Analysts forecast that Cree, Inc. (NASDAQ:CREE) will announce $343.88 million in sales for the current quarter, according to Zacks Investment Research. Seven analysts have provided estimates for Cree’s earnings, with the lowest sales estimate coming in at $327.21 million and the highest estimate coming in at $350.32 million. Cree posted sales of $341.51 million in the same quarter last year, which would indicate a positive year over year growth rate of 0.7%. The firm is expected to issue its next earnings results on Tuesday, April 24th.
On average, analysts expect that Cree will report full-year sales of $343.88 million for the current financial year, with estimates ranging from $1.39 billion to $1.45 billion. For the next financial year, analysts anticipate that the business will post sales of $1.50 billion per share, with estimates ranging from $1.38 billion to $1.60 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research analysts that that provide coverage for Cree.
Cree (NASDAQ:CREE) last released its quarterly earnings data on Tuesday, January 23rd. The LED producer reported ($0.01) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.01 by ($0.02). Cree had a negative net margin of 7.77% and a negative return on equity of 1.24%. The business had revenue of $367.87 million for the quarter, compared to the consensus estimate of $349.62 million. During the same quarter last year, the firm earned $0.30 EPS. The company’s revenue for the quarter was down 8.3% on a year-over-year basis.
Several equities research analysts have commented on the company. Zacks Investment Research upgraded Cree from a “sell” rating to a “hold” rating in a research note on Friday, November 17th. KeyCorp restated a “hold” rating on shares of Cree in a research note on Monday, December 11th. BidaskClub upgraded Cree from a “buy” rating to a “strong-buy” rating in a research note on Saturday. JPMorgan Chase & Co. set a $28.00 target price on Cree and gave the company a “sell” rating in a research note on Tuesday, December 19th. Finally, Piper Jaffray Companies assumed coverage on Cree in a research note on Wednesday, December 20th. They issued a “neutral” rating and a $37.00 target price on the stock. Five research analysts have rated the stock with a sell rating, eleven have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $30.42.
Several institutional investors have recently made changes to their positions in CREE. JPMorgan Chase & Co. raised its stake in shares of Cree by 191.2% during the 2nd quarter. JPMorgan Chase & Co. now owns 37,711 shares of the LED producer’s stock worth $929,000 after purchasing an additional 24,761 shares in the last quarter. Ameriprise Financial Inc. raised its stake in shares of Cree by 10.5% during the 2nd quarter. Ameriprise Financial Inc. now owns 297,889 shares of the LED producer’s stock worth $7,343,000 after purchasing an additional 28,424 shares in the last quarter. Thrivent Financial For Lutherans raised its stake in shares of Cree by 7.7% during the 2nd quarter. Thrivent Financial For Lutherans now owns 19,630 shares of the LED producer’s stock worth $484,000 after purchasing an additional 1,400 shares in the last quarter. Vanguard Group Inc. raised its stake in shares of Cree by 3.0% during the 2nd quarter. Vanguard Group Inc. now owns 8,226,854 shares of the LED producer’s stock worth $202,792,000 after purchasing an additional 236,090 shares in the last quarter. Finally, Advisor Group Inc. raised its stake in shares of Cree by 11.5% during the 2nd quarter. Advisor Group Inc. now owns 8,175 shares of the LED producer’s stock worth $197,000 after purchasing an additional 846 shares in the last quarter. Institutional investors own 98.47% of the company’s stock.
Cree (CREE) traded up $0.21 during trading hours on Wednesday, hitting $36.71. The stock had a trading volume of 974,368 shares, compared to its average volume of 1,530,000. Cree has a fifty-two week low of $20.50 and a fifty-two week high of $40.24. The company has a debt-to-equity ratio of 0.05, a current ratio of 4.59 and a quick ratio of 3.48. The company has a market cap of $3,620.00, a PE ratio of -32.20 and a beta of 0.94.
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Cree, Inc is a manufacturer of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. The Company’s products are focused for applications, such as indoor and outdoor lighting, video displays, transportation, electronic signs and signals, power supplies, inverters and wireless systems.
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