Zacks Investment Research Upgrades Crocs (NASDAQ:CROX) to “Strong-Buy”

Zacks Investment Research upgraded shares of Crocs (NASDAQ:CROX) from a hold rating to a strong-buy rating in a research note published on Tuesday morning, Zacks.com reports. The firm currently has $141.00 target price on the textile maker’s stock.

According to Zacks, “Shares of Crocs have increased and outpaced the industry in the past year. The stock has been gaining following the company’s stellar performance that continued in third-quarter 2021, thereby prompting management to raise view. Both the top and the bottom lines not only beat the Zacks Consensus Estimate but also grew year over year. Crocs has been gaining from sturdy consumer demand for its brands. The company’s focus on product innovation and marketing, digital capabilities, and tapping of growth opportunities in Asia bode well. Moreover, Crocs’ immediate action to shift production, enhance factory throughput, leverage air freight, and strategically allocate units helped mitigate the impact of factory closures in Vietnam and the global supply chain issues. Management now estimates 2021 revenue growth between 62% and 65%.”

Several other analysts have also issued reports on CROX. UBS Group upped their target price on shares of Crocs from $157.00 to $175.00 and gave the stock a neutral rating in a research note on Monday, October 25th. Piper Sandler upped their target price on shares of Crocs from $212.00 to $215.00 and gave the stock an overweight rating in a research note on Thursday, October 21st. B. Riley upped their target price on shares of Crocs from $152.00 to $174.00 and gave the stock a buy rating in a research note on Wednesday, September 15th. Robert W. Baird upped their target price on shares of Crocs from $215.00 to $250.00 and gave the stock an outperform rating in a research note on Thursday, October 21st. Finally, Monness Crespi & Hardt upped their target price on shares of Crocs from $160.00 to $180.00 and gave the stock a buy rating in a research note on Wednesday, September 15th. Two equities research analysts have rated the stock with a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of Buy and a consensus price target of $182.56.

CROX opened at $122.54 on Tuesday. The company has a current ratio of 2.63, a quick ratio of 2.02 and a debt-to-equity ratio of 1.94. The company’s fifty day moving average price is $151.60 and its two-hundred day moving average price is $143.79. Crocs has a 1-year low of $65.37 and a 1-year high of $183.88. The company has a market cap of $7.21 billion, a price-to-earnings ratio of 10.65, a PEG ratio of 0.90 and a beta of 1.71.

Crocs (NASDAQ:CROX) last released its quarterly earnings data on Wednesday, October 20th. The textile maker reported $2.47 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.88 by $0.59. Crocs had a net margin of 35.27% and a return on equity of 142.28%. The firm had revenue of $625.92 million for the quarter, compared to the consensus estimate of $609.75 million. During the same quarter in the prior year, the company posted $0.94 earnings per share. The business’s revenue was up 73.0% on a year-over-year basis. As a group, equities analysts forecast that Crocs will post 7.73 earnings per share for the current fiscal year.

In other Crocs news, Director Ian Bickley sold 3,000 shares of the company’s stock in a transaction dated Thursday, November 4th. The shares were sold at an average price of $177.13, for a total transaction of $531,390.00. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Andrew Rees sold 10,000 shares of the company’s stock in a transaction dated Friday, November 5th. The shares were sold at an average price of $180.19, for a total transaction of $1,801,900.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 18,000 shares of company stock valued at $3,171,340. 2.42% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in CROX. FMR LLC lifted its holdings in Crocs by 54.2% during the first quarter. FMR LLC now owns 2,846 shares of the textile maker’s stock valued at $73,000 after purchasing an additional 1,000 shares during the last quarter. Securian Asset Management Inc purchased a new stake in Crocs during the second quarter valued at about $699,000. Citigroup Inc. lifted its holdings in Crocs by 52.2% during the second quarter. Citigroup Inc. now owns 29,518 shares of the textile maker’s stock valued at $3,439,000 after purchasing an additional 10,121 shares during the last quarter. BNP Paribas Arbitrage SA lifted its holdings in Crocs by 4.5% during the second quarter. BNP Paribas Arbitrage SA now owns 15,022 shares of the textile maker’s stock valued at $1,750,000 after purchasing an additional 647 shares during the last quarter. Finally, Skandinaviska Enskilda Banken AB publ lifted its holdings in shares of Crocs by 125.2% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 168,000 shares of the textile maker’s stock worth $19,575,000 after buying an additional 93,400 shares in the last quarter. 93.18% of the stock is currently owned by institutional investors and hedge funds.

About Crocs

Crocs, Inc engages in the design, development, manufacturing, worldwide marketing, sale and distribution of casual footwear, apparel, and accessories for men, women, and children. It operates through the following segments: Americas, Asia Pacific and Europe, Middle East & Africa (EMEA). The Americas segment consists of the revenues and expenses related to product sales in North and South America.

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