September 10, 2023 – Shellback Capital LP, an investment firm, has recently disclosed that it has increased its position in Crocs, Inc. (NASDAQ:CROX) by 19.4% during the first quarter of this year. According to the disclosure made with the Securities and Exchange Commission, the firm now holds 173,500 shares of Crocs’ stock after purchasing an additional 28,200 shares during the period. Crocs currently accounts for about 2.5% of Shellback Capital LP’s holdings, making it their 11th largest holding. At the end of the reporting period, Shellback Capital LP owned approximately 0.28% of Crocs, with a total worth of $21,937,000.
Crocs recently released its earnings results on July 27th. The textile maker reported earnings per share of $3.59 for the quarter, surpassing the consensus estimate of $2.98 by $0.61. The company’s quarterly revenue was $1.07 billion, compared to analyst estimates of $1.04 billion. This represents an increase in revenue of 11.2% on a year-over-year basis for Crocs.
The company’s return on equity stands at an impressive 81.96%, while its net margin is at a healthy level of 17.21%. These financial indicators demonstrate Crocs’ strong performance and profitability in the market.
Analysts predict that for the current fiscal year, Crocs will post earnings per share (EPS) amounting to $12.14 on average.
In other news related to Crocs, President Michelle Poole has sold 5,102 shares of the company’s stock in a transaction on August 15th for approximately $501,985.78 or an average price per share of $98.39. Following this sale, President Poole now owns a total of 97,141 shares valued at $9,557,702.99. This transaction was disclosed in a document filed with the SEC.
Additionally, Director Douglas J. Treff has acquired 1,926 shares of Crocs’ stock on August 2nd at an average cost of $103.94 per share, totaling $200,188.44. The director now owns 97,656 shares valued at $10,150,364.64. This acquisition was also disclosed in a legal filing with the SEC.
Looking at insider trading activities over the last quarter, corporate insiders have purchased a total of 6,468 shares of Crocs’ stock valued at $648,318. Thus, approximately 2.69% of the company’s stock is owned by corporate insiders.
The above information showcases Shellback Capital LP’s increased position in Crocs and provides insights into the company’s financial performance as well as recent insider trading activities. As Crocs continues to deliver strong earnings results and attract investments, it will be interesting to observe its future growth and market position in the coming quarters.
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Crocs, Inc. Attracts Attention of Institutional Investors
September 10, 2023 – Crocs, Inc. has attracted the attention of numerous institutional investors recently, with several buying and selling shares of the company. Metropolitan Life Insurance Co NY, for instance, increased its stake in Crocs by 2.5% during the fourth quarter. The insurance company now owns 3,730 shares of the textile maker’s stock valued at $404,000 after purchasing an additional 90 shares in the last quarter. Similarly, Mercer Global Advisors Inc. ADV saw a 1.4% increase in its stake, now holding 6,851 shares worth $743,000.
NorthCrest Asset Management LLC also took notice and boosted its holdings in Crocs by 1.4% during the first quarter, owning 7,200 shares valued at $910,000 after acquiring an additional 100 shares. Additionally, Thrivent Financial for Lutherans grew its position in Crocs by 0.8% in the fourth quarter and now owns 16,446 shares valued at $1,783,000 after acquiring an additional 129 shares.
It is puzzling to observe that approximately 90.09% of Crocs’ stock is owned by hedge funds and other institutional investors. This level of involvement from these entities indicates a significant interest in the company’s future prospects.
On Friday morning’s trading session on September 10th, Crocs stock opened at $93.37 per share. With a market cap of $5.76 billion and a price-to-earnings ratio of 8.73, it is clear that investors are cautious about valuing this textile manufacturer’s stocks during these times where market conditions fluctuate consistently.
In terms of financials and liquidity ratios impacting investors’ decisions further to perplexing trends seen previously this year—Crocs’ debt-to-equity ratio stands at a concerning level of 1.69 while showcasing current ratio and quick ratio of 1.65 and 1.00 respectively.
Crocs, Inc.’s stock performance over the past year showcases volatility as it ranged from a low of $65.17 to a high of $151.32. The average value over the previous fifty days is denoted as $107.44, and the company’s two-hundred day moving average sits slightly higher at $115.31.
Investment analysts have heavily scrutinized Crocs’ position in the market, contributing to various research reports correlating with their analysis findings. Recently, Stifel Nicolaus raised its rating on Crocs from “hold” to “buy,” while simultaneously reducing its price target for the stock from $140.00 to $130.00 on July 27th. On August 17th, StockNews.com initiated coverage on Crocs with a “hold” rating.
Wedbush reaffirmed an “outperform” rating and set a price objective of $133.00 on shares of Crocs in a research report published on August 1st—a valuation that appears ambitious given current market conditions amid increased scrutiny within the broader footwear industry.
Loop Capital offered insight into Crocs’ performance by decreasing their target price from $185.00 to $175.00 in a report released on July 28th—a reflection of the market’s continuous evaluation processes attributed to evolving consumer preferences in this fiercely competitive retail sector.
Lastly, Raymond James initiated coverage on Crocs with a “market perform” rating on June 13th—highlighting that they are opting for neutrality regarding sentiment surrounding the company’s outlook.
In summary, there seems to be conflicting opinions among analysts when it comes to properly assessing Crocs’ future prospects within the current economic climate dominated by rapid changes caused by unpredictable fluctuations exacerbated by external factors such as global supply chain disruptions—an industrious trend experienced broadly across major sectors worldwide during these challenging times.
Based on data from Bloomberg, Crocs presently holds a consensus rating of “Hold” from six equities research analysts, while five analysts have expressed a “Buy” rating on the company’s stock. The average price target for Crocs stands at $141.86, indicating that investors are cautiously acknowledging both the potential upsides and downsides when considering investment opportunities involving this renowned footwear manufacturer.
Please note that this is a purely fictional article and the information presented here does not represent real-world circumstances.