Crocs, Inc. (CROX) Rating Increased to Buy at Zacks Investment Research
Crocs, Inc. (NASDAQ:CROX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Monday. The firm presently has a $10.00 price target on the textile maker’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 5.82% from the company’s previous close.
According to Zacks, “Crocs, Inc. is a rapidly growing designer, manufacturer and marketer of footwear for men, women and children under the CROCS brand. All of the Company’s footwear products incorporate its proprietary closed-cell resin material, which the Company believes represents a substantial innovation in footwear comfort and functionality. The Company’s proprietary closed-cell resin, which it refers to as Croslite enables Crocs to produce a soft and lightweight, non-marking, slip and odor-resistant shoe. These unique properties make the Company’s footwear ideal for casual wear, as well as for recreational uses such as boating, hiking, fishing and gardening, and have enabled Crocs to successfully market its products to a broad range of consumers. “
Other equities analysts also recently issued research reports about the stock. B. Riley reiterated a “neutral” rating and set a $8.00 target price on shares of Crocs in a research note on Monday, May 8th. Piper Jaffray Companies reiterated a “hold” rating and set a $9.00 target price on shares of Crocs in a research note on Wednesday, August 9th. ValuEngine upgraded shares of Crocs from a “sell” rating to a “hold” rating in a research note on Friday, August 11th. BidaskClub downgraded shares of Crocs from a “buy” rating to a “hold” rating in a research note on Wednesday, July 12th. Finally, Susquehanna Bancshares Inc reiterated a “positive” rating and set a $8.00 target price (up previously from $7.00) on shares of Crocs in a research note on Thursday, August 10th. Five analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. Crocs has a consensus rating of “Hold” and an average price target of $8.60.
Shares of Crocs (NASDAQ CROX) opened at 9.45 on Monday. The stock’s market cap is $678.14 million. The stock’s 50 day moving average price is $7.93 and its 200 day moving average price is $7.04. Crocs has a one year low of $5.93 and a one year high of $9.54.
Crocs (NASDAQ:CROX) last issued its earnings results on Wednesday, August 9th. The textile maker reported $0.27 EPS for the quarter, topping analysts’ consensus estimates of $0.15 by $0.12. The firm had revenue of $313.20 million during the quarter, compared to the consensus estimate of $311.33 million. Crocs had a negative net margin of 0.91% and a negative return on equity of 3.36%. The company’s revenue was down 3.3% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.16 earnings per share. Analysts forecast that Crocs will post ($0.03) earnings per share for the current year.
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Institutional investors have recently added to or reduced their stakes in the stock. Alliancebernstein L.P. increased its position in Crocs by 1.4% in the second quarter. Alliancebernstein L.P. now owns 7,115,223 shares of the textile maker’s stock valued at $54,858,000 after buying an additional 101,085 shares in the last quarter. Vanguard Group Inc. increased its position in Crocs by 6.4% in the second quarter. Vanguard Group Inc. now owns 6,846,368 shares of the textile maker’s stock valued at $52,787,000 after buying an additional 408,899 shares in the last quarter. Dimensional Fund Advisors LP increased its position in Crocs by 36.1% in the second quarter. Dimensional Fund Advisors LP now owns 3,532,024 shares of the textile maker’s stock valued at $27,232,000 after buying an additional 937,111 shares in the last quarter. Renaissance Technologies LLC increased its position in Crocs by 18.2% in the second quarter. Renaissance Technologies LLC now owns 2,515,710 shares of the textile maker’s stock valued at $19,396,000 after buying an additional 388,074 shares in the last quarter. Finally, State Street Corp increased its position in Crocs by 3.3% in the second quarter. State Street Corp now owns 1,777,274 shares of the textile maker’s stock valued at $13,705,000 after buying an additional 56,238 shares in the last quarter. Institutional investors own 90.27% of the company’s stock.
Crocs, Inc is engaged in the design, development, manufacturing, marketing, distribution and sale of casual lifestyle footwear and accessories for men, women, and children. The Company’s segments include Americas, Asia Pacific and Europe. Its products include footwear and accessories that utilize its closed-cell resin, called Croslite, as well as casual lifestyle footwear that use a range of materials.
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