Brokerages expect Cree, Inc. (NASDAQ:CREE) to report sales of $248.34 million for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Cree’s earnings, with estimates ranging from $248.00 million to $248.50 million. Cree posted sales of $409.45 million during the same quarter last year, which indicates a negative year-over-year growth rate of 39.3%. The business is expected to issue its next earnings results on Tuesday, August 13th.
According to Zacks, analysts expect that Cree will report full year sales of $1.34 billion for the current year. For the next financial year, analysts expect 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 sell-side research analysts that cover Cree.
Cree (NASDAQ:CREE) last issued its quarterly earnings results on Wednesday, May 1st. The LED producer reported $0.08 EPS for the quarter, topping analysts’ consensus estimates of $0.06 by $0.02. The business had revenue of $274.00 million during the quarter, compared to the consensus estimate of $274.73 million. Cree had a negative net margin of 18.25% and a positive return on equity of 1.59%. The company’s quarterly revenue was up 21.7% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.04 earnings per share.
A number of equities research analysts have recently commented on the stock. Roth Capital set a $75.00 price target on shares of First Solar and gave the stock a “buy” rating in a report on Thursday, June 13th. Citigroup cut shares of BCE from a “buy” rating to a “neutral” rating in a research report on Thursday, May 2nd. Cowen reissued a “hold” rating on shares of PTC Therapeutics in a research report on Thursday, May 2nd. BidaskClub raised shares of Zogenix from a “sell” rating to a “hold” rating in a research report on Thursday, May 9th. Finally, JMP Securities raised their target price on shares of Cree from $71.00 to $81.00 and gave the stock a “market outperform” rating in a research report on Monday, June 17th. One research analyst has rated the stock with a sell rating, nine have given a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company. Cree currently has a consensus rating of “Hold” and an average price target of $60.16.
Shares of NASDAQ CREE traded down $0.81 during midday trading on Tuesday, reaching $58.53. 50,026 shares of the stock were exchanged, compared to its average volume of 1,768,015. The stock has a market capitalization of $6.24 billion, a P/E ratio of -392.87, a P/E/G ratio of 6.12 and a beta of 0.79. Cree has a 52-week low of $33.72 and a 52-week high of $69.21. The company has a debt-to-equity ratio of 0.22, a current ratio of 4.48 and a quick ratio of 3.97. The stock’s 50 day simple moving average is $57.60.
In related news, Director Duy Loan T. Le bought 2,000 shares of the firm’s stock in a transaction that occurred on Monday, May 20th. The shares were acquired at an average cost of $60.07 per share, with a total value of $120,140.00. Following the completion of the transaction, the director now owns 8,442 shares of the company’s stock, valued at $507,110.94. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.55% of the stock is currently owned by company insiders.
Hedge funds have recently made changes to their positions in the business. FMR LLC lifted its position in Cree by 9.0% during the first quarter. FMR LLC now owns 3,220,440 shares of the LED producer’s stock valued at $184,274,000 after buying an additional 265,776 shares in the last quarter. Jennison Associates LLC acquired a new position in Cree during the first quarter valued at approximately $233,000. Thrivent Financial for Lutherans lifted its position in Cree by 8.4% during the fourth quarter. Thrivent Financial for Lutherans now owns 26,279 shares of the LED producer’s stock valued at $1,124,000 after buying an additional 2,029 shares in the last quarter. Geode Capital Management LLC lifted its position in Cree by 9.9% during the fourth quarter. Geode Capital Management LLC now owns 1,158,960 shares of the LED producer’s stock valued at $49,574,000 after buying an additional 104,788 shares in the last quarter. Finally, Raymond James Financial Services Advisors Inc. lifted its position in Cree by 8.3% during the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 15,879 shares of the LED producer’s stock valued at $679,000 after buying an additional 1,222 shares in the last quarter.
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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