Zacks: Analysts Anticipate Cree, Inc. (NASDAQ:CREE) Will Post Quarterly Sales of $248.34 Million

Analysts expect that Cree, Inc. (NASDAQ:CREE) will post $248.34 million in sales for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Cree’s earnings. The lowest sales estimate is $248.00 million and the highest is $248.50 million. Cree posted sales of $409.45 million in the same quarter last year, which suggests a negative year over year growth rate of 39.3%. The firm is scheduled to report its next quarterly earnings report on Tuesday, August 13th.

On average, analysts expect that Cree will report full year sales of $1.34 billion for the current financial year. For the next fiscal year, analysts anticipate that the business will post sales of $1.13 billion, with estimates ranging from $1.12 billion to $1.17 billion. Zacks’ sales calculations are a mean average based on a survey of research firms that that provide coverage for Cree.

Cree (NASDAQ:CREE) last released its earnings results on Wednesday, May 1st. The LED producer reported $0.08 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.06 by $0.02. Cree had a negative net margin of 18.25% and a positive return on equity of 1.59%. The company had revenue of $274.00 million for the quarter, compared to analyst estimates of $274.73 million. During the same period in the prior year, the business earned $0.04 EPS. The firm’s quarterly revenue was up 21.7% on a year-over-year basis.



A number of research firms recently commented on CREE. BMO Capital Markets set a C$106.00 target price on shares of FirstService and gave the company a “market perform” rating in a research report on Monday, June 3rd. TheStreet downgraded shares of Tribune Publishing from a “c-” rating to a “d+” rating in a research report on Monday, May 20th. BidaskClub raised shares of Zogenix from a “sell” rating to a “hold” rating in a research report on Thursday, May 9th. Zacks Investment Research raised shares of Green Brick Partners from a “sell” rating to a “hold” rating in a research report on Thursday, April 25th. Finally, JMP Securities raised their price objective on shares of Cree from $71.00 to $81.00 and gave the stock a “market outperform” rating in a research report on Monday, June 17th. One investment analyst has rated the stock with a sell rating, nine have issued a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Cree currently has an average rating of “Hold” and an average target price of $60.16.

In other news, Director Duy Loan T. Le bought 2,000 shares of the stock in a transaction dated Wednesday, May 15th. The shares were acquired at an average price of $64.46 per share, with a total value of $128,920.00. Following the completion of the acquisition, the director now directly owns 6,442 shares in the company, valued at $415,251.32. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.55% of the stock is owned by insiders.

Several large investors have recently modified their holdings of the company. Oregon Public Employees Retirement Fund grew its holdings in Cree by 2.0% in the second quarter. Oregon Public Employees Retirement Fund now owns 41,749 shares of the LED producer’s stock valued at $2,345,000 after purchasing an additional 803 shares during the period. PFS Investments Inc. acquired a new position in shares of Cree during the second quarter worth $521,000. Retirement Systems of Alabama lifted its position in shares of Cree by 1.9% during the second quarter. Retirement Systems of Alabama now owns 136,889 shares of the LED producer’s stock worth $7,690,000 after purchasing an additional 2,517 shares in the last quarter. Dorsey Wright & Associates lifted its position in shares of Cree by 91.4% during the second quarter. Dorsey Wright & Associates now owns 65,946 shares of the LED producer’s stock worth $3,705,000 after purchasing an additional 31,489 shares in the last quarter. Finally, First Trust Advisors LP lifted its position in shares of Cree by 82.8% during the first quarter. First Trust Advisors LP now owns 193,495 shares of the LED producer’s stock worth $11,072,000 after purchasing an additional 87,665 shares in the last quarter.

Shares of NASDAQ CREE traded down $1.20 during mid-day trading on Tuesday, reaching $58.14. The company had a trading volume of 775,082 shares, compared to its average volume of 1,758,704. The company has a current ratio of 4.48, a quick ratio of 3.97 and a debt-to-equity ratio of 0.22. The stock has a 50 day simple moving average of $57.65. The stock has a market cap of $6.12 billion, a PE ratio of -387.60, a P/E/G ratio of 6.11 and a beta of 0.79. Cree has a 52-week low of $33.72 and a 52-week high of $69.21.

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. It operates in three segments: Wolfspeed, LED Products, and Lighting Products.

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Earnings History and Estimates for Cree (NASDAQ:CREE)

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