Crocs (NASDAQ:CROX) Cut to Hold at BidaskClub

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BidaskClub downgraded shares of Crocs (NASDAQ:CROX) from a buy rating to a hold rating in a report released on Thursday, BidAskClub reports.

Other equities analysts also recently issued reports about the company. Piper Jaffray Companies upgraded Crocs from a neutral rating to an overweight rating and increased their target price for the company from $22.00 to $27.00 in a research report on Monday, July 15th. ValuEngine downgraded Crocs from a hold rating to a sell rating in a research report on Friday, August 16th. Pivotal Research reiterated a buy rating on shares of Crocs in a research report on Friday, August 2nd. Stifel Nicolaus increased their target price on Crocs from $21.00 to $23.00 and gave the company a hold rating in a research report on Friday, August 2nd. Finally, CL King upgraded Crocs from a neutral rating to a buy rating in a research report on Thursday, June 27th. One analyst has rated the stock with a sell rating, three have given a hold rating, six have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of Buy and a consensus target price of $30.29.

NASDAQ:CROX opened at $23.13 on Thursday. The stock’s 50-day simple moving average is $23.16 and its 200 day simple moving average is $23.99. The firm has a market capitalization of $1.71 billion, a PE ratio of 27.90, a price-to-earnings-growth ratio of 1.17 and a beta of 0.96. The company has a quick ratio of 1.22, a current ratio of 1.74 and a debt-to-equity ratio of 3.03. Crocs has a twelve month low of $17.52 and a twelve month high of $31.88.

Crocs (NASDAQ:CROX) last posted its earnings results on Thursday, August 1st. The textile maker reported $0.55 EPS for the quarter, beating the consensus estimate of $0.48 by $0.07. The firm had revenue of $358.90 million during the quarter, compared to the consensus estimate of $360.46 million. Crocs had a return on equity of 47.15% and a net margin of 5.61%. The business’s quarterly revenue was up 9.4% on a year-over-year basis. During the same period last year, the company earned $0.35 earnings per share. On average, analysts anticipate that Crocs will post 1.4 EPS for the current fiscal year.

Crocs declared that its board has approved a stock repurchase plan on Tuesday, May 7th that permits the company to repurchase $500.00 million in shares. This repurchase authorization permits the textile maker to repurchase up to 25.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s management believes its shares are undervalued.

In other news, Director Doreen A. Wright sold 7,068 shares of the firm’s stock in a transaction dated Thursday, August 1st. The stock was sold at an average price of $26.00, for a total transaction of $183,768.00. Following the completion of the transaction, the director now directly owns 55,680 shares in the company, valued at $1,447,680. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 2.42% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. Oregon Public Employees Retirement Fund raised its position in shares of Crocs by 1.8% during the first quarter. Oregon Public Employees Retirement Fund now owns 25,871 shares of the textile maker’s stock worth $666,000 after acquiring an additional 467 shares during the last quarter. Mason Street Advisors LLC raised its position in shares of Crocs by 3.3% during 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. raised its position in shares of Crocs by 5.1% during 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. FMR LLC raised its position in shares of Crocs by 54.2% during the first quarter. FMR LLC now owns 2,846 shares of the textile maker’s stock worth $73,000 after acquiring an additional 1,000 shares during the last quarter. Finally, Swiss National Bank raised its position in shares of Crocs by 0.8% during the second quarter. Swiss National Bank now owns 122,800 shares of the textile maker’s stock worth $2,425,000 after acquiring an additional 1,000 shares during the last quarter. Institutional investors own 97.21% of the company’s stock.

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.

Further Reading: Hold Rating

Analyst Recommendations for Crocs (NASDAQ:CROX)

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