Cray Inc (CRAY) Rating Increased to Buy at Zacks Investment Research

Cray Inc (NASDAQ:CRAY) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The firm presently has a $21.00 price objective on the technology company’s stock. Zacks Investment Research‘s target price would indicate a potential upside of 12.60% from the company’s current price.

According to Zacks, “Cray Inc. is engaged in designing, developing, manufacturing, marketing and servicing the high performance computing (HPC) market, primarily categories of systems known as supercomputers. The Company’s segments include Supercomputing, Storage and Data Management, Maintenance and Support, and Engineering Services and Other. The Supercomputing segment includes a suite of supercomputer systems, which are used by engineering centers in universities, government laboratories, and commercial institutions. The Storage and Data Management segment includes Cray Data Warp and Sonexion, as well as other third-party storage products and their ongoing maintenance and system analysts. The Maintenance and Support segment provides ongoing maintenance of Cray supercomputers, big data storage and analytics systems, as well as system analysts. The Engineering Services and Other segment include the Company’s analytics business and Custom Engineering. “

CRAY has been the topic of several other reports. BidaskClub cut Cray from a “sell” rating to a “strong sell” rating in a research report on Tuesday, July 25th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $26.00 price objective on shares of Cray in a research report on Wednesday, August 16th. Two equities research analysts have rated the stock with a sell rating, one has given a hold rating and two have given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus target price of $23.33.

Shares of Cray (NASDAQ:CRAY) opened at 18.65 on Wednesday. The company’s 50 day moving average price is $19.23 and its 200-day moving average price is $18.74. The stock has a market capitalization of $748.93 million, a P/E ratio of 278.36 and a beta of 1.64. Cray has a 12 month low of $16.10 and a 12 month high of $22.85.

Cray (NASDAQ:CRAY) last released its quarterly earnings data on Thursday, July 27th. The technology company reported ($0.20) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.54) by $0.34. The business had revenue of $87.10 million for the quarter, compared to analysts’ expectations of $60.18 million. Cray had a negative return on equity of 1.03% and a net margin of 0.47%. The firm’s quarterly revenue was down 13.1% on a year-over-year basis. During the same period in the prior year, the firm posted ($0.29) EPS. Equities analysts predict that Cray will post ($1.13) earnings per share for the current year.

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Hedge funds have recently added to or reduced their stakes in the stock. Strs Ohio bought a new position in Cray in the 3rd quarter valued at approximately $101,000. State of Alaska Department of Revenue lifted its position in Cray by 77.3% in the 2nd quarter. State of Alaska Department of Revenue now owns 7,979 shares of the technology company’s stock valued at $146,000 after acquiring an additional 3,479 shares in the last quarter. Municipal Employees Retirement System of Michigan lifted its position in Cray by 3.6% in the 2nd quarter. Municipal Employees Retirement System of Michigan now owns 9,620 shares of the technology company’s stock valued at $177,000 after acquiring an additional 330 shares in the last quarter. UBS Asset Management Americas Inc. bought a new position in Cray in the 1st quarter valued at approximately $287,000. Finally, BNP Paribas Arbitrage SA lifted its position in Cray by 59.6% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 13,393 shares of the technology company’s stock valued at $246,000 after acquiring an additional 5,001 shares in the last quarter. 96.08% of the stock is currently owned by institutional investors and hedge funds.

About Cray

Cray Inc is engaged in designing, developing, manufacturing, marketing and servicing the high performance computing (HPC) market, primarily categories of systems known as supercomputers. The Company’s segments include Supercomputing, Storage and Data Management, Maintenance and Support, and Engineering Services and Other.

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