Crocs (CROX) Stock Rating Upgraded by Piper Jaffray Companies
Crocs (NASDAQ:CROX) was upgraded by equities researchers at Piper Jaffray Companies from a “neutral” rating to an “overweight” rating in a report issued on Thursday, MarketBeat Ratings reports. The brokerage presently has a $15.00 price objective on the textile maker’s stock. Piper Jaffray Companies’ target price would indicate a potential upside of 10.05% from the stock’s current price.
Other equities analysts have also issued research reports about the company. BidaskClub lowered Crocs from a “strong-buy” rating to a “buy” rating in a research note on Thursday, January 4th. Stifel Nicolaus raised Crocs from a “hold” rating to a “buy” rating in a research note on Friday, December 15th. Zacks Investment Research raised Crocs from a “sell” rating to a “buy” rating and set a $15.00 price objective on the stock in a research note on Tuesday, January 9th. Pivotal Research reissued a “hold” rating and issued a $13.00 price objective (up previously from $10.00) on shares of Crocs in a research note on Wednesday, January 10th. Finally, ValuEngine raised Crocs from a “sell” rating to a “hold” rating in a research note on Monday, November 13th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $11.00.
Crocs (CROX) opened at $13.63 on Thursday. The company has a market capitalization of $1,000.00, a price-to-earnings ratio of -170.38, a price-to-earnings-growth ratio of 2.71 and a beta of 0.55. Crocs has a one year low of $5.93 and a one year high of $14.95.
Crocs declared that its Board of Directors has initiated a stock repurchase plan on Wednesday, February 28th that permits the company to buyback $431.00 million in outstanding shares. This buyback authorization permits the textile maker to reacquire shares of its stock through open market purchases. Shares buyback plans are usually a sign that the company’s leadership believes its stock is undervalued.
Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. lifted its stake in shares of Crocs by 6.4% during the second quarter. Vanguard Group Inc. now owns 6,846,368 shares of the textile maker’s stock valued at $52,787,000 after acquiring an additional 408,899 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Crocs by 12.5% during the third quarter. Dimensional Fund Advisors LP now owns 3,972,770 shares of the textile maker’s stock valued at $38,536,000 after acquiring an additional 440,746 shares during the period. Renaissance Technologies LLC lifted its stake in shares of Crocs by 15.2% during the fourth quarter. Renaissance Technologies LLC now owns 3,386,564 shares of the textile maker’s stock valued at $42,806,000 after acquiring an additional 447,624 shares during the period. Millennium Management LLC lifted its stake in shares of Crocs by 132.6% during the fourth quarter. Millennium Management LLC now owns 1,947,358 shares of the textile maker’s stock valued at $24,615,000 after acquiring an additional 1,110,317 shares during the period. Finally, State Street Corp lifted its stake in shares of Crocs by 3.3% during the second quarter. State Street Corp now owns 1,777,274 shares of the textile maker’s stock valued at $13,705,000 after acquiring an additional 56,238 shares during the period. 90.24% of the stock is currently owned by institutional investors and hedge funds.
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Crocs Company Profile
Crocs, Inc is engaged in the design, development, manufacturing, marketing, distribution and sale of casual lifestyle footwear and accessories for men, women, and children. The Company’s segments include Americas, Asia Pacific and Europe. Its products include footwear and accessories that utilize its closed-cell resin, called Croslite, as well as casual lifestyle footwear that use a range of materials.
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