Brokerages Anticipate Cree, Inc. (NASDAQ:CREE) Will Post Quarterly Sales of $248.34 Million

Analysts expect that Cree, Inc. (NASDAQ:CREE) will report sales of $248.34 million for the current fiscal quarter, Zacks reports. Four analysts have made estimates for Cree’s earnings. The highest sales estimate is $248.50 million and the lowest is $248.00 million. Cree reported sales of $409.45 million during the same quarter last year, which indicates a negative year-over-year growth rate of 39.3%. The firm is scheduled to announce its next earnings report after the market closes on Tuesday, August 20th.

On average, analysts expect that Cree will report full year sales of $1.34 billion for the current fiscal year. For the next fiscal year, analysts anticipate that the business will post sales of $1.13 billion, with estimates ranging from $1.12 billion to $1.17 billion. Zacks’ sales calculations are an average based on a survey of sell-side research analysts that cover Cree.

Several brokerages recently weighed in on CREE. CIBC reiterated a “market perform” rating on shares of Cree in a research report on Thursday, May 2nd. JMP Securities increased their price objective on Cree from $71.00 to $81.00 and gave the stock a “market outperform” rating in a research report on Monday, June 17th. Oppenheimer lowered Cree from an “outperform” rating to a “market perform” rating and increased their price objective for the stock from $58.00 to $64.78 in a research report on Thursday, May 2nd. TheStreet lowered Cree from a “b-” rating to a “c” rating in a research report on Monday, May 20th. Finally, BidaskClub lowered Cree from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. One investment analyst has rated the stock with a sell rating, nine have assigned a hold rating, four have issued a buy rating and one has given a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $60.16.

Cree stock traded up $0.05 during mid-day trading on Thursday, hitting $57.19. The company’s stock had a trading volume of 637,600 shares, compared to its average volume of 1,415,018. The firm has a market capitalization of $6.08 billion, a PE ratio of -381.27, a price-to-earnings-growth ratio of 6.03 and a beta of 0.78. Cree has a 1 year low of $33.72 and a 1 year high of $69.21. The company has a current ratio of 4.48, a quick ratio of 3.97 and a debt-to-equity ratio of 0.22. The stock’s fifty day moving average is $59.53 and its two-hundred day moving average is $58.52.

In other news, Director Duy Loan T. Le purchased 2,000 shares of the stock in a transaction dated Monday, May 20th. The stock was acquired at an average cost of $60.07 per share, for a total transaction of $120,140.00. Following the completion of the transaction, the director now directly owns 8,442 shares in the company, valued at approximately $507,110.94. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.55% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. California Public Employees Retirement System raised its stake in shares of Cree by 8.1% in the second quarter. California Public Employees Retirement System now owns 176,900 shares of the LED producer’s stock valued at $9,938,000 after acquiring an additional 13,206 shares in the last quarter. Voloridge Investment Management LLC acquired a new stake in shares of Cree in the second quarter valued at $2,918,000. Whale Rock Capital Management LLC acquired a new stake in shares of Cree in the second quarter valued at $51,222,000. Pictet Asset Management Ltd. acquired a new stake in shares of Cree in the second quarter valued at $14,234,000. Finally, Nuveen Asset Management LLC acquired a new stake in shares of Cree in the second quarter valued at $134,889,000.

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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Earnings History and Estimates for Cree (NASDAQ:CREE)

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