Wall Street analysts forecast that Cree, Inc. (NASDAQ:CREE) will post sales of $401.60 million for the current quarter, Zacks reports. Five analysts have made estimates for Cree’s earnings, with the lowest sales estimate coming in at $399.87 million and the highest estimate coming in at $405.00 million. Cree reported sales of $358.94 million in the same quarter last year, which would suggest a positive year over year growth rate of 11.9%. The firm is expected to issue its next earnings report on Tuesday, August 28th.
On average, analysts expect that Cree will report full-year sales of $1.49 billion for the current year, with estimates ranging from $1.48 billion to $1.49 billion. For the next financial year, analysts forecast that the firm will report sales of $1.66 billion per share, with estimates ranging from $1.61 billion to $1.73 billion. Zacks’ sales averages are an average based on a survey of sell-side research analysts that follow Cree.
Get Cree alerts:Cree (NASDAQ:CREE) last issued its earnings results on Tuesday, April 24th. The LED producer reported $0.04 EPS for the quarter, topping the consensus estimate of $0.01 by $0.03. The company had revenue of $355.96 million for the quarter, compared to analyst estimates of $347.38 million. Cree had a negative net margin of 17.50% and a negative return on equity of 1.10%. The business’s revenue was up 4.2% on a year-over-year basis. During the same period in the previous year, the firm earned $0.01 EPS.
Several equities research analysts recently commented on CREE shares. BidaskClub upgraded shares of Cree from a “buy” rating to a “strong-buy” rating in a research report on Tuesday, May 8th. ValuEngine lowered shares of Cree from a “buy” rating to a “hold” rating in a research report on Tuesday, May 1st. Zacks Investment Research upgraded shares of Cree from a “hold” rating to a “buy” rating and set a $43.00 price objective on the stock in a research report on Monday, April 30th. CIBC upgraded shares of Cree from a “market perform” rating to an “outperform” rating in a research report on Wednesday, April 25th. Finally, SunTrust Banks boosted their price objective on shares of Cree from $39.36 to $53.00 and gave the stock a “market perform” rating in a research report on Wednesday, April 25th. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, five have assigned a buy rating and one has assigned a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $37.20.
In related news, insider Michael E. Mcdevitt sold 7,000 shares of the business’s stock in a transaction dated Thursday, April 26th. The shares were sold at an average price of $39.36, for a total value of $275,520.00. Following the completion of the transaction, the insider now owns 169,924 shares of the company’s stock, valued at approximately $6,688,208.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.10% of the company’s stock.
A number of hedge funds have recently made changes to their positions in the stock. BlackRock Inc. raised its stake in Cree by 2.2% in the 1st quarter. BlackRock Inc. now owns 11,101,297 shares of the LED producer’s stock valued at $447,493,000 after purchasing an additional 239,933 shares during the last quarter. Iridian Asset Management LLC CT increased its stake in shares of Cree by 113.3% during the 1st quarter. Iridian Asset Management LLC CT now owns 3,061,229 shares of the LED producer’s stock valued at $123,398,000 after acquiring an additional 1,625,772 shares during the last quarter. OppenheimerFunds Inc. increased its stake in shares of Cree by 36.7% during the 1st quarter. OppenheimerFunds Inc. now owns 2,574,663 shares of the LED producer’s stock valued at $103,785,000 after acquiring an additional 691,708 shares during the last quarter. Criterion Capital Management LLC increased its stake in shares of Cree by 30.6% during the 1st quarter. Criterion Capital Management LLC now owns 1,758,262 shares of the LED producer’s stock valued at $70,876,000 after acquiring an additional 412,010 shares during the last quarter. Finally, Northern Trust Corp increased its stake in shares of Cree by 1.2% during the 1st quarter. Northern Trust Corp now owns 1,431,299 shares of the LED producer’s stock valued at $57,696,000 after acquiring an additional 17,209 shares during the last quarter. 98.94% of the stock is owned by hedge funds and other institutional investors.
Shares of Cree traded up $0.70, hitting $47.32, during trading on Friday, according to Marketbeat. 773,900 shares of the company were exchanged, compared to its average volume of 1,406,979. The firm has a market capitalization of $4.75 billion, a P/E ratio of 249.05 and a beta of 0.62. Cree has a 1 year low of $20.50 and a 1 year high of $48.00. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.46 and a current ratio of 3.74.
Cree Company Profile
Cree, Inc provides lighting-class light emitting diode (LED), lighting, and semiconductor products for power and radio-frequency (RF) applications in the United States, China, Europe, South Korea, Japan, Malaysia, Taiwan, and internationally. Its Lighting Products segment offers LED lighting systems and bulbs for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting and parking structures, and other applications.
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