Cree, Inc. (CREE) Expected to Post Quarterly Sales of $343.88 Million

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.

ILLEGAL ACTIVITY WARNING: This piece of content was originally published by Dispatch Tribunal and is the sole property of of Dispatch Tribunal. If you are reading this piece of content on another website, it was stolen and republished in violation of United States and international copyright and trademark law. The legal version of this piece of content can be accessed at https://www.dispatchtribunal.com/2018/02/17/cree-inc-cree-expected-to-post-quarterly-sales-of-343-88-million.html.

About Cree

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.

Get a free copy of the Zacks research report on Cree (CREE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Cree Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cree and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply