Crocs (NASDAQ:CROX) Posts Quarterly Earnings Results, Beats Estimates By $0.77 EPS

Crocs (NASDAQ:CROX) posted its earnings results on Tuesday. The textile maker reported $3.02 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.25 by $0.77, Briefing.com reports. Crocs had a net margin of 20.00% and a return on equity of 61.97%. The company had revenue of $938.60 million during the quarter, compared to analysts’ expectations of $884.29 million. During the same quarter last year, the company posted $2.61 EPS. Crocs’s quarterly revenue was up 6.2% compared to the same quarter last year. Crocs updated its Q2 guidance to $3.40-3.55 EPS and its FY24 guidance to $12.25-12.73 EPS.

Crocs Stock Up 7.8 %

CROX stock opened at $136.49 on Wednesday. The company has a market cap of $8.28 billion, a P/E ratio of 10.65, a price-to-earnings-growth ratio of 1.56 and a beta of 2.03. Crocs has a fifty-two week low of $74.00 and a fifty-two week high of $146.79. The stock’s 50 day simple moving average is $129.57 and its 200 day simple moving average is $109.82. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.75 and a current ratio of 1.30.

Analyst Upgrades and Downgrades

Several research firms have recently commented on CROX. Barclays initiated coverage on Crocs in a research report on Monday, April 1st. They issued an “overweight” rating and a $167.00 target price on the stock. B. Riley increased their price objective on Crocs from $95.00 to $122.00 and gave the stock a “neutral” rating in a research report on Wednesday, April 10th. Stifel Nicolaus upped their price target on shares of Crocs from $132.00 to $140.00 and gave the company a “buy” rating in a research note on Friday, February 16th. Bank of America boosted their price objective on shares of Crocs from $140.00 to $150.00 and gave the company a “buy” rating in a report on Wednesday, March 20th. Finally, OTR Global upgraded shares of Crocs from a “mixed” rating to a “positive” rating in a research report on Thursday, April 11th. Four analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $146.75.

Insider Transactions at Crocs

In other news, EVP Daniel P. Hart sold 10,000 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $118.48, for a total transaction of $1,184,800.00. Following the completion of the sale, the executive vice president now directly owns 219,293 shares of the company’s stock, valued at $25,981,834.64. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In related news, EVP Daniel P. Hart sold 10,000 shares of the business’s stock in a transaction dated Friday, February 23rd. The shares were sold at an average price of $118.48, for a total value of $1,184,800.00. Following the transaction, the executive vice president now directly owns 219,293 shares of the company’s stock, valued at approximately $25,981,834.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Ian Bickley sold 16,785 shares of Crocs stock in a transaction dated Friday, February 16th. The stock was sold at an average price of $120.05, for a total transaction of $2,015,039.25. Following the completion of the sale, the director now directly owns 31,815 shares in the company, valued at approximately $3,819,390.75. The disclosure for this sale can be found here. Insiders have sold 39,867 shares of company stock valued at $4,786,276 over the last ninety days. 2.72% of the stock is owned by company insiders.

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.