Equities research analysts expect that Cree Inc. (NASDAQ:CREE) will report sales of $348.54 million for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for Cree’s earnings. The highest sales estimate is $350.32 million and the lowest is $347.00 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 2.1%. The firm is expected to announce its next earnings report after the market closes on Tuesday, April 24th.
According to Zacks, analysts expect that Cree will report full-year sales of $1.45 billion for the current year, with estimates ranging from $1.43 billion to $1.47 billion. For the next fiscal year, analysts expect that the business will report sales of $1.57 billion per share, with estimates ranging from $1.49 billion to $1.62 billion. Zacks’ sales averages are a mean average based on a survey of sell-side analysts that follow Cree.
Cree (NASDAQ:CREE) last released its quarterly earnings results on Tuesday, January 23rd. The LED producer reported ($0.01) EPS for the quarter, missing analysts’ consensus estimates of $0.01 by ($0.02). The firm had revenue of $367.87 million for the quarter, compared to analysts’ expectations of $349.62 million. Cree had a negative net margin of 7.77% and a negative return on equity of 1.24%. The firm’s revenue for the quarter was down 8.3% on a year-over-year basis. During the same quarter last year, the firm earned $0.30 earnings per share.
CREE has been the subject of a number of recent analyst reports. Deutsche Bank set a $45.00 price target on shares of Cree and gave the company a “buy” rating in a research report on Wednesday, January 24th. BidaskClub lowered shares of Cree from a “strong-buy” rating to a “buy” rating in a research report on Thursday, March 1st. ValuEngine upgraded shares of Cree from a “hold” rating to a “buy” rating in a research report on Monday, April 2nd. Cowen set a $37.00 price target on shares of Cree and gave the company a “hold” rating in a research report on Tuesday, March 6th. Finally, Williams Capital restated a “hold” rating and set a $36.00 price target (up from $32.00) on shares of Cree in a research report on Tuesday, February 27th. Three research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $33.71.
CREE opened at $40.33 on Monday. The firm has a market cap of $4,028.48, a PE ratio of 212.26 and a beta of 0.62. The company has a quick ratio of 3.48, a current ratio of 4.59 and a debt-to-equity ratio of 0.05. Cree has a one year low of $20.50 and a one year high of $45.43.
Several hedge funds and other institutional investors have recently bought and sold shares of CREE. Iridian Asset Management LLC CT bought a new stake in shares of Cree during the 4th quarter worth $53,313,000. OppenheimerFunds Inc. lifted its stake in Cree by 85.2% in the fourth quarter. OppenheimerFunds Inc. now owns 1,882,955 shares of the LED producer’s stock worth $69,933,000 after purchasing an additional 866,361 shares during the last quarter. Teachers Advisors LLC lifted its stake in Cree by 485.4% in the fourth quarter. Teachers Advisors LLC now owns 1,026,349 shares of the LED producer’s stock worth $38,119,000 after purchasing an additional 851,025 shares during the last quarter. BlackRock Inc. lifted its stake in Cree by 8.4% in the fourth quarter. BlackRock Inc. now owns 10,861,364 shares of the LED producer’s stock worth $403,392,000 after purchasing an additional 839,319 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in Cree by 91.0% in the fourth quarter. Victory Capital Management Inc. now owns 908,277 shares of the LED producer’s stock worth $33,734,000 after purchasing an additional 432,756 shares during the last quarter. 98.94% of the stock is owned by institutional investors.
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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. Its Lighting Products segment offers LED lighting systems and bulbs for use in settings, such as office and retail space, restaurants and hospitality, schools and universities, manufacturing, healthcare, airports, municipal, residential, street lighting and parking structures, and other applications.
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