Zacks Investment Research Upgrades Cray (CRAY) to Hold

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Cray (NASDAQ:CRAY) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Thursday.

According to Zacks, “Cray Inc. is engaged in designing, developing, manufacturing, marketing and servicing the high performance computing (HPC) market, primarily categories of systems known as supercomputers. The Company’s segments include Supercomputing, Storage and Data Management, Maintenance and Support, and Engineering Services and Other. The Supercomputing segment includes a suite of supercomputer systems, which are used by engineering centers in universities, government laboratories, and commercial institutions. The Storage and Data Management segment includes Cray Data Warp and Sonexion, as well as other third-party storage products and their ongoing maintenance and system analysts. The Maintenance and Support segment provides ongoing maintenance of Cray supercomputers, big data storage and analytics systems, as well as system analysts. The Engineering Services and Other segment include the Company’s analytics business and Custom Engineering. “

Several other equities research analysts have also recently weighed in on the company. ValuEngine cut Cray from a “strong-buy” rating to a “buy” rating in a report on Monday, July 30th. BidaskClub cut Cray from a “hold” rating to a “sell” rating in a report on Saturday, August 4th. Two equities research analysts have rated the stock with a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Buy” and an average price target of $31.00.

CRAY opened at $24.46 on Thursday. Cray has a 12-month low of $18.10 and a 12-month high of $28.60. The stock has a market capitalization of $1.02 billion, a PE ratio of -24.22 and a beta of 1.35.

Cray (NASDAQ:CRAY) last posted its quarterly earnings data on Tuesday, October 30th. The technology company reported ($0.47) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.44) by ($0.03). Cray had a negative return on equity of 10.56% and a negative net margin of 33.95%. The firm had revenue of $92.80 million during the quarter, compared to analysts’ expectations of $90.58 million. During the same quarter in the previous year, the company posted ($0.33) earnings per share. Cray’s revenue for the quarter was up 16.4% compared to the same quarter last year. As a group, research analysts anticipate that Cray will post -1.55 earnings per share for the current fiscal year.

A number of hedge funds have recently modified their holdings of CRAY. BlackRock Inc. boosted its holdings in Cray by 5.7% during the 2nd quarter. BlackRock Inc. now owns 5,520,714 shares of the technology company’s stock valued at $135,810,000 after acquiring an additional 295,955 shares during the period. Victory Capital Management Inc. boosted its holdings in Cray by 27.2% during the 3rd quarter. Victory Capital Management Inc. now owns 1,364,591 shares of the technology company’s stock valued at $29,339,000 after acquiring an additional 291,591 shares during the period. Royce & Associates LP boosted its holdings in Cray by 27.3% during the 2nd quarter. Royce & Associates LP now owns 1,176,481 shares of the technology company’s stock valued at $28,941,000 after acquiring an additional 252,410 shares during the period. Senvest Management LLC boosted its holdings in Cray by 31.4% during the 2nd quarter. Senvest Management LLC now owns 727,971 shares of the technology company’s stock valued at $17,908,000 after acquiring an additional 174,129 shares during the period. Finally, Cortina Asset Management LLC boosted its holdings in Cray by 24.6% during the 2nd quarter. Cortina Asset Management LLC now owns 831,584 shares of the technology company’s stock valued at $20,457,000 after acquiring an additional 163,939 shares during the period. Institutional investors own 97.61% of the company’s stock.

About Cray

Cray Inc, together with its subsidiaries, designs, develops, manufactures, markets, and services computing systems, and data analytics and artificial intelligence solutions. It operates through Supercomputing, Storage and Data Management, Maintenance and Support, and Engineering Services and Other segments.

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