IQ EQ Fund Management Ireland Ltd has increased its investment in Crocs, Inc. (NASDAQ:CROX) by acquiring an additional 697 shares, representing an 8.1% rise in its holdings during the second quarter of 2024. After this purchase, the fund now owns a total of 9,308 shares, which amounted to approximately $943,000 at the end of the quarter.
The acquisition is part of a broader trend, as several institutional investors and hedge funds have recently modified their stakes in Crocs. Notably, **Motley Fool Wealth Management LLC** raised its holdings by a significant 82.6% in the first quarter, now owning 101,978 shares valued at $10.83 million after acquiring an additional 46,124 shares.
Other investors include **Entropy Technologies LP**, which established a new position valued at $905,000, and **Intech Investment Management LLC**, which increased its stake by 60.4% to own 49,641 shares worth $5.27 million. **Baird Financial Group Inc.** also enhanced its position by 4.8%, now holding 251,230 shares valued at approximately $26.68 million. Overall, institutional investors control 93.44% of Crocs’ shares.
Insider Transactions Indicate Confidence
In related news, Crocs executives are showing confidence in the company’s future. **Susan L. Healy**, Executive Vice President, purchased 2,000 shares on August 12, 2024, at an average price of $76.56 per share, amounting to a total investment of $153,120. Following this transaction, she holds 50,078 shares, valued at approximately $3.83 million, marking a 4.16% increase in her ownership.
Similarly, **John B. Replogle**, a director at Crocs, acquired 3,261 shares on August 8, 2024, at an average price of $76.69, costing him $250,086. This acquisition raised his total holdings to 15,417 shares, valued at around $1.18 million, reflecting a 26.83% increase in his stake. Insider ownership currently stands at 2.72%.
Crocs’ Financial Performance and Analyst Ratings
On August 7, 2024, Crocs announced its latest earnings results, reporting $4.23 earnings per share (EPS) for the quarter, which exceeded analysts’ expectations of $4.01 by $0.22. The company generated revenue of $1.15 billion, aligning with analyst estimates. Compared to the same quarter last year, revenue increased by 3.4%.
Despite the positive earnings, analysts have provided mixed reviews. **Citigroup** recently downgraded Crocs to a “negative” rating, while **UBS Group** lowered its price target from $110.00 to $85.00 and maintained a “neutral” rating. **KeyCorp** adjusted its price target from $120.00 to $95.00 but retained an “overweight” rating. Furthermore, **Weiss Ratings** downgraded Crocs from a “hold (c-)” to a “sell (d+)” rating.
Analysts currently reflect a consensus rating of “Hold” for Crocs, with an average target price set at $101.92. Seven analysts recommend a “Buy,” five suggest a “Hold,” and three advocate a “Sell.”
As Crocs continues to navigate the market, the recent increase in institutional ownership and positive earnings performance may provide a foundation for future growth in the competitive footwear industry.
