Analysts expect Cree Inc. (NASDAQ:CREE) to report $401.60 million in sales for the current quarter, Zacks Investment Research reports. Five analysts have made estimates for Cree’s earnings. The lowest sales estimate is $399.87 million and the highest is $405.00 million. Cree posted sales of $358.94 million during the same quarter last year, which would suggest a positive year over year growth rate of 11.9%. The business is expected to report its next earnings results on Tuesday, August 28th.
According to Zacks, analysts expect that Cree will report full year sales of $1.48 billion for the current year, with estimates ranging from $1.44 billion to $1.49 billion. For the next financial year, analysts anticipate that the firm will report sales of $1.64 billion per share, with estimates ranging from $1.53 billion to $1.73 billion. Zacks’ sales calculations are an average based on a survey of research firms that cover Cree.
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Cree (NASDAQ:CREE) last released its earnings results on Tuesday, April 24th. The LED producer reported $0.04 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.01 by $0.03. The firm had revenue of $355.96 million for the quarter, compared to analyst estimates of $347.38 million. Cree had a negative return on equity of 1.10% and a negative net margin of 17.50%. Cree’s revenue was up 4.2% compared to the same quarter last year. During the same period in the previous year, the company earned $0.01 earnings per share.
CREE has been the topic of a number of analyst reports. BidaskClub raised Cree from a “buy” rating to a “strong-buy” rating in a research note on Saturday, February 17th. Zacks Investment Research cut Cree from a “hold” rating to a “sell” rating in a research note on Monday, January 29th. CIBC raised Cree from a “market perform” rating to an “outperform” rating in a research note on Wednesday, April 25th. Deutsche Bank set a $45.00 price target on Cree and gave the stock a “buy” rating in a research note on Wednesday, January 24th. Finally, Roth Capital cut Cree from a “buy” rating to a “neutral” rating and set a $35.00 price target on the stock. in a research note on Tuesday, January 23rd. Three investment analysts have rated the stock with a sell rating, twelve have assigned a hold rating, five have issued a buy rating and one has issued a strong buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $37.20.
In other Cree news, insider Michael E. Mcdevitt sold 7,000 shares of Cree stock in a transaction dated Thursday, April 26th. The stock was sold at an average price of $39.36, for a total transaction of $275,520.00. Following the transaction, the insider now owns 169,924 shares of the company’s stock, valued at approximately $6,688,208.64. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders own 1.10% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in CREE. Icon Wealth Partners LLC purchased a new position in Cree during the 4th quarter valued at about $110,000. SeaCrest Wealth Management LLC purchased a new position in Cree during the 4th quarter valued at about $156,000. Quantbot Technologies LP purchased a new position in Cree during the 1st quarter valued at about $193,000. Zurcher Kantonalbank Zurich Cantonalbank grew its stake in Cree by 41.8% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 5,721 shares of the LED producer’s stock valued at $212,000 after acquiring an additional 1,687 shares in the last quarter. Finally, Zeke Capital Advisors LLC purchased a new position in Cree during the 4th quarter valued at about $218,000. 98.94% of the stock is currently owned by institutional investors.
Cree traded up $1.36, reaching $43.69, during trading on Thursday, according to MarketBeat Ratings. The company had a trading volume of 1,301,760 shares, compared to its average volume of 1,441,840. The stock has a market capitalization of $4.23 billion, a P/E ratio of 229.95 and a beta of 0.62. Cree has a 12-month low of $42.13 and a 12-month high of $43.14. The company has a current ratio of 3.74, a quick ratio of 2.46 and a debt-to-equity ratio of 0.15.
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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