Wall Street analysts forecast that Cree, Inc. (NASDAQ:CREE) will report $248.34 million in sales for the current fiscal quarter, Zacks reports. Four analysts have issued estimates for Cree’s earnings, with the highest sales estimate coming in at $248.50 million and the lowest estimate coming in at $248.00 million. Cree reported sales of $409.45 million in the same quarter last year, which indicates a negative year-over-year growth rate of 39.3%. The business is expected to issue its next quarterly earnings results after the market closes on Tuesday, August 20th.

On average, analysts expect that Cree will report full year sales of $1.34 billion for the current fiscal year. For the next year, analysts forecast that the business will post sales of $1.13 billion, with estimates ranging from $1.12 billion to $1.17 billion. Zacks Investment Research’s sales calculations are an average based on a survey of analysts that cover Cree.

CREE has been the topic of several recent research reports. BMO Capital Markets lowered shares of Cree from an “outperform” rating to a “market perform” rating and set a $55.00 price objective on the stock. in a research report on Monday, June 3rd. BidaskClub lowered shares of Cree from a “buy” rating to a “hold” rating in a research report on Tuesday, August 6th. TheStreet lowered shares of Cree from a “b-” rating to a “c” rating in a research report on Monday, May 20th. Zacks Investment Research lowered shares of Cree from a “buy” rating to a “hold” rating in a research report on Thursday, April 25th. Finally, Cowen set a $55.00 price objective on shares of Cree and gave the company a “hold” rating in a research report on Thursday, May 2nd. One research analyst has rated the stock with a sell rating, nine have given a hold rating, four have issued a buy rating and one has assigned a strong buy rating to the company. Cree has a consensus rating of “Hold” and an average price target of $60.16.

In other news, Director Duy Loan T. Le acquired 2,000 shares of the company’s stock in a transaction on Monday, May 20th. The stock was purchased at an average cost of $60.07 per share, with a total value of $120,140.00. Following the acquisition, the director now owns 8,442 shares of the company’s stock, valued at approximately $507,110.94. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.55% of the company’s stock.

Institutional investors and hedge funds have recently modified their holdings of the stock. LPL Financial LLC grew its holdings in shares of Cree by 18.5% during the 2nd quarter. LPL Financial LLC now owns 38,588 shares of the LED producer’s stock worth $2,168,000 after purchasing an additional 6,025 shares in the last quarter. Trexquant Investment LP bought a new stake in shares of Cree during the 2nd quarter valued at $1,444,000. Atria Investments LLC raised its stake in shares of Cree by 151.3% during the 2nd quarter. Atria Investments LLC now owns 11,118 shares of the LED producer’s stock valued at $1,468,000 after purchasing an additional 6,694 shares during the period. Panagora Asset Management Inc. raised its stake in shares of Cree by 14.2% during the 2nd quarter. Panagora Asset Management Inc. now owns 16,866 shares of the LED producer’s stock valued at $948,000 after purchasing an additional 2,099 shares during the period. Finally, Prudential Financial Inc. raised its stake in shares of Cree by 0.3% during the 2nd quarter. Prudential Financial Inc. now owns 65,596 shares of the LED producer’s stock valued at $3,685,000 after purchasing an additional 170 shares during the period.

Shares of NASDAQ CREE traded down $3.60 during mid-day trading on Thursday, reaching $58.12. The company had a trading volume of 1,407,448 shares, compared to its average volume of 971,620. The business has a fifty day simple moving average of $59.43. The company has a quick ratio of 3.97, a current ratio of 4.48 and a debt-to-equity ratio of 0.22. The stock has a market capitalization of $6.50 billion, a P/E ratio of -387.47, a price-to-earnings-growth ratio of 6.48 and a beta of 0.78. Cree has a 12-month low of $33.72 and a 12-month high of $69.21.

About Cree

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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