Crocs (NASDAQ:CROX) Releases Quarterly Earnings Results, Beats Expectations By $0.77 EPS

Crocs (NASDAQ:CROX) issued its earnings results on Tuesday. The textile maker reported $3.02 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.25 by $0.77, Briefing.com reports. Crocs had a net margin of 20.00% and a return on equity of 61.97%. The business had revenue of $938.60 million during the quarter, compared to analysts’ expectations of $884.29 million. During the same quarter in the prior year, the business posted $2.61 EPS. The company’s revenue for the quarter was up 6.2% on a year-over-year basis. Crocs updated its Q2 guidance to $3.40-3.55 EPS and its FY24 guidance to $12.25-12.73 EPS.

Crocs Price Performance

Crocs stock opened at $135.42 on Thursday. The company has a market cap of $8.22 billion, a P/E ratio of 10.57, a price-to-earnings-growth ratio of 1.56 and a beta of 2.03. Crocs has a one year low of $74.00 and a one year high of $146.79. The business has a fifty day moving average of $129.81 and a two-hundred day moving average of $110.00. The company has a debt-to-equity ratio of 1.13, a quick ratio of 0.75 and a current ratio of 1.30.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on CROX. Raymond James raised their price objective on Crocs from $120.00 to $145.00 and gave the stock a “strong-buy” rating in a report on Friday, February 16th. OTR Global upgraded Crocs from a “mixed” rating to a “positive” rating in a research note on Thursday, April 11th. B. Riley boosted their price objective on Crocs from $95.00 to $122.00 and gave the company a “neutral” rating in a research note on Wednesday, April 10th. Piper Sandler raised their target price on shares of Crocs from $135.00 to $140.00 and gave the stock an “overweight” rating in a research report on Friday, February 16th. Finally, Williams Trading reiterated a “hold” rating and set a $125.00 price target (down previously from $135.00) on shares of Crocs in a research note on Tuesday, April 16th. Four research analysts have rated the stock with a hold rating, eight have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Crocs has a consensus rating of “Moderate Buy” and a consensus target price of $150.42.

Insider Transactions at Crocs

In related news, Director John B. Replogle acquired 1,972 shares of Crocs stock in a transaction that occurred on Thursday, March 14th. The stock was purchased at an average price of $126.75 per share, for a total transaction of $249,951.00. Following the completion of the purchase, the director now directly owns 3,153 shares of the company’s stock, valued at $399,642.75. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website. In other Crocs news, Director Ian Bickley sold 16,785 shares of the company’s stock in a transaction on Friday, February 16th. The stock was sold at an average price of $120.05, for a total value of $2,015,039.25. Following the sale, the director now owns 31,815 shares of the company’s stock, valued at $3,819,390.75. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director John B. Replogle purchased 1,972 shares of the business’s stock in a transaction dated Thursday, March 14th. The shares were purchased at an average cost of $126.75 per share, with a total value of $249,951.00. Following the purchase, the director now directly owns 3,153 shares in the company, valued at $399,642.75. The disclosure for this purchase can be found here. Insiders have sold a total of 39,867 shares of company stock valued at $4,786,276 in the last ninety days. 2.72% of the stock is currently owned by company insiders.

About Crocs

Crocs, Inc, together with its subsidiaries, designs, develops, manufactures, markets, distributes, and sells casual lifestyle footwear and accessories for men, women, and children under Crocs and HEYDUDE Brand in the United States and internationally. The company offers various footwear products, including clogs, sandals, slides, flips, wedges, platforms, socks, boots, charms, flip flops, sneakers, and slippers.