Bank of America Lowers Crocs (NASDAQ:CROX) Price Target to $99.00

Key Points

• Bank of America has reduced its price target for Crocs (NASDAQ:CROX) from $135.00 to $99.00, while maintaining a "buy" rating, indicating a potential upside of 33.08% from the current price.
• Several other analysts have also lowered their price targets for Crocs, with consensus estimates now averaging $112.77 and a rating of "Moderate Buy" among analysts.
• Crocs reported quarterly earnings of $4.23 EPS, surpassing analysts' expectations, while its revenue increased by 3.4% year-over-year.

Crocs (NASDAQ:CROX - Get Free Report) had its price objective dropped by investment analysts at Bank of America from $135.00 to $99.00 in a report issued on Friday,Benzinga reports. The brokerage currently has a "buy" rating on the textile maker's stock. Bank of America's price objective indicates a potential upside of 33.08% from the stock's current price.

CROX has been the topic of a number of other reports. Needham & Company LLC lowered their price objective on shares of Crocs from $129.00 to $89.00 and set a "buy" rating on the stock in a research note on Thursday. Stifel Nicolaus cut their price objective on Crocs from $138.00 to $127.00 and set a "buy" rating for the company in a research report on Thursday, April 10th. Barclays reduced their target price on Crocs from $122.00 to $119.00 and set an "overweight" rating on the stock in a research note on Friday, May 9th. UBS Group reiterated a "neutral" rating and set a $110.00 price objective (up previously from $105.00) on shares of Crocs in a research report on Monday, July 28th. Finally, Piper Sandler lowered their price target on shares of Crocs from $125.00 to $115.00 and set an "overweight" rating for the company in a report on Friday, April 11th. One equities research analyst has rated the stock with a sell rating, five have given a hold rating and nine have assigned a buy rating to the stock. According to MarketBeat, Crocs presently has a consensus rating of "Moderate Buy" and a consensus target price of $112.77.

Crocs Price Performance

Shares of NASDAQ CROX opened at $74.39 on Friday. The company has a debt-to-equity ratio of 0.75, a quick ratio of 0.97 and a current ratio of 1.52. Crocs has a one year low of $74.13 and a one year high of $151.13. The company's fifty day moving average is $102.34 and its two-hundred day moving average is $102.42. The firm has a market capitalization of $4.17 billion, a P/E ratio of 4.56, a PEG ratio of 2.18 and a beta of 1.41.

Crocs (NASDAQ:CROX - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The textile maker reported $4.23 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $4.01 by $0.22. Crocs had a net margin of 23.35% and a return on equity of 43.07%. The company had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.15 billion. During the same period last year, the firm earned $4.01 EPS. The company's revenue for the quarter was up 3.4% on a year-over-year basis. Analysts forecast that Crocs will post 13.2 EPS for the current fiscal year.

Insider Transactions at Crocs

In other Crocs news, Director Ian Bickley sold 3,044 shares of the business's stock in a transaction on Monday, May 12th. The shares were sold at an average price of $115.89, for a total transaction of $352,769.16. Following the completion of the sale, the director owned 27,505 shares in the company, valued at $3,187,554.45. The trade was a 9.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 3.00% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Quinn Opportunity Partners LLC increased its holdings in shares of Crocs by 167.7% in the second quarter. Quinn Opportunity Partners LLC now owns 99,063 shares of the textile maker's stock valued at $10,033,000 after buying an additional 62,063 shares in the last quarter. Boston Partners lifted its position in shares of Crocs by 2,659.1% in the second quarter. Boston Partners now owns 1,688,383 shares of the textile maker's stock worth $171,003,000 after purchasing an additional 1,627,190 shares in the last quarter. Allworth Financial LP lifted its position in Crocs by 120.7% in the 2nd quarter. Allworth Financial LP now owns 448 shares of the textile maker's stock worth $45,000 after buying an additional 245 shares in the last quarter. Lisanti Capital Growth LLC acquired a new stake in shares of Crocs during the 2nd quarter valued at $3,138,000. Finally, King Luther Capital Management Corp raised its holdings in shares of Crocs by 18.2% during the second quarter. King Luther Capital Management Corp now owns 42,051 shares of the textile maker's stock worth $4,259,000 after acquiring an additional 6,479 shares in the last quarter. Institutional investors and hedge funds own 93.44% of the company's stock.

Crocs Company Profile

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.

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