Crocs (NASDAQ:CROX) Upgraded to Buy by Zacks Investment Research

Zacks Investment Research upgraded shares of Crocs (NASDAQ:CROX) from a hold rating to a buy rating in a research report report published on Tuesday, Zacks.com reports. Zacks Investment Research currently has $25.00 price objective on the textile maker’s stock.

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. “

Several other brokerages have also issued reports on CROX. TheStreet raised United States Lime & Minerals from a c+ rating to a b rating in a research report on Wednesday, March 20th. CL King raised Crocs from a neutral rating to a buy rating in a research report on Thursday, June 27th. Robert W. Baird lowered their target price on Micron Technology from $32.00 to $28.00 and set an underperform rating for the company in a research report on Friday, June 21st. Piper Jaffray Companies set a $173.00 target price on DexCom and gave the stock a buy rating in a research report on Monday. Finally, ValuEngine lowered Yext from a strong-buy rating to a buy rating in a research report on Friday, May 10th. Four equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of Buy and an average target price of $29.47.

NASDAQ:CROX traded up $0.19 during trading hours on Tuesday, hitting $22.54. 10,808 shares of the company were exchanged, compared to its average volume of 1,626,706. The company has a market cap of $1.62 billion, a PE ratio of 25.99, a price-to-earnings-growth ratio of 1.21 and a beta of 0.92. The company has a quick ratio of 1.32, a current ratio of 1.95 and a debt-to-equity ratio of 2.77. Crocs has a one year low of $16.26 and a one year high of $31.88. The business’s fifty day moving average is $19.81.

Crocs (NASDAQ:CROX) last announced its earnings results on Tuesday, May 7th. The textile maker reported $0.36 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.25 by $0.11. The business had revenue of $295.95 million during the quarter, compared to analyst estimates of $288.72 million. Crocs had a return on equity of 35.81% and a net margin of 4.97%. Crocs’s revenue for the quarter was up 4.5% compared to the same quarter last year. During the same period last year, the company earned $0.15 EPS. On average, research analysts anticipate that Crocs will post 1.25 EPS for the current year.

Crocs declared that its board has authorized a stock buyback program on Tuesday, May 7th that allows the company to repurchase $500.00 million in shares. This repurchase authorization allows the textile maker to purchase up to 25.8% of its shares through open market purchases. Shares repurchase programs are often an indication that the company’s management believes its stock is undervalued.

Several hedge funds have recently bought and sold shares of the company. GMT Capital Corp bought a new stake in Crocs in the 1st quarter valued at about $2,704,000. Zacks Investment Management acquired a new position in Crocs during the 4th quarter valued at about $511,000. NumerixS Investment Technologies Inc boosted its stake in Crocs by 277.3% during the 1st quarter. NumerixS Investment Technologies Inc now owns 6,414 shares of the textile maker’s stock valued at $168,000 after purchasing an additional 4,714 shares during the last quarter. OmniStar Financial Group Inc. acquired a new position in Crocs during the 1st quarter valued at about $219,000. Finally, Squarepoint Ops LLC boosted its stake in Crocs by 65.2% during the 4th quarter. Squarepoint Ops LLC now owns 373,473 shares of the textile maker’s stock valued at $9,703,000 after purchasing an additional 147,427 shares during the last quarter. 97.21% of the stock is owned by hedge funds and other institutional investors.

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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