Crocs (NASDAQ:CROX) PT Raised to $38.00

Crocs (NASDAQ:CROX) had its price target increased by equities research analysts at Susquehanna Bancshares from $35.00 to $38.00 in a report released on Friday, The Fly reports. The brokerage currently has a “positive” rating on the textile maker’s stock. Susquehanna Bancshares’ target price suggests a potential upside of 58.04% from the stock’s current price.

Other equities analysts have also recently issued reports about the company. ValuEngine cut Crocs from a “buy” rating to a “hold” rating in a report on Friday, May 10th. Robert W. Baird raised Crocs from a “neutral” rating to an “outperform” rating and set a $29.00 target price on the stock in a report on Friday, June 21st. Zacks Investment Research cut Crocs from a “buy” rating to a “hold” rating in a report on Wednesday, July 24th. CL King raised Crocs from a “neutral” rating to a “buy” rating in a report on Thursday, June 27th. Finally, Piper Jaffray Companies upgraded Crocs from a “neutral” rating to an “overweight” rating and increased their price target for the stock from $22.00 to $27.00 in a research note on Monday, July 15th. Four equities research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Buy” and a consensus price target of $31.00.

Crocs stock traded down $0.39 during trading on Friday, reaching $24.05. The company had a trading volume of 1,092,258 shares, compared to its average volume of 1,467,211. Crocs has a 52 week low of $16.26 and a 52 week high of $31.88. The business’s 50-day moving average is $20.91. The stock has a market capitalization of $1.66 billion, a price-to-earnings ratio of 27.96, a price-to-earnings-growth ratio of 1.24 and a beta of 0.92. The company has a debt-to-equity ratio of 2.77, a current ratio of 1.95 and a quick ratio of 1.32.

Crocs (NASDAQ:CROX) last announced its earnings results on Thursday, August 1st. The textile maker reported $0.55 EPS for the quarter, topping the Zacks’ consensus estimate of $0.48 by $0.07. Crocs had a return on equity of 35.81% and a net margin of 4.97%. The company had revenue of $358.90 million for the quarter, compared to analysts’ expectations of $360.46 million. During the same period last year, the firm earned $0.35 EPS. Crocs’s revenue for the quarter was up 9.4% compared to the same quarter last year. On average, sell-side analysts forecast that Crocs will post 1.25 EPS for the current year.

Crocs announced that its Board of Directors has initiated a share buyback program on Tuesday, May 7th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the textile maker to buy up to 25.8% of its stock through open market purchases. Stock repurchase programs are often a sign that the company’s board believes its stock is undervalued.

A number of hedge funds have recently modified their holdings of the business. Marshall Wace LLP increased its stake in Crocs by 95.0% in the 1st quarter. Marshall Wace LLP now owns 1,739,464 shares of the textile maker’s stock worth $44,790,000 after buying an additional 847,515 shares in the last quarter. MERIAN GLOBAL INVESTORS UK Ltd increased its stake in Crocs by 7.0% in the 1st quarter. MERIAN GLOBAL INVESTORS UK Ltd now owns 1,590,019 shares of the textile maker’s stock worth $40,942,000 after buying an additional 103,351 shares in the last quarter. Norges Bank purchased a new stake in Crocs in the 4th quarter worth $40,259,000. Deutsche Bank AG increased its stake in Crocs by 18.3% in the 4th quarter. Deutsche Bank AG now owns 1,194,955 shares of the textile maker’s stock worth $31,043,000 after buying an additional 184,621 shares in the last quarter. Finally, Assenagon Asset Management S.A. increased its stake in Crocs by 1,273.0% in the 1st quarter. Assenagon Asset Management S.A. now owns 856,427 shares of the textile maker’s stock worth $22,053,000 after buying an additional 794,049 shares in the last quarter. Institutional investors and hedge funds own 97.21% of the company’s stock.

About Crocs

Crocs, Inc, together with its subsidiaries, designs, develops, manufactures, markets, and distributes casual lifestyle footwear and accessories for men, women, and children worldwide. It offers various footwear products, including clogs, sandals, flips and slides, shoes, and boots under the Crocs brand name.

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Analyst Recommendations for Crocs (NASDAQ:CROX)

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