Buckingham Research Raises Crocs (CROX) Price Target to $9.00
Crocs (NASDAQ:CROX) had its price target increased by Buckingham Research from $7.00 to $9.00 in a research note released on Thursday. They currently have an underweight rating on the textile maker’s stock.
A number of other research analysts also recently issued reports on the stock. Piper Jaffray Companies upgraded shares of Crocs from a neutral rating to an overweight rating and set a $15.00 price target for the company in a research note on Thursday. Zacks Investment Research raised shares of Crocs from a hold rating to a buy rating and set a $16.00 price objective on the stock in a report on Tuesday, February 27th. Pivotal Research set a $13.00 price objective on shares of Crocs and gave the stock a hold rating in a report on Monday, February 26th. Finally, BidaskClub cut shares of Crocs from a buy rating to a hold rating in a report on Friday, January 26th. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of Hold and a consensus target price of $11.00.
Crocs (NASDAQ CROX) opened at $13.63 on Thursday. Crocs has a 12 month low of $5.93 and a 12 month high of $14.95. The stock has a market cap of $938.16, a P/E ratio of -85.19, a P/E/G ratio of 3.00 and a beta of 0.55.
Crocs announced that its board has authorized a share repurchase program on Wednesday, February 28th that authorizes the company to buyback $431.00 million in outstanding shares. This buyback authorization authorizes the textile maker to buy shares of its stock through open market purchases. Shares buyback programs are typically an indication that the company’s management believes its shares are undervalued.
A number of hedge funds have recently added to or reduced their stakes in the business. MetLife Investment Advisors LLC acquired a new stake in Crocs during the fourth quarter worth approximately $340,000. Gotham Asset Management LLC raised its holdings in Crocs by 213.9% during the fourth quarter. Gotham Asset Management LLC now owns 540,393 shares of the textile maker’s stock worth $6,831,000 after purchasing an additional 368,212 shares in the last quarter. Millennium Management LLC increased its holdings in shares of Crocs by 132.6% in the 4th 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. Cornerstone Capital Management Holdings LLC. acquired a new position in shares of Crocs in the 4th quarter valued at $4,606,000. Finally, TIAA CREF Investment Management LLC increased its holdings in shares of Crocs by 23.0% in the 4th quarter. TIAA CREF Investment Management LLC now owns 641,832 shares of the textile maker’s stock valued at $8,113,000 after acquiring an additional 120,026 shares during the period. 97.17% of the stock is currently owned by institutional investors.
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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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