Crocs (NASDAQ:CROX) Given New $89.00 Price Target at Needham & Company LLC

Key Points

• Needham & Company LLC has lowered its price target for Crocs from $129.00 to $89.00, while maintaining a "buy" rating, indicating a potential upside of 16.72% from the current stock price.
• Several equity analysts have adjusted their ratings for Crocs, with a mix of "buy," "hold," and "sell" ratings, averaging an overall "Moderate Buy" and a target price of $125.38.
• The company's recent earnings report showed Crocs beating estimates with $4.23 EPS, up from $4.01 EPS during the same quarter last year, despite a 3.4% revenue increase.

Crocs (NASDAQ:CROX - Get Free Report) had its target price decreased by Needham & Company LLC from $129.00 to $89.00 in a research note issued to investors on Thursday,Benzinga reports. The firm currently has a "buy" rating on the textile maker's stock. Needham & Company LLC's price objective points to a potential upside of 16.72% from the stock's current price.

A number of other equities analysts have also recently issued reports on CROX. Bank of America cut their target price on shares of Crocs from $140.00 to $135.00 and set a "buy" rating for the company in a research report on Monday, June 30th. Piper Sandler lowered their target price on shares of Crocs from $125.00 to $115.00 and set an "overweight" rating for the company in a research note on Friday, April 11th. UBS Group reaffirmed a "neutral" rating and issued a $110.00 price objective (up previously from $105.00) on shares of Crocs in a research report on Monday, July 28th. Barclays cut their price objective on shares of Crocs from $122.00 to $119.00 and set an "overweight" rating on the stock in a report on Friday, May 9th. Finally, The Goldman Sachs Group dropped their price target on shares of Crocs from $88.00 to $87.00 and set a "sell" rating for the company in a research report on Tuesday, July 22nd. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and eleven have issued a buy rating to the company's stock. According to MarketBeat.com, Crocs presently has an average rating of "Moderate Buy" and an average target price of $125.38.

Crocs Stock Performance

CROX stock traded down $28.88 on Thursday, hitting $76.25. The company's stock had a trading volume of 11,968,654 shares, compared to its average volume of 1,691,994. The firm has a 50 day moving average of $102.93 and a two-hundred day moving average of $102.59. Crocs has a 1 year low of $75.10 and a 1 year high of $151.13. The company has a current ratio of 1.52, a quick ratio of 0.97 and a debt-to-equity ratio of 0.75. The stock has a market cap of $4.27 billion, a price-to-earnings ratio of 4.69, a price-to-earnings-growth ratio of 2.11 and a beta of 1.41.

Crocs (NASDAQ:CROX - Get Free Report) last issued its earnings results on Thursday, August 7th. The textile maker reported $4.23 earnings per share for the quarter, beating the consensus estimate of $4.03 by $0.20. Crocs had a net margin of 23.35% and a return on equity of 43.07%. During the same period in the prior year, the business earned $4.01 EPS. The company's revenue was up 3.4% compared to the same quarter last year. Equities analysts predict that Crocs will post 13.2 EPS for the current fiscal year.

Insider Activity at Crocs

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

Institutional Investors Weigh In On Crocs

Institutional investors have recently made changes to their positions in the company. Fuller & Thaler Asset Management Inc. raised its holdings in shares of Crocs by 4.1% during the first quarter. Fuller & Thaler Asset Management Inc. now owns 1,362,318 shares of the textile maker's stock worth $144,678,000 after purchasing an additional 53,916 shares during the period. Dimensional Fund Advisors LP boosted its position in Crocs by 10.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,154,676 shares of the textile maker's stock valued at $122,608,000 after purchasing an additional 108,076 shares during the period. Alliancebernstein L.P. grew its stake in Crocs by 15.4% during the 1st quarter. Alliancebernstein L.P. now owns 1,115,733 shares of the textile maker's stock worth $118,491,000 after buying an additional 148,964 shares during the last quarter. LSV Asset Management lifted its stake in Crocs by 180.9% in the first quarter. LSV Asset Management now owns 880,260 shares of the textile maker's stock valued at $93,484,000 after buying an additional 566,847 shares during the last quarter. Finally, Evercore Wealth Management LLC boosted its holdings in shares of Crocs by 9.0% during the fourth quarter. Evercore Wealth Management LLC now owns 739,109 shares of the textile maker's stock valued at $80,955,000 after acquiring an additional 60,730 shares during the period. 93.44% of the stock is currently owned by institutional investors.

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.

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