Crocs Stock Opens at a High, Analysts Remain Divided
Shares of Crocs stock opened at $108.58 on June 22, 2023 – a high mark that has left analysts debating what’s next for the foam-clog empire. The company currently boasts a market capitalization of $6.74 billion and a price-to-earnings ratio of 10.98, with a P/E/G ratio of 0.64 and a beta of 1.94.
But what do analysts think about Crocs’ current standing? Some analysts have issued favorable reports on the popular shoe brand, while others are more hesitant. In April and May of this year, some insider sales were completed as well which may affect the health of the stock in both positive and negative ways in months to come.
500.com reaffirmed their “maintains” rating for Crocs referencing their strong performance throughout the first quarter while another analyst firm Robert W. Baird upped their price target from $175 to $185 due to positive earnings trends in comparison with expectations.
However, Stifel Nicolaus only raised its rating marginally from $133 to $150 citing medium-term risks due to challenges from competitors entering the market and an already crowded segment.
Raymond James recently began coverage on shares of Crocs with a “market perform” rating, which suggests an expectation that current investments maintain pace with competitors within similar categories leading up to its next quarterly announcement.
Finally, StockNews.com assigned a “hold” rating on the stock in May stating that while there are clear opportunities for growth they remain subdued by mixed signals from Couroc’s past quarters.
Regardless, Croc fans worldwide continue waiting eagerly for updates from management beyond just quarterly announcements — demand doesn’t show signs of letting up any time soon.
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Crocs Continues to Prosper as Textile Leader with Boosted Q4 2023 EPS Estimates and Growing Institutional Investor Interest
Crocs, Inc. (NASDAQ:CROX) is set to continue its stance as one of the most profitable textile makers, with Zacks Research recently boosting their Q4 2023 EPS estimates for the company. The surge in share price caused by this optimism has led to significant changes in institutional investor positions in the stock.
Research analyst R. Lohia predicts that Crocs will now earn an outstanding $2.80 per share for the quarter, demonstrating the company’s continued commitment to growth. This represents a slight increase from Zacks Research’s previous estimate of $2.79 and an overall consensus current full-year earnings of $11.53 per share.
However, it is not just investors who are taking notice of Crocs’ achievements; consumers worldwide are clamoring for its unique footwear designs that can be worn everywhere from city streets to sandy beaches.
In light of its success, hedge funds and other institutional investors have made significant moves towards acquiring shares in the company. Trivant Custom Portfolio Group LLC was among those who acquired a stake in Crocs during Q1 2023 valued at $25,000. Lindbrook Capital LLC grew its position by purchasing an additional 170 shares valued at $26,000 during that same period.
Other institutional investors followed suit soon after; EverSource Wealth Advisors LLC bought a new position in Crocs worth $28,000 in Q1 2023 while Harbour Investments Inc.’s position saw a massive growth rate of 440% into Q1 valued at $34,000 after buying an additional 220 shares. Robeco Institutional Asset Management B.V. also bought a new position worth $42,000 during that same period.
As we look to the future, it appears Crocs may continue their remarkable success as they remain on target to reach unprecedented earnings opportunities throughout this year and beyond according to experts at Zacks Research.
With more customers latching on to Crocs’ uniquely comfortable and stylish designs, the future looks bright for the growing footwear company. Will you be one of their new investors?