Cree, Inc. (CREE) Expected to Post Quarterly Sales of $350.16 Million
Equities research analysts predict that Cree, Inc. (NASDAQ:CREE) will post $350.16 million in sales for the current quarter, according to Zacks. Five analysts have made estimates for Cree’s earnings, with estimates ranging from $349.30 million to $350.80 million. Cree posted sales of $388.41 million during the same quarter last year, which would indicate a negative year-over-year growth rate of 9.8%. The business is expected to issue its next earnings results after the market closes on Tuesday, August 22nd.
According to Zacks, analysts expect that Cree will report full-year sales of $350.16 million for the current financial year, with estimates ranging from $1.36 billion to $1.50 billion. For the next fiscal year, analysts expect that the business will post sales of $1.51 billion per share, with estimates ranging from $1.42 billion to $1.61 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that cover Cree.
Several brokerages have issued reports on CREE. Cowen and Company reissued a “market perform” rating on shares of Cree in a research note on Wednesday, April 26th. Canaccord Genuity reissued a “hold” rating and issued a $23.00 price objective on shares of Cree in a research note on Friday, April 21st. Zacks Investment Research downgraded shares of Cree from a “hold” rating to a “sell” rating in a research note on Tuesday, July 18th. Williams Capital decreased their price objective on shares of Cree from $27.00 to $25.00 and set a “hold” rating for the company in a research note on Wednesday, April 26th. Finally, BidaskClub downgraded shares of Cree from a “buy” rating to a “hold” rating in a research note on Friday, July 28th. Three investment analysts have rated the stock with a sell rating, ten have assigned a hold rating and two have given a buy rating to the company. Cree presently has a consensus rating of “Hold” and an average target price of $25.00.
COPYRIGHT VIOLATION WARNING: This piece of content was first reported by Watch List News and is the sole property of of Watch List News. If you are reading this piece of content on another publication, it was illegally stolen and reposted in violation of U.S. and international trademark & copyright legislation. The correct version of this piece of content can be viewed at https://www.watchlistnews.com/cree-inc-cree-expected-to-post-quarterly-sales-of-350-16-million/1492847.html.
Cree (NASDAQ:CREE) opened at 23.78 on Wednesday. The firm’s 50-day moving average price is $25.22 and its 200-day moving average price is $25.21. The company’s market cap is $2.31 billion. Cree has a 52-week low of $20.75 and a 52-week high of $31.64.
Several hedge funds have recently bought and sold shares of the stock. Chicago Equity Partners LLC increased its position in shares of Cree by 5.4% in the first quarter. Chicago Equity Partners LLC now owns 118,290 shares of the LED producer’s stock worth $3,162,000 after buying an additional 6,020 shares during the period. Eqis Capital Management Inc. increased its position in shares of Cree by 22.6% in the first quarter. Eqis Capital Management Inc. now owns 28,605 shares of the LED producer’s stock worth $765,000 after buying an additional 5,265 shares during the period. Wedge Capital Management L L P NC increased its position in shares of Cree by 3.6% in the first quarter. Wedge Capital Management L L P NC now owns 23,087 shares of the LED producer’s stock worth $617,000 after buying an additional 802 shares during the period. Great West Life Assurance Co. Can increased its position in shares of Cree by 2.6% in the first quarter. Great West Life Assurance Co. Can now owns 57,917 shares of the LED producer’s stock worth $1,547,000 after buying an additional 1,457 shares during the period. Finally, Advisory Services Network LLC acquired a new position in shares of Cree during the first quarter worth approximately $134,000. 86.52% of the stock is owned by hedge funds and other institutional investors.
Cree Company Profile
Cree, Inc is a manufacturer of lighting-class light emitting diode (LED) products, lighting products and semiconductor products for power and radio-frequency (RF) applications. The Company’s products are focused for applications, such as indoor and outdoor lighting, video displays, transportation, electronic signs and signals, power supplies, inverters and wireless systems.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Cree Inc. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Cree Inc. and related companies with Analyst Ratings Network's FREE daily email newsletter.