Cray’s (CRAY) Buy Rating Reiterated at Needham & Company LLC
Needham & Company LLC reissued their buy rating on shares of Cray Inc (NASDAQ:CRAY) in a research report report published on Tuesday morning. The brokerage currently has a $25.00 price objective on the stock.
Several other brokerages have also recently issued reports on CRAY. Zacks Investment Research upgraded Cray from a sell rating to a hold rating in a research report on Tuesday, October 4th. Stifel Nicolaus restated a buy rating and issued a $30.00 price target (down previously from $40.00) on shares of Cray in a research report on Monday, November 7th. Finally, TheStreet cut Cray from a hold rating to a sell rating in a research report on Wednesday, November 9th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have assigned a buy rating to the stock. Cray currently has a consensus rating of Buy and an average target price of $35.67.
Shares of Cray (NASDAQ:CRAY) traded up 0.27% during trading on Tuesday, hitting $18.65. The company’s stock had a trading volume of 162,294 shares. The stock’s market cap is $745.40 million. The company has a 50-day moving average price of $20.10 and a 200-day moving average price of $23.37. Cray has a one year low of $16.77 and a one year high of $43.79.
Cray (NASDAQ:CRAY) last issued its quarterly earnings results on Monday, November 7th. The company reported ($0.49) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.34) by $0.15. The company earned $77.50 million during the quarter, compared to analyst estimates of $79.53 million. Cray had a negative net margin of 3.79% and a negative return on equity of 2.19%. The business’s revenue was down 59.5% on a year-over-year basis. During the same quarter last year, the firm earned $0.48 EPS. Equities analysts predict that Cray will post $0.35 EPS for the current fiscal year.
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In other Cray news, SVP Charles A. Morreale sold 6,455 shares of Cray stock in a transaction that occurred on Monday, November 7th. The stock was sold at an average price of $19.50, for a total value of $125,872.50. Following the sale, the senior vice president now owns 89,565 shares of the company’s stock, valued at approximately $1,746,517.50. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 5.00% of the stock is owned by company insiders.
A number of large investors have recently made changes to their positions in the stock. Capstone Asset Management Co. raised its stake in shares of Cray by 9.2% in the second quarter. Capstone Asset Management Co. now owns 14,753 shares of the company’s stock worth $441,000 after buying an additional 1,240 shares in the last quarter. New York State Teachers Retirement System raised its stake in shares of Cray by 9.8% in the second quarter. New York State Teachers Retirement System now owns 26,832 shares of the company’s stock worth $803,000 after buying an additional 2,400 shares in the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Cray by 0.6% in the second quarter. Louisiana State Employees Retirement System now owns 18,100 shares of the company’s stock worth $542,000 after buying an additional 100 shares in the last quarter. Strs Ohio raised its stake in shares of Cray by 20.4% in the second quarter. Strs Ohio now owns 31,300 shares of the company’s stock worth $936,000 after buying an additional 5,300 shares in the last quarter. Finally, Emerald Acquisition Ltd. acquired a new stake in shares of Cray during the second quarter worth $504,000. 86.77% of the stock is currently owned by institutional investors.
Cray Inc designs, develops, manufactures, markets and services the high-end of the high performance computing (HPC) market, primarily categories of systems, known as supercomputers and provides storage and data analytics solutions. The Company provides software, system maintenance, support services and engineering services related to supercomputer systems.
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