Crocs (NASDAQ:CROX) Trading 8.3% Higher

Crocs, Inc. (NASDAQ:CROX) shares traded up 8.3% on Friday . The company traded as high as $19.71 and last traded at $19.36. 3,315,476 shares traded hands during trading, an increase of 105% from the average session volume of 1,618,386 shares. The stock had previously closed at $17.87.

A number of equities research analysts have weighed in on the stock. Piper Jaffray Companies cut shares of Crocs from an “overweight” rating to a “neutral” rating and set a $31.00 price target for the company. in a research report on Tuesday, April 23rd. BidaskClub cut shares of Crocs from a “hold” rating to a “sell” rating in a research report on Wednesday, May 29th. Robert W. Baird upgraded shares of Crocs from a “neutral” rating to an “outperform” rating and set a $29.00 price target for the company in a research report on Friday. Zacks Investment Research upgraded shares of Crocs from a “hold” rating to a “strong-buy” rating and set a $28.00 price target for the company in a research report on Thursday, May 9th. Finally, ValuEngine cut shares of Crocs from a “buy” rating to a “hold” rating in a research report on Friday, May 10th. One research analyst has rated the stock with a sell rating, three have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the stock. The stock has a consensus rating of “Buy” and an average target price of $29.13.

The company has a current ratio of 1.95, a quick ratio of 1.32 and a debt-to-equity ratio of 2.77. The firm has a market cap of $1.28 billion, a price-to-earnings ratio of 22.51, a P/E/G ratio of 0.95 and a beta of 0.96.

Crocs (NASDAQ:CROX) last announced its quarterly earnings data on Tuesday, May 7th. The textile maker reported $0.36 earnings per share for the quarter, beating analysts’ consensus estimates of $0.25 by $0.11. The firm had revenue of $295.95 million during the quarter, compared to analysts’ expectations of $288.72 million. Crocs had a net margin of 4.97% and a return on equity of 35.81%. The business’s quarterly revenue was up 4.5% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.15 earnings per share. As a group, research analysts forecast that Crocs, Inc. will post 1.25 earnings per share for the current fiscal year.

Crocs declared that its Board of Directors has authorized a share repurchase plan 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 plans are typically a sign that the company’s board believes its stock is undervalued.

Several hedge funds have recently made changes to their positions in the stock. Oregon Public Employees Retirement Fund grew its holdings in shares of Crocs by 1.8% in the first quarter. Oregon Public Employees Retirement Fund now owns 25,871 shares of the textile maker’s stock valued at $666,000 after purchasing an additional 467 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Crocs by 26.1% in the fourth quarter. PNC Financial Services Group Inc. now owns 3,282 shares of the textile maker’s stock worth $85,000 after acquiring an additional 679 shares during the last quarter. Mason Street Advisors LLC lifted its stake in Crocs by 3.3% in the first quarter. Mason Street Advisors LLC now owns 21,433 shares of the textile maker’s stock worth $552,000 after acquiring an additional 688 shares during the last quarter. Piedmont Investment Advisors Inc. lifted its stake in Crocs by 5.1% in the first quarter. Piedmont Investment Advisors Inc. now owns 16,703 shares of the textile maker’s stock worth $430,000 after acquiring an additional 816 shares during the last quarter. Finally, Texas Permanent School Fund lifted its stake in Crocs by 2.0% in the fourth quarter. Texas Permanent School Fund now owns 43,714 shares of the textile maker’s stock worth $1,136,000 after acquiring an additional 869 shares during the last quarter. Hedge funds and other institutional investors own 97.21% of the company’s stock.

About Crocs (NASDAQ:CROX)

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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