors.

Crocs Stock Performance

The firm has a market cap of $8.22 billion, a price-to-earnings ratio of 10.57, a price-to-earnings-growth ratio of 1.56 and a beta of 2.03. The firm’s 50 day moving average is $129.81 and its 200-day moving average is $110.00. 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.