Brokerages predict that Cree, Inc. (NASDAQ:CREE) will post $407.87 million in sales for the current quarter, according to Zacks. Four analysts have provided estimates for Cree’s earnings, with the lowest sales estimate coming in at $405.79 million and the highest estimate coming in at $410.00 million. Cree posted sales of $360.40 million in the same quarter last year, which suggests a positive year-over-year growth rate of 13.2%. The firm is expected to report its next earnings results on Tuesday, October 16th.
According to Zacks, analysts expect that Cree will report full year sales of $1.70 billion for the current financial year, with estimates ranging from $1.66 billion to $1.76 billion. For the next year, analysts anticipate that the company will report sales of $1.90 billion per share, with estimates ranging from $1.84 billion to $2.01 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Cree.
Cree (NASDAQ:CREE) last issued its earnings results on Tuesday, August 14th. The LED producer reported $0.11 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.08 by $0.03. The company had revenue of $409.45 million for the quarter, compared to analyst estimates of $399.69 million. Cree had a negative net margin of 18.74% and a negative return on equity of 0.73%. The company’s revenue for the quarter was up 14.1% on a year-over-year basis. During the same quarter last year, the firm earned $0.04 EPS.
Several brokerages have recently issued reports on CREE. Canaccord Genuity set a $60.00 target price on shares of Cree and gave the company a “buy” rating in a research note on Tuesday, August 14th. BidaskClub lowered shares of Cree from a “buy” rating to a “hold” rating in a research note on Thursday, August 16th. TheStreet raised shares of Cree from a “c” rating to a “b-” rating in a research note on Wednesday, August 15th. Nomura began coverage on shares of Cree in a research note on Wednesday, July 18th. They issued a “neutral” rating and a $44.00 target price on the stock. Finally, ValuEngine lowered shares of Cree from a “buy” rating to a “hold” rating in a research note on Tuesday, May 1st. Three research analysts have rated the stock with a sell rating, thirteen have given a hold rating, five have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $40.66.
Shares of NASDAQ CREE opened at $45.78 on Wednesday. The stock has a market capitalization of $4.57 billion, a PE ratio of -305.13 and a beta of 0.71. The company has a debt-to-equity ratio of 0.15, a quick ratio of 2.46 and a current ratio of 3.74. Cree has a 1 year low of $20.50 and a 1 year high of $51.78.
A number of institutional investors have recently added to or reduced their stakes in CREE. Smithfield Trust Co. acquired a new stake in Cree during the 2nd quarter worth approximately $119,000. Quantbot Technologies LP acquired a new stake in Cree during the 1st quarter worth approximately $193,000. Berkshire Asset Management LLC PA acquired a new stake in Cree during the 2nd quarter worth approximately $205,000. Zacks Investment Management acquired a new stake in Cree during the 2nd quarter worth approximately $210,000. Finally, Global X Management Co LLC acquired a new stake in Cree during the 2nd quarter worth approximately $269,000.
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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