Wall Street brokerages expect Cree, Inc. (NASDAQ:CREE) to post $361.31 million in sales for the current fiscal quarter, Zacks reports. Seven analysts have made estimates for Cree’s earnings, with estimates ranging from $359.30 million to $364.00 million. Cree reported sales of $321.33 million in the same quarter last year, which indicates a positive year-over-year growth rate of 12.4%. The company is scheduled to announce its next earnings report after the market closes on Tuesday, October 17th.
According to Zacks, analysts expect that Cree will report full-year sales of $361.31 million for the current year, with estimates ranging from $1.43 billion to $1.52 billion. For the next financial year, analysts forecast that the business will post sales of $1.54 billion per share, with estimates ranging from $1.46 billion to $1.63 billion. Zacks Investment Research’s sales averages are an average based on a survey of analysts that that provide coverage for Cree.
Cree (NASDAQ:CREE) last announced its quarterly earnings results on Tuesday, August 22nd. The LED producer reported $0.04 EPS for the quarter, meeting the Zacks’ consensus estimate of $0.04. Cree had a negative return on equity of 0.13% and a negative net margin of 7.17%. The company had revenue of $359.00 million during the quarter, compared to analysts’ expectations of $349.82 million. During the same period in the prior year, the company earned $0.19 EPS. Cree’s revenue was down 7.6% compared to the same quarter last year.
CREE has been the subject of several research reports. Northland Securities reiterated a “hold” rating and issued a $28.00 target price on shares of Cree in a research report on Thursday, September 28th. J P Morgan Chase & Co lowered shares of Cree from a “neutral” rating to an “underweight” rating and upped their target price for the stock from $23.00 to $28.00 in a research report on Friday, October 6th. Bank of America Corporation cut their target price on shares of Cree from $28.00 to $26.00 and set a “neutral” rating for the company in a research report on Wednesday, August 23rd. BidaskClub lowered shares of Cree from a “buy” rating to a “hold” rating in a research report on Friday, July 28th. Finally, Stephens lowered shares of Cree from an “equal weight” rating to an “underweight” rating and cut their target price for the stock from $27.50 to $16.50 in a research report on Wednesday, August 23rd. They noted that the move was a valuation call. Six equities research analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $23.58.
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Several large investors have recently modified their holdings of CREE. BlackRock Inc. raised its stake in shares of Cree by 13,401.9% during the first quarter. BlackRock Inc. now owns 8,080,185 shares of the LED producer’s stock valued at $215,984,000 after acquiring an additional 8,020,340 shares during the last quarter. Dimensional Fund Advisors LP raised its stake in shares of Cree by 13.0% during the second quarter. Dimensional Fund Advisors LP now owns 7,784,651 shares of the LED producer’s stock valued at $191,893,000 after acquiring an additional 897,753 shares during the last quarter. State Street Corp raised its stake in shares of Cree by 24.2% during the second quarter. State Street Corp now owns 3,688,186 shares of the LED producer’s stock valued at $90,915,000 after acquiring an additional 717,698 shares during the last quarter. Fairpointe Capital LLC raised its stake in shares of Cree by 8.8% during the second quarter. Fairpointe Capital LLC now owns 6,070,231 shares of the LED producer’s stock valued at $149,631,000 after acquiring an additional 492,465 shares during the last quarter. Finally, FIL Ltd raised its stake in shares of Cree by 37.7% during the second quarter. FIL Ltd now owns 1,382,176 shares of the LED producer’s stock valued at $34,070,000 after acquiring an additional 378,590 shares during the last quarter. 91.37% of the stock is owned by hedge funds and other institutional investors.
Shares of Cree (NASDAQ:CREE) traded up 0.51% on Wednesday, hitting $29.36. The stock had a trading volume of 1,084,245 shares. The firm has a 50-day moving average of $26.28 and a 200 day moving average of $24.82. Cree has a 1-year low of $20.50 and a 1-year high of $31.64. The company’s market capitalization is $2.86 billion.
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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