Crocs (CROX) Stock Rating Upgraded by Zacks Investment Research
Crocs (NASDAQ:CROX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The brokerage currently has a $22.00 target price on the textile maker’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 17.27% from the stock’s previous close.
According to Zacks, “Crocs, Inc. is a world leader in innovative casual footwear for men, women and children. Crocs offers a broad portfolio of all-season products, while remaining true to its core molded footwear heritage. All Crocs shoes feature Croslite material, a proprietary, revolutionary technology that gives each pair of shoes the soft, comfortable, lightweight, non-marking and odor-resistant qualities that Crocs fans have known and love. Crocs celebrates the fun of being a little different and encourages fans to Find Your Fun in every colorful pair of shoes. “
CROX has been the subject of several other research reports. BidaskClub upgraded Crocs from a “hold” rating to a “buy” rating in a research note on Saturday, September 15th. TheStreet upgraded Crocs from a “c+” rating to a “b” rating in a research note on Thursday, August 9th. Finally, Pivotal Research restated a “buy” rating and set a $21.00 price target on shares of Crocs in a research note on Tuesday, August 7th. Two investment analysts have rated the stock with a sell rating, four have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. Crocs has a consensus rating of “Hold” and an average target price of $16.14.
Crocs (NASDAQ:CROX) last released its quarterly earnings results on Tuesday, August 7th. The textile maker reported $0.53 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.27 by $0.26. Crocs had a return on equity of 13.84% and a net margin of 2.29%. The business had revenue of $328.00 million during the quarter, compared to analysts’ expectations of $321.47 million. Sell-side analysts predict that Crocs will post 0.27 EPS for the current fiscal year.
In other Crocs news, insider Daniel P. Hart sold 20,831 shares of the stock in a transaction on Tuesday, August 21st. The stock was sold at an average price of $20.00, for a total value of $416,620.00. Following the completion of the transaction, the insider now owns 347,706 shares in the company, valued at $6,954,120. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Thomas J. Smach sold 74,400 shares of the stock in a transaction on Wednesday, August 22nd. The stock was sold at an average price of $20.14, for a total value of $1,498,416.00. Following the completion of the transaction, the director now owns 125,262 shares of the company’s stock, valued at approximately $2,522,776.68. The disclosure for this sale can be found here. 2.10% of the stock is owned by corporate insiders.
A number of large investors have recently added to or reduced their stakes in CROX. Hennessy Advisors Inc. raised its position in Crocs by 480.9% in the third quarter. Hennessy Advisors Inc. now owns 1,608,500 shares of the textile maker’s stock worth $34,245,000 after acquiring an additional 1,331,600 shares in the last quarter. Millennium Management LLC raised its position in Crocs by 87.7% in the second quarter. Millennium Management LLC now owns 1,033,773 shares of the textile maker’s stock worth $18,205,000 after acquiring an additional 483,069 shares in the last quarter. Lord Abbett & CO. LLC purchased a new position in Crocs in the first quarter worth $7,719,000. Spark Investment Management LLC purchased a new position in Crocs in the second quarter worth $7,605,000. Finally, BlackRock Inc. raised its position in Crocs by 3.7% in the second quarter. BlackRock Inc. now owns 9,800,291 shares of the textile maker’s stock worth $172,582,000 after acquiring an additional 347,462 shares in the last quarter. Hedge funds and other institutional investors own 97.24% of the company’s stock.
Crocs Company Profile
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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