Wall Street analysts predict that Cree, Inc. (NASDAQ:CREE) will announce sales of $236.84 million for the current fiscal quarter, according to Zacks Investment Research. Five analysts have made estimates for Cree’s earnings. The lowest sales estimate is $234.00 million and the highest is $237.94 million. Cree reported sales of $413.04 million during the same quarter last year, which would suggest a negative year over year growth rate of 42.7%. The business is expected to announce its next earnings results on Wednesday, January 29th.
On average, analysts expect that Cree will report full-year sales of $968.43 million for the current fiscal year, with estimates ranging from $952.30 million to $1.00 billion. For the next fiscal year, analysts forecast that the company will post sales of $1.10 billion, with estimates ranging from $984.00 million to $1.18 billion. Zacks Investment Research’s sales calculations are a mean average based on a survey of sell-side research firms that cover Cree.
Cree (NASDAQ:CREE) last posted its earnings results on Wednesday, October 30th. The LED producer reported ($0.03) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.05) by $0.02. The company had revenue of $242.80 million for the quarter, compared to analyst estimates of $239.48 million. Cree had a negative return on equity of 0.20% and a negative net margin of 34.02%. The company’s revenue for the quarter was down 11.5% on a year-over-year basis. During the same quarter last year, the company earned $0.22 earnings per share.
CREE has been the topic of a number of analyst reports. Canaccord Genuity reaffirmed a “buy” rating and set a $57.00 price objective on shares of Cree in a report on Thursday, November 21st. Wells Fargo & Co assumed coverage on shares of Cree in a research note on Friday, October 11th. They issued a “market perform” rating and a $50.00 target price for the company. JMP Securities downgraded shares of Cree from an “outperform” rating to a “market perform” rating in a report on Wednesday, August 21st. ValuEngine raised shares of Cree from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, November 20th. Finally, TheStreet cut shares of Cree from a “c” rating to a “d+” rating in a report on Friday, November 1st. Five analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company. Cree has an average rating of “Hold” and an average target price of $53.07.
NASDAQ CREE traded up $0.15 on Friday, reaching $43.65. The company had a trading volume of 691,007 shares, compared to its average volume of 1,518,694. The stock has a market capitalization of $4.73 billion, a P/E ratio of 121.25 and a beta of 0.88. The company’s fifty day moving average is $46.56 and its 200 day moving average is $52.64. Cree has a 52-week low of $38.67 and a 52-week high of $69.21. The company has a quick ratio of 4.82, a current ratio of 5.57 and a debt-to-equity ratio of 0.23.
In related news, Director Duy Loan T. Le acquired 2,000 shares of the firm’s stock in a transaction that occurred on Friday, November 1st. The stock was acquired at an average price of $45.87 per share, for a total transaction of $91,740.00. Following the completion of the acquisition, the director now owns 13,659 shares of the company’s stock, valued at approximately $626,538.33. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.36% of the stock is currently owned by corporate insiders.
Hedge funds have recently made changes to their positions in the business. Baker Avenue Asset Management LP raised its holdings in Cree by 43.2% in the third quarter. Baker Avenue Asset Management LP now owns 34,301 shares of the LED producer’s stock worth $1,680,000 after purchasing an additional 10,342 shares in the last quarter. Fairpointe Capital LLC raised its holdings in shares of Cree by 17.6% in the third quarter. Fairpointe Capital LLC now owns 771,040 shares of the LED producer’s stock worth $37,781,000 after acquiring an additional 115,155 shares during the last quarter. California State Teachers Retirement System lifted its position in shares of Cree by 0.3% in the third quarter. California State Teachers Retirement System now owns 167,647 shares of the LED producer’s stock valued at $8,215,000 after acquiring an additional 431 shares in the last quarter. Pictet Asset Management Ltd. lifted its position in shares of Cree by 82.6% in the third quarter. Pictet Asset Management Ltd. now owns 462,685 shares of the LED producer’s stock valued at $22,672,000 after acquiring an additional 209,315 shares in the last quarter. Finally, Global Retirement Partners LLC boosted its stake in shares of Cree by 72.9% during the third quarter. Global Retirement Partners LLC now owns 1,264 shares of the LED producer’s stock valued at $62,000 after acquiring an additional 533 shares during the last quarter. 97.44% of the stock is currently owned by institutional investors and hedge funds.
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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