Wall Street brokerages forecast that Cree, Inc. (NASDAQ:CREE) will post sales of $397.87 million for the current quarter, according to Zacks Investment Research. Five analysts have made estimates for Cree’s earnings, with the highest sales estimate coming in at $407.00 million and the lowest estimate coming in at $395.00 million. Cree posted sales of $355.96 million in the same quarter last year, which suggests a positive year-over-year growth rate of 11.8%. The business is scheduled to issue its next quarterly earnings results on Tuesday, April 23rd.
According to Zacks, analysts expect that Cree will report full year sales of $1.64 billion for the current year, with estimates ranging from $1.63 billion to $1.66 billion. For the next year, analysts anticipate that the company will post sales of $1.82 billion, with estimates ranging from $1.76 billion to $1.88 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 quarterly earnings data on Wednesday, January 30th. The LED producer reported $0.23 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.17 by $0.06. The business had revenue of $413.04 million during the quarter, compared to the consensus estimate of $408.75 million. Cree had a positive return on equity of 0.90% and a negative net margin of 18.11%. The company’s revenue was up 12.3% compared to the same quarter last year. During the same period in the prior year, the company earned ($0.01) earnings per share.
Several equities research analysts have recently weighed in on CREE shares. JPMorgan Chase & Co. downgraded Cree from a “neutral” rating to an “underweight” rating and set a $45.96 price objective for the company. in a report on Sunday, December 9th. Zacks Investment Research upgraded Cree from a “hold” rating to a “buy” rating and set a $46.00 price target for the company in a research note on Tuesday, January 1st. BidaskClub upgraded Cree from a “strong sell” rating to a “sell” rating in a research note on Wednesday, October 17th. Nomura set a $40.00 price target on Cree and gave the stock a “hold” rating in a research note on Wednesday, October 17th. Finally, Canaccord Genuity set a $58.00 price objective on Cree and gave the stock a “buy” rating in a research report on Wednesday, October 17th. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, seven have issued a buy rating and two have given a strong buy rating to the company’s stock. Cree currently has an average rating of “Buy” and an average target price of $49.09.
Shares of CREE stock traded up $0.72 during trading hours on Wednesday, hitting $51.84. The stock had a trading volume of 962,215 shares, compared to its average volume of 1,356,861. The company has a market capitalization of $5.28 billion, a P/E ratio of -345.60, a PEG ratio of 6.96 and a beta of 0.60. Cree has a twelve month low of $32.32 and a twelve month high of $52.76. The company has a current ratio of 4.33, a quick ratio of 3.27 and a debt-to-equity ratio of 0.21.
Hedge funds have recently made changes to their positions in the company. Texas Permanent School Fund raised its holdings in shares of Cree by 4.8% during the 4th quarter. Texas Permanent School Fund now owns 67,113 shares of the LED producer’s stock valued at $2,871,000 after buying an additional 3,066 shares during the period. Bank of New York Mellon Corp raised its holdings in shares of Cree by 1.4% during the 4th quarter. Bank of New York Mellon Corp now owns 1,849,824 shares of the LED producer’s stock valued at $79,127,000 after buying an additional 25,788 shares during the period. Stephens Inc. AR raised its holdings in shares of Cree by 3.4% during the 4th quarter. Stephens Inc. AR now owns 15,344 shares of the LED producer’s stock valued at $656,000 after buying an additional 501 shares during the period. BlackRock Inc. raised its holdings in shares of Cree by 5.0% during the 4th quarter. BlackRock Inc. now owns 13,106,544 shares of the LED producer’s stock valued at $560,632,000 after buying an additional 622,280 shares during the period. Finally, New York State Common Retirement Fund raised its holdings in shares of Cree by 2.1% during the 4th quarter. New York State Common Retirement Fund now owns 644,657 shares of the LED producer’s stock valued at $27,575,000 after buying an additional 13,152 shares during the period.
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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