Wedbush Equities Analysts Raise Earnings Estimates for Crocs, Inc. (NASDAQ:CROX)

Crocs, Inc. (NASDAQ:CROX) – Wedbush increased their Q2 2024 earnings per share (EPS) estimates for shares of Crocs in a report issued on Tuesday, May 7th. Wedbush analyst T. Nikic now expects that the textile maker will post earnings of $3.53 per share for the quarter, up from their previous estimate of $3.38. Wedbush has a “Outperform” rating and a $154.00 price target on the stock. The consensus estimate for Crocs’ current full-year earnings is $12.44 per share. Wedbush also issued estimates for Crocs’ FY2024 earnings at $12.65 EPS and FY2025 earnings at $14.15 EPS.

Crocs (NASDAQ:CROX) last issued its quarterly earnings results on Tuesday, May 7th. The textile maker reported $3.02 EPS for the quarter, topping the consensus estimate 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 return on equity of 61.97% and a net margin of 20.00%. The firm’s revenue for the quarter was up 6.2% on a year-over-year basis. During the same period in the previous year, the business earned $2.61 earnings per share.

Other analysts have also recently issued research reports about the stock. Piper Sandler upped their price objective 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. KeyCorp increased their price target on Crocs from $130.00 to $149.00 and gave the company an “overweight” rating in a report on Thursday, March 21st. Bank of America boosted their price objective on Crocs from $140.00 to $150.00 and gave the stock a “buy” rating in a research note on Wednesday, March 20th. Stifel Nicolaus lifted their price target on Crocs from $140.00 to $158.00 and gave the stock a “buy” rating in a report on Wednesday. Finally, B. Riley upped their price objective on shares of Crocs from $95.00 to $122.00 and gave the company a “neutral” rating in a report on Wednesday, April 10th. Four equities research analysts have rated the stock with a hold rating, eight have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $150.42.

Crocs Price Performance

Shares of NASDAQ CROX opened at $135.42 on Thursday. The stock has a market capitalization 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. Crocs has a 52 week low of $74.00 and a 52 week high of $146.79. The firm has a 50-day simple moving average of $129.81 and a 200-day simple moving average of $110.00. The company has a quick ratio of 0.75, a current ratio of 1.30 and a debt-to-equity ratio of 1.13.

Insider Activity

In related news, President Michelle Poole sold 4,793 shares of Crocs 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 owns 64,912 shares in the company, valued at approximately $7,734,264.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Crocs news, Director John B. Replogle acquired 1,972 shares of the stock in a transaction dated Thursday, March 14th. The stock was acquired at an average price of $126.75 per share, with a total value of $249,951.00. Following the completion of the purchase, the director now owns 3,153 shares in the company, valued at approximately $399,642.75. The purchase was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, President Michelle Poole sold 4,793 shares of the company’s stock in a transaction that occurred on Friday, February 16th. The stock was sold at an average price of $119.15, for a total transaction of $571,085.95. Following the sale, the president now directly owns 64,912 shares in the company, valued at $7,734,264.80. The disclosure for this sale can be found here. In the last three months, insiders have sold 39,867 shares of company stock valued at $4,786,276. Company insiders own 2.72% of the company’s stock.

Hedge Funds Weigh In On Crocs

Several institutional investors have recently modified their holdings of CROX. Riverwater Partners LLC lifted its position in shares of Crocs by 1.0% during the 1st quarter. Riverwater Partners LLC now owns 10,725 shares of the textile maker’s stock worth $1,542,000 after purchasing an additional 104 shares during the last quarter. Byrne Asset Management LLC lifted its position 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. Quadrant Capital Group LLC boosted its stake in Crocs by 12.3% in the fourth quarter. Quadrant Capital Group LLC now owns 1,151 shares of the textile maker’s stock valued at $108,000 after acquiring an additional 126 shares in the last quarter. Fifth Third Bancorp grew its holdings in shares of Crocs by 3.2% during the first quarter. Fifth Third Bancorp now owns 4,060 shares of the textile maker’s stock worth $584,000 after purchasing an additional 127 shares during the last quarter. Finally, Treasurer of the State of North Carolina increased its position in shares of Crocs by 0.5% during the third quarter. Treasurer of the State of North Carolina now owns 26,720 shares of the textile maker’s stock worth $2,358,000 after purchasing an additional 140 shares in the last quarter. Institutional investors and hedge funds own 93.44% of the company’s stock.

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.