Shares of Crocs (NASDAQ: CROX) are up 17% in today’s trading session after the Colorado-based company smashed analysts’ estimates for Q1 profit.

The company reported adjusted earnings per share (EPS) of $1.49 adjusted to crush the $0.89 cents expected from the surveyed analysts. Revenue for the quarter came in at $460.1 million to beat the $415 million.

"Demand for the Crocs brand is stronger than ever with expected 2021 revenue growth of 40% to 50%. In the first quarter we achieved record revenues and profitability, with growth in all regions and all channels. We have raised full year guidance as we continue to see consumer demand for our product accelerate globally,” Andrew Rees, Chief Executive Officer, said.

As Rees pointed out, the company has witnessed a surge in its revenues by 64% with digital sales exploding 75.3%. Similarly, direct-to-consumer (DTC) sales from its stores or website nearly doubled (93.3%) to $170.1 million.

“Looking forward, we remain focused on strategically important accounts comprised of leading e-tailers, sporting goods and family footwear and specialty footwear retailers,” Rees said.

Following a robust Q1 performance, CROX is now projecting to see its revenue grow by 60% to 70%, which is much higher than the analysts’ consensus of $39.2%. On a full-year basis, sales are expected to rise between 40% and 50%, nearly double compared to a 25% increased expected from the analysts. Just two months ago, CROX said it expects to see revenue growth between 20% to 25%

Erinn Murphy, a senior research analyst at Piper, raised estimates and moved the price target to $140.00 per share from the prior $104.00 following a "stellar" quarter.

“We remain buyers of the stock and lift our PT to $140 as our FY22 moves from $5.22 to $7/share following the company's Q1 conference call. While we were already nicely ahead of the Street for FY21, we are moving our estimate from $4.16 to $5.74 which more than pulled forward our original "$5 by '25" analysis we published last August,” the analyst wrote in a note to clients.

“We applaud the Crocs' team for their continued execution, disciplined inventory management & account management and underlying reinvestments in the brand health. Too, with strong visibility into Q2 (sales forecast +60% to 70%) and 2H estimates moving up handily with solid orderbook plans to boot, we believe bears worried about the sustainability of the brand momentum will need to hibernate for another 12 months.”

Crocs stock has rallied more than 260% in the past 12 months.