Equities analysts expect Cree, Inc. (NASDAQ:CREE) to post $248.34 million in sales for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Cree’s earnings. The highest sales estimate is $248.50 million and the lowest is $248.00 million. Cree reported sales of $409.45 million during the same quarter last year, which would suggest a negative year over year growth rate of 39.3%. The business is expected to report its next quarterly earnings results after the market closes on Tuesday, August 20th.
According to Zacks, analysts expect that Cree will report full year sales of $1.34 billion for the current fiscal year. For the next fiscal year, analysts anticipate that the company will post sales of $1.13 billion, with estimates ranging from $1.12 billion to $1.17 billion. Zacks Investment Research’s sales averages are an average based on a survey of research firms that that provide coverage for Cree.
A number of research firms have recently issued reports on CREE. TheStreet lowered Cree from a “b-” rating to a “c” rating in a research note on Monday, May 20th. CIBC restated a “market perform” rating on shares of Cree in a research note on Thursday, May 2nd. Canaccord Genuity restated a “buy” rating and set a $78.00 price objective (down previously from $81.00) on shares of Cree in a research note on Thursday, May 2nd. Citigroup lowered Cree from an “outperform” rating to a “market perform” rating in a research note on Thursday, May 2nd. Finally, Roth Capital lowered their price objective on Cree from $73.00 to $67.00 and set a “buy” rating for the company in a research note on Thursday, June 13th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, four have assigned a buy rating and one has given a strong buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $60.16.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. FMR LLC lifted its holdings in Cree by 9.0% during the 1st quarter. FMR LLC now owns 3,220,440 shares of the LED producer’s stock worth $184,274,000 after buying an additional 265,776 shares during the last quarter. Jennison Associates LLC bought a new position in Cree during the 1st quarter worth approximately $233,000. FNY Investment Advisers LLC lifted its holdings in Cree by 92.0% during the 2nd quarter. FNY Investment Advisers LLC now owns 1,440 shares of the LED producer’s stock worth $80,000 after buying an additional 690 shares during the last quarter. Piedmont Investment Advisors Inc. bought a new position in Cree during the 1st quarter worth approximately $337,000. Finally, Hodges Capital Management Inc. bought a new position in Cree during the 1st quarter worth approximately $14,090,000.
Shares of CREE stock traded up $0.05 during trading hours on Thursday, reaching $57.19. The company had a trading volume of 637,600 shares, compared to its average volume of 1,415,018. The company has a debt-to-equity ratio of 0.22, a quick ratio of 3.97 and a current ratio of 4.48. Cree has a twelve month low of $33.72 and a twelve month high of $69.21. The company has a market capitalization of $6.08 billion, a P/E ratio of -381.27, a price-to-earnings-growth ratio of 6.03 and a beta of 0.78. The stock’s fifty day simple moving average is $59.53 and its 200 day simple moving average is $58.52.
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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