Crocs (NASDAQ:CROX) Announces Quarterly Earnings Results

Posted by Steve Fairfield on Aug 5th, 2022

Crocs (NASDAQ:CROX – Get Rating) released its earnings results on Thursday. The textile maker reported $3.24 earnings per share for the quarter, topping the consensus estimate of $2.73 by $0.51, Briefing.com reports. The company had revenue of $964.60 million for the quarter, compared to the consensus estimate of $938.93 million. Crocs had a net margin of 27.85% and a return on equity of 206.72%. Crocs’s revenue was up 50.6% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.23 EPS.

Crocs Price Performance

NASDAQ:CROX traded up $4.53 during trading hours on Friday, reaching $73.61. 3,326,731 shares of the company were exchanged, compared to its average volume of 1,859,206. The company has a current ratio of 1.96, a quick ratio of 1.19 and a debt-to-equity ratio of 8.17. The stock’s 50-day moving average is $56.66 and its 200-day moving average is $70.77. The firm has a market cap of $4.53 billion, a PE ratio of 6.63, a price-to-earnings-growth ratio of 0.49 and a beta of 2.02. Crocs has a twelve month low of $46.08 and a twelve month high of $183.88.

Insiders Place Their Bets

In other Crocs news, EVP Daniel P. Hart bought 5,000 shares of the company’s stock in a transaction dated Tuesday, May 10th. The stock was acquired at an average price of $52.63 per share, with a total value of $263,150.00. Following the completion of the acquisition, the executive vice president now directly owns 263,322 shares of the company’s stock, valued at $13,858,636.86. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Crocs news, EVP Daniel P. Hart bought 5,000 shares of the company’s stock in a transaction dated Tuesday, May 10th. The stock was acquired at an average price of $52.63 per share, with a total value of $263,150.00. Following the completion of the acquisition, the executive vice president now directly owns 263,322 shares of the company’s stock, valued at $13,858,636.86. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CFO Anne Mehlman bought 2,600 shares of the company’s stock in a transaction dated Monday, May 9th. The shares were acquired at an average cost of $54.91 per share, with a total value of $142,766.00. Following the acquisition, the chief financial officer now directly owns 121,153 shares of the company’s stock, valued at $6,652,511.23. The disclosure for this purchase can be found here. Over the last ninety days, insiders purchased 17,600 shares of company stock worth $947,066. Company insiders own 2.71% of the company’s stock.

Institutional Investors Weigh In On Crocs

A number of hedge funds have recently modified their holdings of the company. BNP Paribas Arbitrage SA grew its holdings in shares of Crocs by 24.4% in the first quarter. BNP Paribas Arbitrage SA now owns 40,538 shares of the textile maker’s stock valued at $3,097,000 after purchasing an additional 7,954 shares during the period. Walleye Capital LLC purchased a new stake in shares of Crocs in the first quarter valued at about $969,000. Lido Advisors LLC grew its holdings in shares of Crocs by 12.1% in the first quarter. Lido Advisors LLC now owns 3,929 shares of the textile maker’s stock valued at $300,000 after purchasing an additional 425 shares during the period. Mcmorgan & Co. LLC purchased a new stake in shares of Crocs in the first quarter valued at about $1,534,000. Finally, Quantbot Technologies LP grew its holdings in shares of Crocs by 55.0% in the first quarter. Quantbot Technologies LP now owns 32,334 shares of the textile maker’s stock valued at $2,470,000 after purchasing an additional 11,470 shares during the period. Hedge funds and other institutional investors own 90.14% of the company’s stock.

Analyst Ratings Changes

Several analysts have weighed in on the stock. Loop Capital raised shares of Crocs from a “hold” rating to a “buy” rating and boosted their target price for the stock from $52.42 to $75.00 in a research report on Tuesday, July 5th. B. Riley dropped their target price on shares of Crocs from $120.00 to $116.00 in a research report on Friday. OTR Global downgraded shares of Crocs to a “positive” rating in a research report on Tuesday, July 19th. Piper Sandler dropped their target price on shares of Crocs from $120.00 to $90.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 26th. Finally, UBS Group decreased their price objective on shares of Crocs from $73.00 to $59.00 and set a “neutral” rating for the company in a research note on Friday, July 15th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $94.25.

About Crocs

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Crocs, Inc, together with its subsidiaries, designs, develops, manufactures, markets, and distributes casual lifestyle footwear and accessories for men, women, and children. It offers various footwear products, including clogs, sandals, slides, flip-flops, boots, flats, wedges, platforms, socks, shoe charms, loafers, sneakers, and slippers under the Crocs brand name.